MAS Launches 5M SGD Asia Climate Solutions Design Grant
The Lanturn Team
Last Updated on June 15, 2023
To help fund sustainability projects and help get closer to net-zero carbon emissions by 2050, the Monetary Authority of Singapore (MAS) is putting 5 Million SGD seed capital into the Asia Climate Solutions Design Grant. This announcement was made during the inaugural
The TFNZ conference focused on the theme of scaling “blended finance”, which involves the use of concessional and catalytic capital to draw in private capital at commercial rates for financing projects with sustainable outcomes.
What is blended finance? According to the Organisation for Economic Co-operation and Development (OECD), blended finance is defined as the “
With blended finance, resources could be available to developing countries and give them access to funds and tools to help build sustainable solutions to modern problems. It also helps them build funds for their government’s Official Development Assistance (ODA) and support the continuing implementation of the
According to reports, the Asia Climate Solutions Design Grant will be hosted by a global network for blended finance called Convergence. It will provide early-stage grant funding for different studies on innovative and scalable blended finance solutions.
The grant hopes to fund various studies, including:
Early-stage climate adaptation and mitigation technology.
Clean energy access.
Other nature-based solutions.
The 5 million SGD grant will also be used to mobilise capital into high-impact sectors under-capitalised in Asia.
During the event, Managing Director of MAS Ravi Menon shared that there are too few and too small blended finance programmes available. He says, "We need a more systematic and coordinated approach to mainstream blended finance.” To do this, Menon suggests a pipeline of transition projects that would appeal to the private sector.
Convergence CEO Joan Larrea said, “We want to actively promote the creation of more blended finance solutions and are excited to see concrete efforts to grow the blended finance ecosystem in this region.”
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