MAS, partners ink MOU on blended finance partnership for energy transition

The parties aim to raise up to $2.7b in concessional and commercial capital.

The Monetary Authority of Singapore (MAS), Asian Development Bank (ADB), and Global Energy Alliance for People and Planet (GEAPP) signed a memorandum of understanding (MOU) to establish a blended finance partnership to accelerate energy transition in Asia.

The organisations aim to raise up to US$2b ($2.7b) in concessional and commercial capital from other like-minded partners and drive more funding from private, public, and philanthropic sectors globally.

The capital will finance projects, including the early phaseout of coal assets to be replaced with renewable energy and decarbonisation projects in hard-to-abate sectors.

The partners will develop financing schemes to drive decarbonisation in Asia and utilise high-integrity carbon credits.

MAS will mobilise infrastructure finance platforms and will work in developing high-integrity transition carbon credits, whilst ADB will provide origination, transaction and technical support.

Meanwhile, GEAPP will contribute philanthropic capital, knowledge in energy transition, and a coalition of committed partners.

All three partners will also mobilise and contribute catalytic capital to crowd in other concessional and commercial capital providers and like-minded partners.

ALSO READ: MAS coalition to pilot use of transition credits for early retirement of coal plants

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