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.
Denne historien er fra November 13, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra November 13, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
New camp for SAF soldiers on Exercise Wallaby in Australia now operational
Singapore soldiers who are on Exercise Wallaby and other training exercises in Australia now have a new camp to support them while they are away from home.
GIC will stay invested in US even as geopolitical tensions rise: SM Lee
It has most dynamic and resilient economy, and is destination of choice for global talent
Jail for man who demanded nearly $400k from workers to renew passes
A man has been jailed for 24 weeks after demanding close to $400,000 from foreign workers for the renewal of their work permits.
Scam syndicates sending foreigners to Singapore to cheat retailers
An emerging trend of foreigners being sent to Singapore by syndicates to commit credit card fraud has raised alarm bells, with retailers across the island being targeted.
6,000 Online listings selling vapes removed in first nine months of 2024
Figure is double that for whole of 2023, on the back of stepped-up enforcement
HPB to test if wearable trackers can help S'poreans better manage health
One project will monitor glucose levels; another will use data for health counselling
Eligible Singaporeans to get cash payouts and MediSave, CPF top-ups in December
Eligible adult Singaporeans in December will receive various monies meant to alleviate cost-of-living pressures, offset healthcare expenses and build up retirement savings.
BACKFLIPPING THEIR WAY TO EQUALITY
The women were competing, finally, at Red Bull Rampage in Virgin, Utah, considered the biggest and gnarliest mountain bike competition in the world.
Biden meets Trump at White House for transition talks
President Joe Biden hosted President-elect Donald Trump at the White House on Nov 13 in a meeting designed to demonstrate a smooth transition between administrations, even though Trump's team has yet to sign documents to start the handover process.
Song Jae-rim made debut with K-drama The Moon Embracing The Sun
South Korean actor Song Jae-rim, who acted in blockbuster television dramas, including The Moon Embracing The Sun (2012), died on Nov 12 at the age of 39.
