Investing in Southeast Asia's clean energy transition
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.
Media release
Senator The Hon Don Farrell, Minister for Trade and Tourism
Senator The Hon Penny Wong, Minister for Foreign Affairs
03 December 2024
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.
Australian exporters and businesses operating in Southeast Asia will be in a prime position to take up these opportunities, with a range of new government programs across the region. For more information about the Australian Government’s support for business in Southeast Asia visit: Austrade, Export Finance Australia Southeast Asia and Investment Deal Teams.
Quote attributable to Minister for Foreign Affairs, Senator the Hon Penny Wong:
“Deepening Australia’s engagement in Southeast Asia’s green energy transition and infrastructure development is an investment in our shared prosperity, security and economic future.
“This commitment is a major step forward in our implementation of Invested: Australia’s Southeast Asia Economic Strategy to 2040, and it demonstrates our commitment to practical action as a reliable partner for the region.”
Quote attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:
“Investing in Southeast Asia to meet the region’s energy transition needs will open opportunities for Australian businesses, driving greater exports and partnerships right across this region.
“One in four Australian jobs rely on trade, with nearly half a million Australian jobs linked to trade with Southeast Asia.”
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