The GFANZ initiative will help to address the challenges involved in responsibly decommissioning these plants, including the fiduciary and reputation risks  3/4  BIS - Central bankers' speeches  that financial institutions may face from the initial spike in financed emissions as a result of investing in such early phase-out projects. Singapore has been doing its part to complement these global and regional efforts to promote transition and blended finance. Infrastructure Asia, launched by MAS and Enterprise Singapore, provides technical assistance to enhance project bankability, thereby helping to attract financing. It provides expertise in project scoping, shares best practices in project development, and facilitates infrastructure financing deals in the region. Infrastructure Asia is facilitating a number of sustainable infrastructure projects, including in waste management and waste-to-energy. Clifford Capital, whose borrowings are guaranteed by the Singapore Government, provides debt financing to crowd in equity participation for infrastructure projects. Bayfront Infrastructure Management, established by Clifford Capital, mobilises institutional capital for project and infrastructure finance through the issuance of infrastructure asset-backed securities. To-date, it has catalysed a total of $ for sustainable infrastructure from institutional investors. MAS will inject seed capital into an Asia Climate Solutions Design Grant hosted by Convergence. The scheme will provide funding for feasibility studies and proof of concept work on innovative blended finance solutions in target sectors that are significantly under-capitalised in Asia, such as early-stage climate adaptation and mitigation technology, clean energy access, sustainable transport, and nature-based solutions. This will help to build a pipeline of investible projects for investment.

If the offices cannot be let, this income does not materialise and the company that made the investment may be forced into bankruptcy. A household, instead, pays its interest with income from other sources. Moreover, in the early 1990s the prices of commercial properties had been pushed up over a long period without any corresponding increase in rental income. The price rises were obviously driven by expectations of a continued strong upswing in prices in the future. When it eventually became clear that these expectations were not going to materialise and it became more difficult to let the premises as economic conditions weakened, the prices fell dramatically. Today, though, the situation in the commercial property market is significantly different. There has not been a prolonged price upswing of the kind seen in the housing market. In connection with the equity market decline in 2000, demand for office premises weakened again and rents and prices in the market for office properties began to drop. The price fall appears today to have moderated and in some regions prices of office premises have risen. Vacancy levels are still high, though, which has contributed to restraining a more general upswing in rents and prices. At the same time, property companies’ earnings and ability to pay are good. Our assessment therefore is that the commercial property market does not either pose a threat to the stability of the financial system.