<div id="readability-page-1"><div><figure><div><div><img src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/yzTQGeuK5iOuCFfOzd7lIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/efa7f42249657a7a12ba4d98ae2afab2?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1242" height="828" original-src="https://imageproxy.pbkrs.com/https://s.yimg.com/ny/api/res/1.2/yzTQGeuK5iOuCFfOzd7lIQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04Mjg-/https://media.zenfs.com/en/straits_times_442/efa7f42249657a7a12ba4d98ae2afab2"/></div></div><figcaption>National Development Minister and MAS deputy chairman Chee Hong Tat speaking at Ecosperity held at the Marina Bay Sands Expo and Convention Centre., on May 20.</figcaption></figure>SINGAPORE – Investments in unbankable Asian green projects are set to increase as Singapore’s climate finance initiative has secured another round of funding, growing its coffers to US$800 million (S$1.02 billion).The green investments pillar of the three-year-old initiative – called Financing Asia’s Transition Partnership (Fast-P) – secured its second close after achieving US$510 million in late 2025.This funding milestone was announced by Mr Chee Hong Tat, National Development Minister and deputy chairman of the Monetary Authority of Singapore (MAS), on May 20 at the Financing Asia’s Transition Conference.The conference is part of Ecosperity – Temasek’s flagship sustainability summit – held at the Marina Bay Sands Expo and Convention Centre.It was reported in 2025 that the initial US$510 million will fund a range of solar energy and battery storage projects, electric vehicles, and a scheme that turns agricultural waste into electricity in South-east Asia and South Asia.These also include a bio-energy project in several South-east Asian countries that will use agricultural waste and feedstock instead of planet-warming fossil fuels to produce cleaner electricity.In an update, Mr Chee also added that a quarter of the initial US$510 million has been committed to four sustainable infrastructure investments in South-east Asia, without revealing further details.Such projects are not readily supported by commercial lenders due to investors’ lack of familiarity. Financing gaps are most acute in the project development and construction phases.According to the World Economic Forum, early-stage renewable projects and EV charging infrastructure face high capital costs. Renewable projects could also be risky when there are uncertainties in contracts with electricity buyers, which affects cash flow.The MAS-backed FAST-P initiative was formed in 2023 to channel financing in an innovative manner towards green projects that tend to be less bankable and are not readily supported by the private sector.The initiative aims to bring together public, private and philanthropic capital to help finance Asia’s decarbonisation efforts, with a target of eventually raising up to US$5 billion.In 2024, the Singapore Government pledged up to US$500 million to FAST-P in the form of concessional funding, such as grants and loans provided on more favourable terms and at below market rates.This innovative form of finance is called blended finance, which typically starts with capital from public or philanthropic sources as a catalyst. This will then spur the private sector – which holds most of the world’s wealth but is risk-averse – to invest in sustainable projects.Concessional capital for the green investments pillar came from organisations including Temasek; Export Finance Australia – an entity under the Australian government; and International Finance Corporation, which falls under the World Bank Group.Mr Chee said the pillar has attracted two more private players including DBS Bank and Cathay United Bank.In addition to the green investments pillar, FAST-P comprises two other pillars.The second pillar focuses on energy transition, which will help countries phase out coal plants and replace them with renewables, battery storage and grid infrastructure. This pillar now has DBS and the Private Infrastructure Development Group – which mobilises private investment – as new partners, said Mr Chee.The third pillar seeks to help emissions-intensive sectors, such as cement and steel production, to decarbonise while supporting technologies like carbon removal. Two more Government-linked finance institutions – British International Investment and the Japan International Cooperation Agency – have joined the pillar.Mr Chee said these two pillars are progressing towards their first closes later in 2026.He added: “Each new partner and every dollar committed sends a powerful signal that the world’s leading institutions are staying the course on climate action, and this is an important reassurance during this period of greater global uncertainty.“Each commitment brings us closer to the scale of financing needed to support Asia’s energy transition.”Source: The Straits Times © SPH Media Limited. Permission required for reproductionDiscover how to enjoy other premium articles here</div></div>

DBSDY

Singapore's climate finance initiative, Financing Asia’s Transition Partnership (Fast-P), has secured an additional $1 billion, raising its total funding to $800 million. This funding will support unbankable green projects in Asia, including solar energy, electric vehicles, and bio-energy initiatives. The initiative aims to attract public, private, and philanthropic capital to finance Asia's decarbonisation efforts, with a target of raising up to $5 billion. New partners include DBS Bank and Cathay United Bank, enhancing the initiative's capacity to address financing gaps in sustainable projects.

S’pore climate initiative secures $1 billion to finance green projects in Asia