Singapore, in collaboration with international partners, is spearheading an initiative called the “Financing Asia’s Transition Partnership” (FAST-P) to raise $5 billion to finance climate projects across Asia. This strategic investment aims to bridge the significant climate finance gap in the region. The initiative seeks to leverage both public and private investments, showcasing a model of collaboration that could set a precedent for future climate financing. Efforts include de-risking projects to attract more substantial commercial investment, thereby increasing the feasibility of essential climate projects in Asia. The plan is inspired by the success of similar global funds, such as the $30 billion climate-focused fund announced at COP28.

Source: ESG News