Singapore and the UK have announced a partnership to advance clean energy transition and sustainable infrastructure across Southeast Asia.
The collaboration includes a UK pledge of up to £70 million to support Singapore’s Financing Asia’s Transition Partnership (FAST-P), which aims to drive regional energy security and climate resilience.
The funding, to be delivered through British International Investment, will support low-carbon energy projects and innovative business models through blended finance.
It is part of broader efforts by both countries to mobilise capital and accelerate the development of sustainable infrastructure in the region.
The announcement was made during UK Foreign Secretary David Lammy’s visit to Singapore on 12 July, coinciding with the 60th anniversary of diplomatic relations between the two countries.
The partnership reflects their shared commitment to supporting Asia’s green energy goals while strengthening ties in the Indo-Pacific.
FAST-P is a Singapore-led initiative that seeks to mobilise up to US$5 billion to de-risk and finance transition projects that may not otherwise attract commercial funding.
The Singapore government has pledged up to US$500 million in concessional capital, matched by contributions from other governments, development finance institutions, and philanthropic organisations.
Gan Kim Yong, Deputy Prime Minister of Singapore, Minister for Trade and Industry and Chairman of the Monetary Authority of Singapore (MAS), said,
“We are delighted to welcome the UK to join the FAST-P initiative. FAST-P has gathered a network of like-minded, global public, private and philanthropic partners, coming together to mobilise capital for a common goal – Asia’s transition. We look forward to closer collaboration with our key partners on the FAST-P journey.”
David Lammy, UK Secretary of State for Foreign, Commonwealth and Development Affairs, said,
“This year, the UK and Singapore mark 60 years of diplomatic relations. ASEAN is set to be the fastest-growing economic bloc this decade. We need to keep investing in our friendships, making them resilient and focused on the future.”
Featured image: Edited by Fintech News Singapore, based on image by leoaltman via Freepik
