UK pledges £70 million to Singapore’s green energy push in South-east Asia
Move is part of the collaboration between both countries to drive the region’s clean energy transition and sustainable infrastructure development
[SINGAPORE] The UK has pledged up to £70 million (S$120.9 million) to Singapore’s Financing Asia’s Transition Partnership (FAST-P) programme, which targets low-carbon projects and blended finance solutions across South-east Asia.
The UK Secretary of State for Foreign, Commonwealth and Development Affairs David Lammy announced the pledge during his official visit to Singapore on Saturday (Jul 12). This is part of the collaboration between the two countries to drive the region’s clean energy transition and sustainable infrastructure development, said a joint release by the Monetary Authority of Singapore (MAS) and British International Investment on Monday.
The announcement also marks 60 years of diplomatic relations between the UK and Singapore.
“Asean is set to be the fastest-growing economic bloc this decade. We need to keep investing in our friendships, making them resilient and focused on the future,” said Lammy.
By participating in the FAST-P initiative, the UK is helping to close infrastructure financing gaps in the region.
Gan Kim Yong, Deputy Prime Minister of Singapore, Minister for Trade and Industry and chairman of MAS, noted that FAST-P has gathered a network of global public, private and philanthropic partners to mobilise capital for Asia’s transition. “We look forward to closer collaboration with our key partners on the FAST-P journey.”
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FAST-P is a Singapore-led blended finance initiative, launched in end-2023, aiming to mobilise up to US$5 billion to de-risk and finance transition and marginally bankable green projects in Asia.
Announced in November 2024, 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.
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