World News | Singapore Appoints Former Central Bank Chief Ravi Menon as Ambassador for Climate Action

Singapore, Mar 26 (PTI) 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.

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"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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)