SINGAPORE (April 17): Singapore plans to work with international partners to raise US$5 billion (RM24 billion) that will help fund Asia-focused climate projects, a senior monetary official said.

The initiative will be called 'Financing Asia's Transition Partnership' and use a combination of public and private sector funding, Chia Der Jiun, managing director at the Monetary Authority of Singapore, said at a conference.

Chia likened the plan to the US$30 billion climate-focused fund announced at the COP28 climate summit.

He did not name the international partners or mention specific projects that could receive funds.