The US$500 million from the Government will come in the form of concessional funding, such as grants and loans provided at more favourable 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. Funding from these bodies can help to soften investors' risks in financing green projects, which can often be deemed too risky or unprofitable.
The US$500 million will be a major component of the national blended finance initiative, which aims to raise up to US$5 billion to finance green projects in Asia or reduce their risk. The Financing Asia's Transition Partnership (Fast-P) was launched by the Monetary Authority of Singapore (MAS) in 2023 at COP28 in Dubai.
The update to Fast-P was announced by Minister for Sustainability and the Environment Grace Fu in a pre-recorded speech at the Singapore Pavilion at COP29. The summit is scheduled to run until Nov 22.
"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," said Ms Fu.
Diese Geschichte stammt aus der November 13, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der November 13, 2024-Ausgabe von The Straits Times.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
'Idiotic' Tyson-Paul bout 'shouldn't be happening'
Nearly 40 years after making his professional debut, and 19 years after being battered into retirement, a 58-year-old Mike Tyson will climb back into the ring on Nov 15 for a Netflix-backed bout that has drawn widespread condemnation across the boxing world.
Gatland hopes to turn tide in Wales rebuild
Warren Gatland says he did not think that there would be \"this much pain\" when he returned to coach Wales for a second time, as he bids to avoid a record 11th straight Test defeat.
COE HAS VISION OF CHANGE FOR IOC
Briton, 68, says clear stance on gender to protect women's sport is 'non-negotiable'
CHOI HOPING FOR LUCK TO WIN
After months of getting his horses ready, ex-Macau trainer launches his Malaysian career
Sukhumvit is all set to stamp her authority
Nov 15 South Africa (Fairview/Turffontein) form analysis
SINGAPORE'S FIRST LADY TRAINER DRAGON DIES
Kranji in mourning after one of theirs loses long illness battle
Australias tllgital duly of carerlan a good idea - if it can be enforced
It may be more appropriate than a social media ban. But there are challenges when it comes to defining what constitutes harm.
Consider a socially inclusive business model for school canteens
I refer to two recent articles on The Straits Times website that raise critical questions about Singapore's school canteen operations (MOE discussing new models of running canteens with schools, Nov 13, and, Social entrepreneur starts venture to help more people, Oct 13).
Replies Attack in church ● Our places of worship are prepared for crises
We refer to the letter by Mr Gabriel Chia (A preventive approach can help protect our places of worship, Nov 11).
Bitcoin's big bang moment is impossible to ignore
The post-election excitement around crypto comes down to vibes and vision.