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ADB, GEAPP and MAS join forces for energy transition finance partnership in Asia – ThePrint – ANIFeed

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New Delhi [India], December 5 (ANI): The Asian Development Bank (ADB), the Global Energy Alliance for People and Planet (GEAPP), and the Monetary Authority of Singapore (MAS) have unveiled plans to establish a blended finance partnership to accelerate energy transition initiatives in Asia.

According to a release by ADB, the move comes as part of the commitment to combat climate change and marks a significant milestone at COP28.

Asia, experiencing economic growth, demographic expansion, and increased urbanization, witnessed 85 per cent of its energy consumption sourced from fossil fuels.

To align with development goals and reduce emissions, innovative financing solutions for energy transition are imperative.

The partnership solidified through a memorandum of understanding (MOU), aims to mobilize concessional capital from philanthropic and public sectors, mitigate project risks, and attract global private capital for financing energy transition projects in Asia.

These projects encompass early coal asset phase-outs, the introduction of renewable energy, and decarbonisation projects in challenging sectors.

The trio will collaborate on developing a project pipeline, implementing innovative financing structures, and utilizing high-integrity transition carbon credits to enhance the viability of retiring coal assets and transitioning to renewable energy.

ADB President Masatsugu Asakawa highlighted the urgency, stating, “Time is running out to make a meaningful impact on climate change, and it is clear that not enough is being done to curtail the most polluting sources of greenhouse gas emissions”.

Asakawa added, “This financing partnership with MAS and GEAPP–two leading, like-minded partners–is a significant step towards attracting the requisite capital to phase out coal assets more quickly and replacing these with cleaner energy. This partnership forms a critical alliance in our region’s battle against climate change.”

The partnership targets raising up to USD 2 billion from various partners, with ADB offering origination, transaction, and technical support.

Kitty Bu, GEAPP Asia Vice-President, emphasized the importance of blended finance, stating, “GEAPP, as a robust alliance with access to catalytic capital, is in a unique risk-tolerant position to enable allocation of funds and resources towards climate solutions. By bringing in diverse partners, GEAPP aims to create avenues to streamline capital flow using blended finance”.

Bu added, “This bridges the gap for early-stage projects that have long-term potential but may not attract investment at the nascent stages. We are confident that the energy transition acceleration finance partnership with ADB and MAS will be pivotal in mobilizing necessary capital to create new markets and strengthen the existing clean energy ecosystem.”

Ravi Menon, MAS Managing Director, highlighted the key components of blended finance and carbon credits in ensuring an effective and just energy transition in Asia.

Menon said, “Blended finance and carbon credits are key success factors for an effective and just energy transition in Asia. MAS is pleased that this energy transition acceleration finance partnership with ADB and GEAPP has both of these key components.

“We encourage global philanthropies, development finance institutions, long-term investors, banks and other financiers to join us in this public-private partnership to expand Asia’s access to clean energy, reduce greenhouse emissions and contribute to a more sustainable planet,” added Menon.

He urged global philanthropies, development finance institutions, long-term investors, banks, and other financiers to join the public-private partnership.

The partnership is positioned to leverage the broader Energy Transition Mechanism (ETM) initiative by ADB, benefiting from policy support and a pipeline of investable projects.

GEAPP contributes philanthropic capital and experience in the energy transition, while MAS mobilizes stakeholders in Singapore’s financing ecosystem.

This collaborative effort is crucial for Asia’s access to clean energy, reduction of greenhouse emissions, and contribution to a more sustainable planet.

GEAPP is dedicated to clean energy and pro-growth models for emerging and developed economies. GEAPP’s mission includes reducing carbon emissions, expanding clean energy access, and enabling job creation.

The Central Bank of Singapore, with a mission to promote non-inflationary economic growth and a sound financial centre. The partnership aligns with Financing Asia’s Transition Partnership (FAST-P), a Singapore initiative to mobilize USD 5 billion for green projects in Asia. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.


New Delhi [India], December 5 (ANI): The Asian Development Bank (ADB), the Global Energy Alliance for People and Planet (GEAPP), and the Monetary Authority of Singapore (MAS) have unveiled plans to establish a blended finance partnership to accelerate energy transition initiatives in Asia.

According to a release by ADB, the move comes as part of the commitment to combat climate change and marks a significant milestone at COP28.

Asia, experiencing economic growth, demographic expansion, and increased urbanization, witnessed 85 per cent of its energy consumption sourced from fossil fuels.

To align with development goals and reduce emissions, innovative financing solutions for energy transition are imperative.

The partnership solidified through a memorandum of understanding (MOU), aims to mobilize concessional capital from philanthropic and public sectors, mitigate project risks, and attract global private capital for financing energy transition projects in Asia.

These projects encompass early coal asset phase-outs, the introduction of renewable energy, and decarbonisation projects in challenging sectors.

The trio will collaborate on developing a project pipeline, implementing innovative financing structures, and utilizing high-integrity transition carbon credits to enhance the viability of retiring coal assets and transitioning to renewable energy.

ADB President Masatsugu Asakawa highlighted the urgency, stating, “Time is running out to make a meaningful impact on climate change, and it is clear that not enough is being done to curtail the most polluting sources of greenhouse gas emissions”.

Asakawa added, “This financing partnership with MAS and GEAPP–two leading, like-minded partners–is a significant step towards attracting the requisite capital to phase out coal assets more quickly and replacing these with cleaner energy. This partnership forms a critical alliance in our region’s battle against climate change.”

The partnership targets raising up to USD 2 billion from various partners, with ADB offering origination, transaction, and technical support.

Kitty Bu, GEAPP Asia Vice-President, emphasized the importance of blended finance, stating, “GEAPP, as a robust alliance with access to catalytic capital, is in a unique risk-tolerant position to enable allocation of funds and resources towards climate solutions. By bringing in diverse partners, GEAPP aims to create avenues to streamline capital flow using blended finance”.

Bu added, “This bridges the gap for early-stage projects that have long-term potential but may not attract investment at the nascent stages. We are confident that the energy transition acceleration finance partnership with ADB and MAS will be pivotal in mobilizing necessary capital to create new markets and strengthen the existing clean energy ecosystem.”

Ravi Menon, MAS Managing Director, highlighted the key components of blended finance and carbon credits in ensuring an effective and just energy transition in Asia.

Menon said, “Blended finance and carbon credits are key success factors for an effective and just energy transition in Asia. MAS is pleased that this energy transition acceleration finance partnership with ADB and GEAPP has both of these key components.

“We encourage global philanthropies, development finance institutions, long-term investors, banks and other financiers to join us in this public-private partnership to expand Asia’s access to clean energy, reduce greenhouse emissions and contribute to a more sustainable planet,” added Menon.

He urged global philanthropies, development finance institutions, long-term investors, banks, and other financiers to join the public-private partnership.

The partnership is positioned to leverage the broader Energy Transition Mechanism (ETM) initiative by ADB, benefiting from policy support and a pipeline of investable projects.

GEAPP contributes philanthropic capital and experience in the energy transition, while MAS mobilizes stakeholders in Singapore’s financing ecosystem.

This collaborative effort is crucial for Asia’s access to clean energy, reduction of greenhouse emissions, and contribution to a more sustainable planet.

GEAPP is dedicated to clean energy and pro-growth models for emerging and developed economies. GEAPP’s mission includes reducing carbon emissions, expanding clean energy access, and enabling job creation.

The Central Bank of Singapore, with a mission to promote non-inflationary economic growth and a sound financial centre. The partnership aligns with Financing Asia’s Transition Partnership (FAST-P), a Singapore initiative to mobilize USD 5 billion for green projects in Asia. (ANI)

This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.

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