Developing a Vibrant Green Finance Ecosystem
Financing Asia’s Transition Partnership (FAST-P) initiatives
November and December 2024
Launched in December 2023, FAST-P is a blended finance initiative which aims to mobilise up to US$5 billion to de-risk and finance transition and marginally bankable green projects in Asia. FAST-P brings together stakeholders including multi-lateral development banks, sovereign partners, philanthropic organisations and the financial sector to support Asia’s decarbonisation, narrow the financing gap through the mainstreaming of blended finance, and support economic growth and climate resilience in Asia. The Singapore Government has pledged up to US$500 million as concessional capital, to match dollar-for-dollar, concessional capital from other parties.
FAST-P comprises three partnerships – Energy Transition Acceleration Finance partnership (ETAF), Green Investments partnership (GIP) and Industrial Transformation programme (ITP) with different focus areas and partners. The three partnerships are preparing for capital raising and deployment in 2025 and beyond.
- MAS media release, published on 12 November 2024, on Singapore committing US$500 million in matching concessional funding to support decarbonisation in Asia
- Joint MAS-BlackRock-IFC media release, published on 12 November 2024, on the collaboration to unlock investment opportunities in decarbonisation in Asia
- Joint MAS-EFA media release, published on 3 December 2024, on Australia and Singapore collaborating to support sustainable infrastructure and decarbonisation in Southeast Asia
Transition Credits Coalition (TRACTION)’s interim report
14 November 2024
TRACTION, convened and launched by MAS in 2023, released an interim report at COP29 outlining insights and considerations on the use of transition credits to accelerate the early retirement of coal-fired power plants (CFPPs). TRACTION’s interim report covers three areas: (i) Supporting the generation of high-integrity transition credits; (ii) Enabling transaction scalability; and (iii) Bolstering buyers’ confidence and trust.
FAST Conference 2025
7 May 2025
At the FAST Conference 2025, Managing Director, Mr Chia Der Jiun, highlighted three areas of importance in Asia’s transition to a climate-resilient and nature-positive future: (i) Enabling the energy transition; (ii) Developing high integrity carbon markets; and (iii) Strengthening climate and nature resilience in the financial sector.