The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) has established a Blended Finance Initiative, that will identify best practices and lessons from past case studies and provide practical guidance on modalities to scale up blended finance. MAS and the De Nederlandsche Bank (DNB) will lead this Initiative.I will share more details in my remarks this afternoon before the NGFS discussion panels at this Pavilion. 2/4  BIS - Central bankers' speeches  The Glasgow Financial Alliance for Net Zero Asia-Pacific Network will launch an initiative to develop guidance for financial institutions on how they can facilitate the managed phase-out of coal power generation in the Asia Pacific. MAS and the Asian Development Bank will participate in this initiative. Second strategy - carbon markets to channel financing towards carbon abatement and removal projects. Many entities find it difficult to eliminate their emissions or to even reduce them as quickly as they would like. High quality carbon credits generated by emission reduction and removal projects allow such entities to offset the emissions they cannot get rid of while providing financing for these projects that would otherwise not get off the ground. A well-functioning carbon trading ecosystem is particularly relevant to Asia's transition effort. The market for voluntary carbon credits is huge. Unfortunately, differences in carbon accounting and credit recognition practices across jurisdictions have led to carbon credits being treated with a degree of skepticism.

We need a global effort and a whole-of-society approach within each country. Effective partnerships across the public, private, and people sectors will be key to mobilise the financing necessary for an effective and just transition. As a leading global financial centre in Asia, Singapore can play an important role in mobilising this capital, especially to support Asia's transition to net-zero. At the Singapore Pavilion, we have set out how we will do this through three key strategies: blended finance to mobilise private capital for the transition carbon markets to facilitate emissions abatement and inclusivity good-quality data to support credible disclosure and track progress First strategy - blended finance to synergise public and private capital for projects that are marginally bankable. Many green and transition projects in emerging markets pose risks that are not commensurate with their expected returns. We need catalytic capital to improve project bankability and crowd in private sector capital. Blended finance is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. 1/4  BIS - Central bankers' speeches  Blended finance is not new but scaling it requires a fresh approach. About a month ago, the Monetary Authority of Singapore (MAS) held the inaugural Transition Finance towards Net Zero Conference Conference. The conference saw more than 500 leaders and experts from across the world – from industry, academia, governments, and multilateral development banks - discuss the nuts-and-bolts of what it takes for blended finance to scale. What were their key take-aways?