Australia and Singapore collaborate to support sustainable infrastructure and decarbonisation in South-east Asia
18 December 2024
On 3 December 2024, Export Finance Australia (“EFA”) and the Monetary Authority of Singapore (“MAS”) announced that the Australian Government has approved a US$50 million investment into the Green Investments partnership (“GIP”) under Singapore’s Financing Asia’s Transition Partnership (“FAST-P”) initiative. The investment will support clean energy transition and sustainable infrastructure development across South-east Asia.
Australia’s investment, administered by EFA, will help facilitate investment opportunities in clean energy and sustainable infrastructure projects across South-east Asia and create commercial opportunities for Australian exporters and financial institutions. This is the first investment under the Australian Government’s A$2 billion Southeast Asia Investment Financing Facility.
This highlights Australia’s commitment to practical action and reinforces Australia’s role as a committed and reliable partner for the region.
FAST-P is a blended finance initiative which brings together like-minded international public, private, and philanthropic partners to support Asia’s decarbonisation and climate resilience. The Singapore Government will pledge up to US$500 million as concessional capital, to match dollar-for-dollar, concessional capital from other partners, including other governments, multilateral development finance institutions, and philanthropies. This combined pool of concessional capital will be used to crowd in commercial capital and other sources of finance to support Asia’s green energy transition.
Capital under FAST-P’s GIP will be deployed to projects in sectors including renewable energy and storage, electric vehicle infrastructure, sustainable transport, and water and waste management, as well as those from other green infrastructure sectors.
Reference materials
The media release is available on the MAS website www.mas.gov.sg.