SINGAPORE – Mr Ravi Menon, the former managing director of the Monetary Authority of Singapore (MAS), will be the Republic’s first ambassador for climate action.

In this role, he will drive public-private partnerships with local stakeholders, in particular the business community, to help them contribute to global discourse on how to address climate challenges.

Mr Menon will also represent Singapore at international climate action platforms, the National Climate Change Secretariat (NCCS) said on March 26. He will advise NCCS on whole-of-government climate policies and action.

His appointment as Singapore’s Ambassador for Climate Action and senior adviser at NCCS will take effect from April 1.

The former MAS chief assumes the new role as financing becomes increasingly important at global climate negotiations, with more funding needed to help countries reduce their greenhouse gas emissions and adapt to climate change.

NCCS said that as MAS managing director, Mr Menon helped to build a green finance ecosystem and support Singapore and Asia’s transition towards a low carbon future. 

For instance, he led efforts in building a blended finance platform – Financing Asia’s Transition Partnership (Fast-P) – to address climate finance gaps and help channel more funding to green or transition projects in Asia. Historically, it has been difficult for such projects to raise capital because of issues such as lack of expertise in project development, and regulatory, political and foreign exchange risks.

Announced at the COP28 climate conference in Dubai in December 2023, the Fast-P platform aims to mobilise up to US$5 billion (S$6.7 billion) in financing for projects relating to green energy and the upgrade of electricity grid infrastructure, among others.

The Government said in 2023 that it was prepared to contribute capital – which could come in the form of grants or more favourable loans – with the hope that it would give confidence to banks and the private sector to channel more investments to these areas.

Mr Menon was instrumental in developing the Singapore-Asia Taxonomy, which set new criteria for banks and financial institutions on the financing of green business activities and transitional activities that are currently not green but are on a pathway to net-zero emissions.

This comes as Singapore aims to play an active role in fostering international collaboration to catalyse global climate action, and is looking to leverage its strengths as a global hub to do so, NCCS said.

Mr Menon 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 (NGFS) and the Asia-Pacific Advisory Board of the Glasgow Financial Alliance for Net Zero (GFANZ),” NCCS said.

Mr Menon stepped down as the managing director of MAS on Jan 1, retiring after 36 years of public service.

He spent the first 16 years of his career in MAS, from 1987, after which he served as the Ministry of Finance’s deputy secretary, and the permanent secretary for the Ministry of Trade and Industry.

He then returned to MAS in 2011 as managing director, and was its longest-serving chief, managing Singapore’s foreign reserves, enforcing monetary policy, supervising the financial sector and developing the city-state as a financial hub.

Senior Minister Teo Chee Hean, who chairs the Inter-Ministerial Committee on Climate Change, paid tribute to Mr Menon at the Administrative Service Appointment and Promotion Dinner 2024 on March 26. “Ravi’s grounded and progressive leadership has shaped our nation’s financial landscape and its standing in the global economy,” he noted.

Mr Menon’s recent endeavours in championing sustainable finance, both locally and internationally, have positioned Singapore at the forefront of this movement, said SM Teo.

His new appointment will therefore allow him to continue contributing experience and expertise to advance Singapore’s climate efforts, he added.

Mr Eric Lim, UOB’s chief sustainability officer, said that the new ambassador position will help ensure Singapore has a strong and constructive voice on the global stage, and pivot to the new green economy in a focused manner.

“Ravi has been a key architect in establishing Singapore’s position as a climate action hub on the global stage, while remaining focused on pragmatic solutions for the real economy,” he added.

Ms Fang Eu-Lin, the sustainability and climate change leader at PwC Singapore, said: “Mr Menon has always struck me as a strong climate champion, and this was obvious from his leadership as former chair of the NGFS and chair of the GFANZ APAC Network, and the roll-out of a strong suite of sustainable finance-related initiatives and ideas at MAS.”

As Singapore begins catalysing and operationalising new sustainable finance ideas and frameworks, having “a convening voice with great clarity of thought” like Mr Menon’s can be an impactful one in this important time of transformation, noted Ms Fang.

“He is a rockstar in this area. I am so pleased that he is continuing his leadership in climate, in and for Singapore, and beyond,” she added.