UK development investor BII commits $30m to SG climate fund

The fund backs a BlackRock-managed industrial decarbonisation programme.

The UK's British International Investment (BII) has committed $30m to a decarbonisation financing programme under Singapore’s Financing Asia’s Transition Partnership (FAST-P).

The investment will go to the Industrial Transformation Programme (ITP), managed by BlackRock through its infrastructure credit platform within Global Infrastructure Partners.

The ITP is one of three pillars under FAST-P, a blended finance initiative launched by MAS to mobilise up to $5b for transition projects in South-East Asia.

BII said the funding, structured as a junior tranche, is designed to crowd in commercial capital into the senior tranche by taking on higher risk.

The programme finances companies seeking to decarbonise operations, including firms in hard-to-abate sectors and low-carbon technology providers.