Australia commits US$50m to Singapore’s green transition initiative

The initiative seeks to accelerate green transition in the Southeast Asia region.

The Australian government has committed $67.1m (US$50m) to the Green Investments partnership (GIP) under Singapore’s Financing Asia’s Transition Partnership (FAST-P) initiative.

The investment, administered by Export Finance Australia (EFA), will support clean energy transition and sustainable infrastructure projects across Southeast Asia and create commercial opportunities for Australian exporters and financial institutions.

This includes projects in sectors such as renewable energy and storage, electric vehicle infrastructure, sustainable transport, and water and waste management.

FAST-P is a blended finance initiative launched by the Monetary Authority of Singapore (MAS) in 2023. It aims to bring together international public, private, and philanthropic partners to support Asia’s decarbonisation and climate resilience.

The Singapore government will pledge up to $134.2m (US$500m) as concessional capital for the initiative. The 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.

“Our support for projects in Southeast Asia reflects Australia’s commitment to supporting the clean energy transition and infrastructure development in the region, as well as fostering economic partnerships that benefit both the region and Australia,” John Hopkins, CEO and managing director of EFA said.