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ARTICLE · 03 JANUARY 2025

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December 2024 ESG Policy Update—Australia

K&L Gates
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On 3 December 2024, the Australian Government approved an AU$75 million equity investment in the Singapore Government's Financing Asia's Transition Partnership (FAST-P) initiative.

GlobalEnergy and Natural Resources
Jim Bulling
Jim Bulling
Clive Cachia
Clive Cachia
Michael Hain
Michael Hain
Lisa Lautier
Lisa Lautier
Adam Levine
Adam Levine
Tom Young
Tom Young
Nathan Bodlovich
Nathan Bodlovich

Australian Update

Australia Commits AU$75 million to Singapore's FAST-P Clean Energy Transition Initiative

On 3 December 2024, the Australian Government approved an AU$75 million equity investment in the Singapore Government's Financing Asia's Transition Partnership (FAST-P) initiative. This investment is the first under the AU$2 billion Southeast Asia Investment Financing Facility (SEAIFF) announced at the ASEAN-Australia Special Summit in March this year.

FAST-P is a blended finance initiative to support the region's clean energy transition launched by the Monetary Authority of Singapore at COP28 in 2023. It aims to bring together international public, private and philanthropic partners to support climate resilience. The Singapore Government will pledge up to US$500 million as concessional capital, matching concessional capital from other partners, for decarbonisation projects and sustainable infrastructure across Asia.

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