Financing Asia’s Transition Partnership (FAST-P)

The Financing Asia’s Transition Partnership (FAST-P) is a blended finance initiative launched by the Monetary Authority of Singapore (MAS) in December 2023 to mobilise public, private and philanthropic capital to support Asia’s transition to a low-carbon economy. It aims to catalyse investment into sustainable and transition infrastructure projects across the region by bringing together stakeholders including multilateral development banks, sovereign partners, philanthropic organisations and financial institutions.

FAST-P partnerships continue to progress. At the FAST Conference at Ecosperity, it was announced that:

• The Green Investments Partnership achieved its second close, bringing total participation to US$800 million. DBS and Cathay United Bank joined as new partners. GIP also committed 25% of its first close amount, or US$128 million, to four sustainable infrastructure investments in South and Southeast Asia.
• The Industrial Transformation Program further expanded its coalition of initial partners to include British International Investment and the Japan International Cooperation Agency, or JICA. The Asian Development Bank also plans to participate, subject to internal approvals.
• The Energy Transition Acceleration Finance partnership will have Private Infrastructure Development Group and DBS as new partners for its displacement sleeve. In June 2026, Energy Transition Acceleration Finance partnership achieved its first close with US$250 million in committed capital for its displacement strategy, with MAS, PIDG, GuarantCo and DBS Bank as partners.

• MAS media release, published on 14 July 2025, on Singapore and UK collaborating on energy transition and sustainable infrastructure investments in Southeast Asia
• MAS media release, published on 8 September 2025, on Green Investments Partnership achieving first close with US$510 million in committed capital
• Export Finance Australia media release, published on 10 September 2025 , Export Finance Australia boosts investment in Southeast Asia's clean energy transition
• Speech by Amb Ravi at COP30, published on 10 November 2025, Opening Remarks by Singapore’s Ambassador for Climate Action at COP30 Singapore Pavilion
• Speech by Mr Chee Hong Tat, published on 20 May 2026, “Financing Asia’s Transition — From Risk to Readiness: Preparing for a Climate-Resilient Future”, Opening Address at the Financing Asia’s Transition Conference
• MAS media release, published on 24 June 2026, on Energy Transition Acceleration Finance Partnership raising US$250 million in first close

Energy Transition Credits – Facilitating Asia’s Coal to Clean Journey

The Transition Credits Coalition (TRACTION) is a multi-stakeholder initiative convened by the Monetary Authority of Singapore (MAS) to advance the development of high-integrity transition credits as a financing mechanism to accelerate the early retirement of coal-fired power plants in Asia. Launched in 2023, TRACTION brings together stakeholders across carbon markets, finance, project development and civil society to identify system-wide barriers and develop practical solutions to scale the use of transition credits.

At COP30, TRACTION, comprising more than 30 industry partners, published its final report.

TRACTION’s Final Report details practical insights, frameworks and solutions for developing, structuring, financing and investing in high-integrity energy transition credit projects. The report outlines the following:

• Asia holds substantial potential for generating high-integrity energy transition credits, but success depends on addressing region-specific needs and ensuring energy reliability, access and affordability.
• Scalability requires financial confidence anchored in clear demand - in the form of credible long-term credit offtake agreements, predictable carbon revenues, innovative structures, and robust risk mitigation solutions.
• Just Transition is integral to the integrity and long-term viability of early coal phase-out transactions.
• Demand for energy transition credits is gaining momentum, with concrete pathways for offtake participation, tailored to different levels of readiness.

The Final Report builds on the findings of the Interim Report released earlier at COP29 that examined the integrity, scalability, and demand considerations for energy transition credits.

TRACTION’s two-year mandate concluded at COP30, with the launch of the final report. While the formal mandate has ended, the work will continue through broader public and private sector efforts led by industry leaders. The next phase will focus on translating TRACTION’s foundational work into concrete projects and transactions, with continued focus on integrity, transaction scalability and demand-building.

In conjunction with the publication of TRACTION’s Final Report, MAS also announced a Statement of Support (82.1 KB) (“Statement”), with more than 20 public and private entities expressing early interest in participating in energy transition credit projects through offtake, financing and underwriting arrangements. The Statement is a collective expression of interest from corporates, financial institutions, multilateral development banks, and sovereigns. This gives plant owners and host governments increased confidence to consider retiring coal plants earlier than planned. It also guides early movers on ways to foster offtake readiness and broader participation from project developers, institutional investors and commercial lenders - ultimately driving ecosystem growth.

• Opening Remarks by Mr Ravi Menon, Singapore's Ambassador for Climate Action, delivered on 10 Nov 2025 at the Launch of the COP30 Singapore Pavilion
• MAS media release, published on 10 Nov 2025, on "MAS Releases Key Insights from the Transition Credits Coalition (TRACTION)’s Final Report and Launches Statement of Support for the Development of High-Integrity Energy Transition Credits
• "From Pledges to Projects - The Role of Credible Financing Solutions-Capabilities-Capital" - Opening Remarks by Mr Chia Der Jiun, Managing Director, Monetary Authority of Singapore, delivered on 12 Nov 2025 at COP30 Singapore Pavilion Finance Day

Growing Carbon Markets with Enhanced Financial Institutions’ Participation

Financial institutions play a key enabling role in the carbon market value chain — from structuring transactions and financing projects, to underwriting risk mitigation solutions, and trading credits. Apart from concerns over market integrity and demand, financial institutions may also face high upfront costs in developing the necessary expertise and managing the complexity and risks of early transactions.

To address these challenges, MAS launched a Financial Sector Carbon Market Development Grant in October 2025, to help alleviate near-term cost barriers faced by financial institutions and build strong capabilities in carbon markets. The grant was launched alongside other Singapore Government initiatives to support the development of high-integrity carbon markets. These include: (a) the publication of voluntary carbon market (VCM) guidance on how companies can use carbon credits credibly as part of their decarbonisation plans; and (b) plans to establish an industry-led buyers’ coalition to align and channel demand towards high-integrity carbon credits in the region and beyond, which later culminated in the launch of the Action for a Resilient Climate (ARC) Coalition at Ecosperity 2026.

• Launch of Government Initiatives to Support the Development of High-Integrity Carbon Markets

Singapore-Asia Taxonomy Review – SAT 2.0 

The Singapore-Asia Taxonomy (SAT), first published in December 2023, sets out green and transition activities and has seen broad uptake across the eight focus sectors. There has been strong adoption by public sector entities, financial institutions, corporates, and foreign FIs operating in Singapore.

In 2026, MAS and the Singapore Sustainable Finance Association (SSFA) embarked on a review of the SAT, which aims to: (i) update existing Technical Screening Criteria and thresholds in line with technological and scientific developments; and (ii) expand the scope of the SAT to include additional transition and enabling activities, in consultation with relevant government agencies and the financial sector. The updated SAT 2.0 is targeted for completion by the end of 2026.

• Speech by Mr Chee Hong Tat, published 20 May 2026, “Financing Asia’s Transition — From Risk to Readiness: Preparing for a Climate-Resilient Future”, Opening Address at the Financing Asia’s Transition Conference

Supporting upskilling of the workforce in sustainable finance

The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF), supported by Workforce Singapore (WSG), launched the Sustainable Finance Jobs Transformation Map (JTM) on 17 April 2024. The JTM outlines the impact of sustainability trends on jobs in Singapore’s financial services sector and the emerging skills the workforce will require to meet growing sustainable financing demand in the region.

Building on the JTM, MAS and IBF have since embarked on initiatives to support the upskilling of the financial sector workforce in sustainable finance, focusing on priority job roles such as corporate banking and private banking relationship managers, as well as credit risk officers. Details on the number of financial sector professionals trained and the Skills Badge are outlined in the Metrics and Targets segment.

International Collaborations

People’s Republic of China

MAS and the People’s Bank of China established the China-Singapore Green Finance Taskforce (GFTF) in 2023 to deepen bilateral cooperation and facilitate greater public-private sector collaboration to scale up green and transition financing flows between Singapore, China and the region.

The 3rd GFTF meeting was held in Singapore for the first time in July 2025, bringing together more than 40 public and private sector participants, covering areas such as enhancing the interoperability of taxonomies, facilitating green finance flows, and leveraging technology to support sustainable finance adoption.

Japan

MAS also collaborates with the Japan Financial Services Authority (JFSA) on sustainable finance, including on platforms such as the Asia Green Transformation Consortium (AGXC) where JFSA, ACMF and WC-CMD are members. The AGXC focuses on advancing transition finance in Asia by identifying key bottlenecks, tracking finance flows, and fostering industry collaboration through pilot case studies to identify practical, region-specific approaches.

• MAS Media Release, published on 11 July 2025, on Monetary Authority of Singapore and People’s Bank of China Deepen Cooperation in Green and Transition Finance at the 3rd Singapore-China Green Finance Taskforce
• AGXC High-Level Meeting 2025

ASEAN Taxonomy Board (ATB)

As a member of the ATB, MAS is one of fifteen member institutions responsible for the ASEAN Taxonomy for Sustainable Finance. 

Version 4 of the ASEAN Taxonomy for Sustainable Finance was released in November 2025 for consultation, representing the culmination of a multi-year, multi-stakeholder effort by all ASEAN Member States that began in 2021. The completed ASEAN Taxonomy sets out the thresholds and Technical Screening Criteria (TSC) for what is green and transition across six focus sectors and three enabling sectors within the taxonomy. MAS represented Singapore on the ATB throughout all four development versions, and played an active role in shaping the framework, including leading the development of the ICT sector under Version 4. In 2026, following the ATB’s transition from a development mandate to a promotion and maintenance mandate, MAS continued to support its implementation and stakeholder engagement.

• ASEAN Taxonomy V4

Industry Partnership

Singapore Sustainable Finance Association (SSFA)

The Singapore Sustainable Finance Association (SSFA) is an industry-led platform that brings together financial institutions, corporates and other stakeholders to advance sustainable finance in Singapore and the region. Supported by MAS, it aims to strengthen Singapore’s sustainable finance ecosystem, promote cross-sector collaboration, and build capabilities to support Asia’s net-zero transition.

SSFA published a white paper that synthesises insights from key ecosystem players in Singapore’s real estate ecosystem and provides practical recommendations to accelerate the sector’s transition. Developed through extensive engagement with real estate companies, regulators, service providers, policymakers and financial institutions, the paper underscores the importance of whole-of-ecosystem collaboration in overcoming barriers to decarbonising the real estate sector.

• Collective insights from Singapore’s Real Estate Sector: Suggested actions for advancing decarbonisation practices in Singapore’s built environment

Singapore-Asia Taxonomy

MAS works closely with the  Singapore Sustainable Finance Association (SSFA) to support SAT’s adoption through initiatives including: i) the publication of the SSFA Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing, an industry-led guidance to support the practical implementation of the SAT in issuing green and transition financing instruments; ii) the launch of the Singapore-Asia Taxonomy FAQ repository to include best practices and address common queries on SAT application; and iii) the development of a training curriculum to build SAT capabilities across the sustainable finance ecosystem.

• Singapore-Asia Taxonomy FAQ Repository
• SSFA Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing, published on 7 July 2025

COP30 Singapore Pavilion, Finance Day

The Finance Day at COP30 Singapore Pavilion was opened by MAS Managing Director, Mr Chia Der Jiun. MD Chia shared updates on how MAS is supporting global climate action through developing credible financial tools that are practical and contextualised to the region, building capabilities to harness and scale solutions, and demonstrating the mobilisation of capital through innovative approaches.

The Finance Day program covered topics such as the Transition Credits Coalition (TRACTION), Energy Transition Credits and Managed Phaseout of Coal Statement of Support, Carbon Market Financing Mechanisms, and Sustainable Supply Chain Financing.

• "From Pledges to Projects: The Role of Credible Financing Solutions, Capabilities, and Capital" - Opening Remarks by Mr Chia Der Jiun, Managing Director, Monetary Authority of Singapore, at the COP30 Singapore Pavilion, Finance Day, on 12 November 2025
• Finance Day Programme recording

Financing Asia’s Transition [FAST] Conference 2026

Organised as part of Ecosperity Week, which is Singapore’s annual sustainability conference, FAST Conference 2026 brought together key decision makers across the financial sector and real economy to address Asia-specific climate transition and adaptation needs through innovative financing solutions. This year’s theme, “Powered by Innovation, Driven with Intent”, reflects MAS’ continued commitment to climate action, emphasising the need for more innovative financing tools to mobilise capital for the region. 

This year’s conference featured a progress update on existing areas of focus such as the energy transition and the role of transition plans in guiding capital allocation, while also placing a spotlight on emerging areas such as financing nuclear energy and enhancing the bankability of climate adaptation and resilience (A&R). 

As climate change intensifies and the frequency of climate hazards increases, the need for A&R measures has grown in urgency, yet financing remains limited due to challenges such as the lack of revenue streams and gaps in areas such as definitions and metrics. Together with our co-organisers the UN Environment Programme Finance Initiative (UNEP FI) and the Climate Policy Initiative, MAS convened a session with policymakers, financial institutions, industry bodies and non-governmental organisations to explore how their work in areas such as taxonomies, market incubation and technical support on innovative financing structures can help translate resilience priorities into investable opportunities in ASEAN.