The Monetary Authority of Singapore (MAS) launched the Financing Asia’s Transition Partnership (FAST-P) in 2023 to mobilise up to US$5 billion in blended finance for decarbonisation and sustainable infrastructure across Asia. Anchored by Singapore’s US$500 million concessional funding pledge, matched dollar-for-dollar by partners, the initiative targets three strategic pillars: accelerating the energy transition (e.g., coal phaseouts, renewable grids), scaling green investments (renewables, electric mobility, waste management), and decarbonising heavy industries like cement and steel. FAST-P employs a risk-mitigating blended finance model, combining public, private, and philanthropic capital to unlock marginal projects, with the Green Investments Partnership – managed by Pentagreen Capital – set to deploy US$1 billion starting in late 2025. Key partners include the Asian Development Bank, Temasek, and BlackRock, while Australia has committed US$50 million, marking the first investment under its Southeast Asia Investment Financing Facility.

FAST-P addresses Asia’s urgent climate finance gap, where annual clean energy investments must surge from US$30 billion to over US$200 billion by 2030. The initiative prioritises Southeast Asia’s 4% yearly electricity demand growth and 85% fossil fuel reliance, focusing on projects like solar farms in Thailand and grid upgrades in the Philippines. A dedicated FAST-P office, announced in May 2025, will oversee fund deployment and partnerships, ensuring compliance with environmental and social governance standards. Despite global economic uncertainty and regulatory fragmentation, FAST-P aims to model scalable blended finance solutions, bridging the divide between climate ambition and actionable projects while reinforcing Singapore’s leadership in regional climate finance.