ravi menon : singapore as convenor, catalyst and contributor for climate action speech by mr ravi menon, managing director of the monetary authority of singapore, at the launch of the cop - 27 singapore pavilion, sharm el - sheikh, 6 november 2022. * * * ladies and gentlemen, good evening. welcome to the launch of the singapore pavilion at cop27. as we gather in beautiful sharm el - sheikh, let us remind ourselves of the task before us : to reduce global greenhouse gas emissions to net zero by 2050 in an orderly and inclusive way. singapore is committed to the net - zero by 2050 target and has laid out our plans and strategies to get there. this pavilion is not just about singapore's plans to get to net - zero. after all, singapore's contribution to global emissions is just 0. 1 %. but as a global city, technology hub, and financial centre, we can play a larger role in the fight against climate change. singapore wants to be a convenor, a catalyst, and a contributor of solutions for global climate action. this is the broader purpose of this pavilion. as a convenor, we will bring together partners in industry, finance, academia, civil society and the government, to spark new ideas and forge new collaborations for effective climate action. as a catalyst, we will work with partners to step up the pace of transition in this critical decade, which will substantially determine whether the world gets to netzero by 2050. as a contributor, we will share with others the climate solutions that we have developed and may be of relevance to them. let me highlight three key themes at the singapore pavilion : decarbonisation technologies transition finance carbon markets first, innovating decarbonisation technologies. the transition to net - zero will require us to transform how we live and work. it will transform how we power our homes and offices, travel, grow our food, and construct our cities. as a densely populated metropolis in the tropics, singapore is a living lab to develop, testbed, and commercialise green solutions for urban living. let me highlight two areas. one, decarbonising land transport. 1 / 3 bis - central bankers'speeches in many cities, land transport accounts for a substantial portion of carbon emissions ; in singapore, it is about 15 %. the solution lies in electrifying transportation. this is why, from 2030, singapore will allow only registrations of cleaner - energy

##mensurate 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? one, greater capacity and expertise to prepare projects. this is critical at the early stages of project development, especially in developing economies. transition projects need to be well designed with clear targets and transparent metrics to draw private capital. two, better risk mitigation and risk transfer mechanisms. we need catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources, to improve project bankability and crowd in additional multiples of private sector funding. this will mean re - looking the financing models and incentive structures of multilateral development banks. three, a more synergistic financial ecosystem. we need to recycle capital by taking loans off bank balance sheets and structuring them in a form that institutional investors can participate in. singapore is taking active steps to scale transition and blended finance. infrastructure asia, launched by mas and enterprise singapore, provides expertise in project scoping, shares best practices in project development, and facilitates infrastructure financing deals in the region. clifford capital, whose borrowings are guaranteed by the singapore government, provides debt financing to crowd in equity participation for infrastructure projects. pentagreen capital, a partnership between hsbc and temasek holdings, will deploy blended finance at scale to unlock marginally bankable projects in southeast asia. convergence, a global network for blended finance, has launched a s $ 5 million grant scheme supported by mas, which will fund feasibility studies and proof of concept work on innovative blended finance solutions in target sectors that are under - capitalised in asia. singapore is also partnering global efforts to promote transition and blended finance. 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