The Monetary Authority of Singapore (MAS)’s Managing Director Chia Der Jiun, in the Financing Asia’s Transition (FAST) Conference, highlighted the country’s investment raise of $5 billion towards the climate change action on Wednesday.
In emphasizing the need for financing the climate change action, Jiun stated about the coordinated effort at both global and regional levels. At COP28 2023, a climate-focused fund with $30 billion was launched in the United Arab Emirates called ALTÉRRA.
He said Singapore will raise the capital of $5 billion with its international partners focused on the Asia Pacific region.
A month ago, Gillian Tan, Sustainability Chief of the government body said in a national forum, Singapore is well-placed to catalyze sustainable and transition financing needs for the region and globally.
Tan also highlighted the various initiatives taken by the country concerning financial growth, including the launch of the Singapore-Asia Taxonomy for Sustainable Finance and establishment of the Singapore Sustainable Finance Association.
Jiun, in his speech also shed light on the critical role played by Multilateral Development Banks in de-risking projects, where World Bank has announced to streamline their solutions to allow simplified access and execution.
These changes will take effect from July 1, to triple the World Bank Group’s guarantee business to $20 billion by 2030, stated the Managing Director of MAS. By fostering partnerships and innovative financing mechanisms, institutions can drive sustainable development and resilience across the region, added Jiun.
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