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.
Esta historia es de la edición November 13, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 13, 2024 de The Straits Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
TACKLE PLASTIC WASTE, ONE NAIL AT A TIME
Before global leaders take the problem of plastic pollution into their hands in November, Japanese manicurist Naomi Arimoto is putting it on her fingernails.
Unpacking Ireland's cultural and creative renaissance
From Sally Rooney's bestsellers to actor Paul Mescal, Ireland, which holds a general election on Nov 29, has been enjoying a cultural and creative renaissance.
Jung Ho-yeon and Lee Dong-hwi split
Squid Game (2021 to present) star Jung Ho-yeon has split from her actor-boyfriend Lee Dong-hwi after a nine-year relationship.
Dorothy's ruby slippers to go under the hammer
The ruby slippers worn by the late American actress Judy Garland in classic film The Wizard Of Oz (1939) will be sold at auction in December, nearly 20 years after they were stolen.
Artist Julie Mehretu opens solo Show in Sydney
Ethiopia-born New York artist Julie Mehretu (right), considered one of the most influential living painters, has opened her first solo show in the Southern Hemisphere in Sydney.
Wicked's renowned costume designer returns to Oz
Tony Award-winning designer Paul Tazewell first created costumes for The Wizard Of Oz in a high-school production
ULTIMATE SELF-CARE
'Tis the season to treat yourself at spas and salons, which have introduced a slew of treatments for head-to-toe pampering
Fifa using $67m legacy fund for social initiatives
LAUSANNE - Fifa launched a US$50 million (S$67 million) legacy fund for social programmes on Nov 27, in collaboration with 2022 World Cup hosts Qatar and the World Health Organisation (WHO), the World Trade Organisation (WTO) and UNHCR, the UN Refugee Agency.
THE MARATHON BIKER GUY
Veteran Aussie has cycled over 50 courses in 12 years to ensure the route is 42.195km
Emery upbeat despite late drama against Juve
DIFFERENT PERSPECTIVE