SINGAPORE: In a bold commitment to combat climate change, Singapore has pledged up to US$500 million as part of the Financing Asia’s Transition Partnership .
, this initiative aims to accelerate decarbonization efforts across Asia, focusing on the region’s most challenging sectors to decarbonize and providing critical funding for sustainable development.The new fund, alongside concessional capital from other global partners, will act as a catalyst to attract commercial capital and additional sources of financing.
The FAST-P initiative will prioritize projects in hard-to-abate sectors, such as heavy industry and transportation, as well as invest in cutting-edge low-carbon technologies and sustainable industrial solutions. “This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to accelerate capital flows to support Asia’s green transition.
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