Green Investments Partnership achieves first close with $652.8m investment

The funds will be deployed in the coming months for green projects in Asia.

Singapore has raised S$652.8m (US$510m) in the first close of the Green Investments Partnership (GIP).

In a speech during the British Chamber of Commerce Sustainability Dialogue, Singapore’s Climate Ambassador Ravi Menon said the first close means that the Financing Asia’s Transition Partnership (FAST-P) is already halfway through its S$1.28b (US$1b) target fund size.

This development also means that the S$65.28m (US$51m) concessional capital committed by the Singapore Government to GIP has been matched by an equal amount of concessional capital.

Funds under the GIP will be deployed in the coming months. This will finance various sustainable projects in Asia, including renewable energy and storage, electric vehicles, and water and waste management.

According to Menon, GIP will initially invest in a renewables portfolio comprising solar, hybrid solar, and battery storage projects, reducing 250,000 tonnes of emissions annually. It will also fund a bio-energy programme which replaces fossil fuels with agri-waste feedstock, reducing more than 100,000 tonnes of emissions each year.

US$1 = SG$1.28