Singapore targets $645m fund for SEA climate projects

The programme will also feature a data platform and a market development facility.

Singapore has launched an initiative featuring a blended finance fund that will target up to nearly $643.5m (US$500m) to strengthen the climate resilience of SEA's agri-food systems.

Announced during the 31st United Nations Climate Change Conference, the Scaling Projects and Investments for Resilience in Asia (SPIRE) programme will bring together data, project development, and financing capabilities to help translate climate resilience needs into investable projects.

It was initiated in partnership with Temasek Trust, the philanthropic arm of Temasek Holdings.

SPIRE Asia will use catalytic capital to address specific investment risks and improve the risk-return profile for commercial investors, helping to mobilise commercial capital for projects and businesses that might otherwise struggle to secure financing at the scale or on the terms needed.

It is built on two other reinforcing pillars, including a data platform, which will integrate climate, agricultural, and investment data to identify climate risks and adaptation opportunities, inform project development and investment decisions, and measure resilience outcomes.

A key part of this effort is the solutions centre for regional smallholder farmers, which will develop a data insights platform to better understand the challenges in the region and help investors, researchers, project developers and solution providers develop and scale climate-resilient solutions.

The initiative will also feature a market development facility, which will work with partners to identify, develop, and aggregate agri-food adaptation opportunities into investment-ready projects.

The facility will provide technical expertise and project development support to help projects meet investors' requirements and connect them with potential investors, buyers, and implementation partners.

SPIRE Asia was jointly developed by the National Climate Change Secretariat, the Monetary Authority of Singapore, and Enterprise Singapore.

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