Singapore appoints former central bank chief Ravi Menon as Ambassador for Climate Action


PTI | Singapore | Updated: 26-03-2024 19:06 IST | Created: 26-03-2024 19:06 IST
Singapore appoints former central bank chief Ravi Menon as Ambassador for Climate Action
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  • Singapore

Ravi Menon, the former chief of Singapore's central bank, will be the city state's first Ambassador for Climate Action, representing the country on climate action platforms.

The Indian-origin former chief of the Monetary Authority of Singapore, the de facto central bank, will play a leading role in Singapore's climate efforts domestically and beyond, as well as represent the country at international climate action platforms.

''He will also drive the public-private partnerships with local stakeholders, in particular, the business community, to help them seize opportunities to succeed in a low-carbon future,'' the National Climate Change Secretariat (NCCS) said on Tuesday.

Menon will also be a senior adviser at NCCS, which falls under the Prime Minister's Office. Both appointments take effect on April 1.

Singapore has set a target of achieving net-zero emissions by 2050.

Some strategies towards meeting that goal include investing in low-carbon technologies and encouraging changes in business practices.

''Singapore will play an active role in fostering international collaboration to catalyse global climate action and will leverage our strengths as a global hub to do so,'' NCCS added.

Menon was the longest-serving managing director of the MAS, having held the position from 2011 until his retirement on January 1, 2024.

During his time at the central bank, he helped to build a green finance ecosystem to support Singapore's and Asia's transition towards a low-carbon future.

Menon led MAS' efforts to develop a taxonomy for transition financing, forge an international coalition to promote transition credits and build a blended finance platform (Financing Asia's Transition Partnership or FAST-P) to address climate finance gaps and increase the bankability of green and transition projects in Asia.

He has a strong international network in climate finance. He has chaired international committees such as the Network of Central Banks and Supervisors for Greening the Financial System and the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero, said NCCS in a release.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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