News / #MOU
Singapore is set to import 3.4 gigawatts of low-carbon electricity from its neighbour, following substantive progress made by seven Indonesia-based projects. These imports will contribute to the republic’s efforts to decarbonise its power sector.
Ravi Menon, who heads the Monetary Authority of Singapore (MAS), says that an appropriate carbon price will render blended finance and carbon credits to lower the cost of capital for energy transition projects in emerging markets unnecessary. He was speaking at the COP28 summit.
The Asian Development Bank, which partnered Indonesia to launch its first coal retirement deal last November, said that completing one of these transactions is key to providing others with a model to follow.
At the Asia Clean Energy Forum in Manila yesterday, Asian Development Bank president Takehiko Nakao said it could not rule out funding coal power as there is 'no other option' for some countries in Asia. Protesters outside the event called on ADB to draw up a time-bound phase-out plan for coal financing.
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