Singapore reaffirmed its commitment to climate resilience and sustainable finance as Minister Chee Hong Tat outlined new initiatives and partnerships at the Financing Asia’s Transition Conference 2026.
Singapore’s Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat, delivered the opening address at the fifth edition of the Financing Asia’s Transition Conference (FAST) on 20 May 2026 in Singapore.
The conference brought together policymakers, financial institutions, climate finance experts, and industry leaders to discuss solutions for financing Asia’s climate transition and building resilience against climate risks.
During his speech, Mr Chee highlighted the growing challenges posed by geopolitical tensions, energy price shocks, supply disruptions, and extreme weather events. He stressed that sustainability should no longer be treated as a separate issue but integrated into core business strategies and economic planning.
Mr Chee described Singapore’s approach as being a “climate realist,” balancing climate action with practical economic and energy security considerations.
The minister outlined three major focus areas for MAS:
- Catalysing capital for climate outcomes
- Strengthening market infrastructure and frameworks
- Building resilience and adaptation financing
A key highlight was the progress of the Financing Asia’s Transition Partnership (FAST-P), launched in 2023 to support green and transition projects across Asia through blended finance structures.
Singapore had earlier pledged up to US$500 million in concessional capital to help mobilise up to US$5 billion for Asia’s green transition.
Mr Chee announced new milestones for several FAST-P initiatives:
- The Green Investments Partnership reached US$800 million in commitments, with new partners including DBS and Cathay United Bank.
- The Industrial Transformation Programme expanded its partner network with British International Investment and the Japan International Cooperation Agency (JICA).
- The Energy Transition Acceleration Finance initiative added Private Infrastructure Development Group and DBS as new partners.
The minister also announced the formation of FAST-P’s International Advisory Board, chaired by Climate Ambassador Ravi Menon. The board includes global finance and sustainability leaders such as Lord Adair Turner, Baroness Shriti Vadera, and Mark Gallogly.
On carbon markets, Mr Chee said Singapore continues to support the development of credible and high-integrity carbon trading systems. He noted that carbon credits can help make transition projects commercially viable and unlock climate financing.
The Singapore Government has introduced Voluntary Carbon Market Guidance for companies and co-leads the International Coalition to Grow Carbon Markets alongside Kenya and the United Kingdom.
MAS is also supporting financial institutions through the Financial Sector Carbon Market Grant scheme, launched in October 2025, to help firms build carbon market capabilities in Singapore.
In the area of sustainable finance frameworks, MAS and the Singapore Sustainable Finance Association are reviewing the Singapore Asia Taxonomy to ensure it remains effective for sectors such as energy, maritime, and data centres.
The review is expected to be completed by the end of 2026.
Mr Chee also focused heavily on adaptation and resilience financing, especially as Southeast Asia faces rising climate threats including floods, heatwaves, rising sea levels, and water stress.
Singapore is working with ASEAN+3 partners to strengthen disaster risk financing through the Southeast Asia Disaster Risk Insurance Facility (SEADRIF). MAS has also expanded support for Insurance-Linked Securities to improve catastrophe risk financing across Asia.
The minister concluded by urging governments, businesses, and financial institutions to continue working together despite global uncertainty.
Source: MAS
