MAS Announces 500 Million for Green Projects

Singapore has finally publicized the updates on its Financing Asia’s Transition partnership also known as FAST-P. Managing director of the Monetary Authority of Singapore (MAS) Chia Der Jiun announced on May 7, that in the upcoming months USD 500 million will be set aside for the initial funding of the green projects in the Singapore region.

An office will be set up for the development of FAST-P projects. Chia state, “The office will continue to work closely with asset managers, banks, and commercial and concessional investors to promote innovative blended finance solutions for sustainable infrastructure in the region.”

FAST-P is planning to raise a fund of USD 5 billion. The collected funds will be divided into different parts regarding sustainable development and measures. One part of the fund will go for the promotion of clean energy, to safeguard fossil fuels, decarbonization and take measures on climate change in Asia. Another part of the fund will be dedicated to renewable energy plants, electric vehicles, transport, water and waste management projects. Chia also highlighted the correlation between finance and a sustainable environment. Stating that any changes in the environment can cause strong repercussions in the finance field.

FAST-P initiative was launched in the late of 2023. The green investment of the FAST-P will be managed by Pentagreen Capital.