Singapore’s national climate finance initiative, Financing Asia’s Transition Partnership (Fast-P), has raised USD510 million to fund green and sustainable projects across South-east and South Asia. The fund targets renewable energy, energy storage, electric vehicles, transport, water, and waste management, particularly projects that struggle to secure traditional financing.
Launched in 2023, Fast-P uses a blended finance approach, combining public, private, and philanthropic capital to de-risk infrastructure investments. Its first funding pillar, the Green Investments Partnership, closed on September 8, attracting contributions from Temasek, HSBC, the Australian and European governments, IFC, British International Investment, and others. Debt financing will support marginally bankable climate projects, especially during development and construction phases.
Fast-P’s broader goal is to raise up to USD5 billion for regional climate initiatives, addressing the critical climate finance gap and promoting sustainable infrastructure development in Asia.