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COP27: Singapore can unlock finances to accelerate net-zero push, says MAS chief

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SHARM EL-SHEIK, Egypt: The managing director of the Monetary Authority of Singapore (MAS) said climate change is “a race of our lives”, as he addressed delegates at the UN climate summit in Egypt on Wednesday (Nov 9). Mr Ravi Menon delivered a keynote speech

SHARM EL-SHEIK, Egypt: The managing director of the Monetary Authority of Singapore said climate change is “a race of our lives”, as he addressed delegates at the UN climate summit in Egypt on Wednesday .

“Climate change is no longer a prediction, it is becoming a reality,” he said. “We need to act now to start reducing emissions. The world is currently far from a net-zero emissions trajectory.If we do not act now to start decarbonising, we risk breaching tipping points that will lead to catastrophic and irreversible climate change, with unimaginable risks to lives and livelihoods,” he said.

Blended finance can help make green projects in emerging markets, such as throughout Southeast Asia, that seem like risky projects far more bankable, with the injection of capacity building, technology transfer, and institutional support.

Source: Energy Industry News (energyindustrynews.net)

 

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