Allied Climate Partners (ACP), International Finance Corporation (IFC), the Monetary Authority of Singapore (MAS), and Temasek have formed a partnership to enhance green and sustainable project financing in Asia, focusing on Southeast Asia. The initiative, established through a Memorandum of Understanding (MOU) at COP28, aims to address climate finance gaps and improve the bankability of environmental projects in the region. The collaboration will utilise blended finance, combining both concessional and private capital, targeting sectors like renewable energy and sustainable transport. The partnership responds to the critical need for infrastructure investment in developing Asia, estimated at USD1.7tr annually. It is dedicated to achieving environmental and social goals, including carbon reduction and community resilience.
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