The launch in December 2023 at COP28 of the world’s first multi-sector transition taxonomy for defining green and transition activities across eight sectors, including energy, industrials and construction, is just the latest example. Among other things, this groundbreaking taxonomy provides a framework to finance the early retirement of coal-fired power plants.
Singapore has made ambitious pledges to achieve net zero emissions domestically, but as a hub for green finance and infrastructure funding, the country can have an outsized impact on the energy transition in Asia.
Access to funding will be critical for Asia—which consumes more than three-quarters of the world’s coal—to reach net zero. That’s an obstacle that Singapore has long been working to address, and the pioneering financial infrastructure it is rolling out is set to have an outsized impact on the energy transition across the entire region.
