- Senator The Hon Don Farrell, Minister for Trade and Tourism
Today Australia has made its first investment under the Australian Government's $2 billion Southeast Asia Investment Financing Facility, announced by Prime Minister Albanese at the ASEAN-Australia Special Summit in March this year.
Australia has approved a $75 million (US$50 million) equity investment in the Singapore Government's Financing Asia's Transition Partnership (FAST-P) initiative, which aims to support the region's clean energy transition.
This undertaking is a major step forward in the government's implementation of Invested: Australia's Southeast Asia Economic Strategy to 2040. It demonstrates our commitment to practical action that benefits Australia and the region.
As the region transitions towards a clean energy future, Australia and our businesses have much to offer. By working with Singapore and international partners, it will spur increased opportunities for Australian businesses to engage in Southeast Asia's renewable energy transition.
Our participation alongside Singapore and other international partners will also contribute to bridging critical gaps in Southeast Asia's sustainable infrastructure financing, including in areas like renewable energy and storage, electric vehicle infrastructure, sustainable transport, and water and waste management.
This investment builds on our existing green economy cooperation with Singapore under our Green Economy Agreement and Comprehensive Strategic Partnership while supporting diverse and resilient clean energy supply chains.
