Singapore commits $500 million to clean energy in Asia

The Government of Singapore has announced a $500 million investment under its FAST-P (Financing Asia’s Transition Partnership) program to support clean energy deployment and industrial decarbonisation across Asia.

Launched in 2023, FAST-P aims to lower investment risks in energy transition projects by providing catalytic capital that matches private sector funds on a 1:1 basis. The goal is to mobilise a total of $5 billion using blended finance.

The funding will focus on renewable energy, electric vehicles, and decarbonising high-emission sectors such as cement and steel. FAST-P will also support energy efficiency and green infrastructure initiatives.

The initiative is backed by government-linked entities and is designed to help scale projects by de-risking investments. Its geographic focus is ASEAN and the broader Asia-Pacific region, where energy demand is rising rapidly.

This move aligns with Singapore’s broader strategy to channel private capital into the region’s low-carbon transition.