Singapore to Start Deploying Funds for Clean Energy Infrastructure in Asia

New Office by MAS to Be Set Up to Help Fund Such Green Projects

- Shabana Begum

Singapore will, in the coming months, be ready to deploy part of the US$500 million (S$646 million) it had set aside as initial funding for green projects in the region, with the set-up of a new office to advance a scheme announced in 2023.

This update to Fast-P—or Financing Asia's Transition Partnership—was announced by Monetary Authority of Singapore (MAS) managing director Chia Der Jiun on May 7 at the Ecosperity Week sustainability conference.

"I am also glad to share that a Fast-P office, with a dedicated management team, will soon be set up to facilitate the deployment of up to US$500 million of concessional capital from the Singapore Government into Fast-P, alongside capital from other partners," he said.

The new office by the MAS will help to fund marginally bankable clean energy infrastructure in Asia, which can be deemed too risky or unprofitable for investors.

The goal of Fast-P, an initiative launched by MAS in 2023, is to use an initial injection of funds by the Singapore Government to increase funding from other sources.

The US$500 million will come in the form of concessional funding, such as grants and loans provided at more favorable terms and below market rates.

This funding will match, dollar for dollar, concessional capital from other partners, including other governments, multilateral development banks and philanthropic institutions.

The aim is to raise a total of US$5 billion with the help of other commercial and philanthropic partners.