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# BlackRock and MAS sign COP29 statement of intent on FAST-P industrial transformation debt programme
- URL: https://www.theglobalbanker.com/blackrock-and-mas-sign-cop29-statement-of-intent-on-fast-p-industrial-transformation-debt/
- Published: 2024-11-12T14:00:00.000Z
- Updated: 2026-10-22T14:09:58.000Z
- Description: BlackRock, the Monetary Authority of Singapore, IFC, MUFG, NEXI and AIA agreed in Baku to explore a blended-finance debt initiative for corporate decarbonisation projects, mainly in Southeast Asia.
- Author: TGB Editorial Team
- Tags: ESG, Asia-Pacific, #archive

BlackRock, the Monetary Authority of Singapore (MAS), the International Finance Corporation (IFC), MUFG, Nippon Export and Investment Insurance (NEXI) and AIA signed a statement of intent on 12 November 2024 at the COP29 climate conference in Baku to explore working together on a blended-finance debt initiative for corporate decarbonisation projects in Asia, with a focus on Southeast Asia.

The Industrial Transformation infrastructure debt programme is one of the programmes under MAS's Financing Asia's Transition Partnership (FAST-P), a blended-finance initiative announced by the Singapore Government at COP28 that aims to mobilise up to US$5 billion from public, private and philanthropic partners to finance transition opportunities in the region. No capital amounts were announced for the new programme.

#### DEBT FOR HARD-TO-ABATE SECTORS

Under the statement of intent, the parties will explore opportunities to provide debt financing to private-sector borrowers seeking to decarbonise their businesses, including projects in hard-to-abate sectors, technology solutions for the low-carbon transformation, and industrial opportunities. The programme will also seek to catalyse additional concessional and commercial capital to support these projects.

The partners pointed to a financing gap in Southeast Asia. According to a joint report by IFC and the International Energy Agency cited in the announcement, annual public and private investment in clean energy in the region may need to rise more than eight-fold, from US$30 billion in 2022 to US$208–244 billion a year by the early 2030s, to meet rising energy needs.

Leong Sing Chiong, Deputy Managing Director, Markets and Development, at MAS, said: “For Asia to transition to net zero, we must decarbonise sectors of the economy progressively, including carbon intensive or hard-to-abate sectors.” He added that the signing was “an important step towards accelerating the transition in Asia”.

Mark Wiedman, Head of Global Client Business at BlackRock, said: “Emerging markets in Southeast Asia face hurdles in funding capital-intensive projects like decarbonisation.” BlackRock, which manages approximately US$170 billion in infrastructure assets, said it would bring its blended-finance and transition investing expertise to the partnership.