be made between now and 2030. singapore is firmly committed to doing its part in the global effort to reduce greenhouse gas emissions. last year, the government launched the singapore green plan, which sets out a road map towards sustainable development, a green economy, and net zero emissions. singapore aims to peak carbon emissions around 2030 and to achieve net zero by or around mid - century. if anything, the direction of travel in the coming years can only be towards greater climate ambition, not less. the world should be upfront about the cost of decarbonisation and have concrete plans to support those adversely affected. there will no doubt be opportunities in green technologies and industries, and the long - term cost of doing nothing will be much more than the cost of mitigation measures. but decarbonisation will impose substantial short - term economic costs and have profound distributional implications. like all economic transformations, the green transition will involve winners and losers, and unless this is recognised and dealt with, the sustainability agenda will lose social legitimacy. if we do not support the losers, there will be a strong backlash against the shift to a greener, cleaner future, much like the backlash we have seen against globalisation by those who were adversely affected by it. the transition to net zero will likely entail the biggest economic and societal transformation since the industrial revolution. as the environmental scientist vaclav smil, in his book how the world really works, declares rather ominously, “ we are a fossil - fuelled civilization whose technical and scientific advances, quality of life, and prosperity rest on the combustion of huge quantities of fossil carbon. ” to transit from such a fossil fuel civilisation to a net zero world will require considerable economic restructuring, significant technological breakthroughs, and substantial financial investments. getting to net zero will not be easy and will require five transformative changes : a price on carbon ; a shift to cleaner energy ; a greening of the economy ; a pivot to transition finance ; a sustainable lifestyle. 2 / 9 bis central bankers'speeches carbon pricing a meaningful price for carbon is the single most important measure to help decarbonise the economy. a carbon price can be achieved in three ways : a tax on carbon emissions ; or a system for trading emissions permits ; or regulatory limits on emissions that could be translated into an implicit carbon price. without getting the price of carbon right, most sustainability efforts will not make economic sense and not gain traction. the right price on

##ius pathway. transition pathways should be complemented by taxonomies, practical guidance, and supervisory expectations. take for example the managed phase - out of coal. taxonomies. the monetary authority of singapore ( mas ) has released a transition focused taxonomy which sets out detailed thresholds and criteria for the managed phaseout of coal. practical guidance. the gfanz asia pacific network has launched practical guidance for financial institutions to assess and support the financing of coal phaseout transactions. supervisory expectations. mas'proposed guidelines on transition planning recognise that financial institutions may see a short - term increase in their financed emissions when they finance transition projects. third, blended finance to reduce the cost of capital for managed coal phaseout and renewable energy development. an estimated us $ 29 trillion is needed to end coal globally and replace it with renewables, with nearly half of this needed in asia. blended finance is critical in achieving asia's energy transition. it reduces the cost of capital for energy transition projects in two ways : one, it leverages on concessional capital from the public and philanthropic sectors to crowd in multiples of private commercial capital. two, it brings together technical assistance and institutional support to reduce project risk. but blended finance needs to move from bespoke deal - by - deal structuring to a portfolio or platform approach. singapore is establishing a blended finance platform called financing asia's transition partnership or " fast - p ". fast - p aims to raise up to us $ 5 billion for green and transition infrastructure in asia. singapore is prepared to contribute concessional capital alongside other partners to crowd in commercial capital. we strongly encourage global and regional providers of concessional and commercial capital providers to join us in this partnership. 2 / 3 bis - central bankers'speeches mas is partnering the adb and geapp as part of fast - p to accelerate energy transition in asia. the collaboration with the adb and geapp aims to mobilise concessional capital globally, and crowd in private capital to de - risk and finance transition projects. it is focused on the early phaseout of coal and replacement with renewable energy, and the decarbonisation of hard - to - abate sectors such as cement and steel manufacturing. fourth, transition credits to enhance the economic viability of transition projects. this partnership will test the use of credible transition credits to enhance the economic viability of coal phase - out transactions. i am also pleased to share that adb and mas will be exploring how transition credits can