Can Asia Ever Move Beyond Coal? | Ep264: Ravi Menon

Singapore is one of the smallest countries in the world, yet plays a unique role as one of Asia’s main financial and oil refining hubs. So how is it using its influence to help or hinder the transition?

Ravi Menon has spent his career at the heart of Singapore’s economic and financial strategy, serving as Managing Director of the Monetary Authority of Singapore (the country’s central bank) before becoming the country’s Ambassador for Climate Action.

In this conversation with Michael Liebreich, Menon explains why Asia’s energy transition will follow a different path from the West. With growing energy demand, dependence on coal and the need for affordable and reliable power, the challenge is not just building clean energy but replacing the systems already in place.

They discuss Singapore’s role in shaping Asia’s future energy system, from cross-border electricity trade and new financing models to carbon markets, electric vehicles and the growing link between energy security and the move away from fossil fuels.

Topics include:

• Why Asia’s path to net zero will look different from the West
• Singapore's unique challenges with decarbonization
• How growing economies can move past coal
• How to fund Asia’s enormous climate transition
• The future role of carbon markets in climate action
• The link between energy security and the shift to clean energy
• Singapore’s role as a catalyst for regional decarbonisation

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Links:

• Ravi Menon’s bio: https://www.impactsg.org/board/ravi-menon
• Fast-P Fund: https://www.fast-partnership.com/
• Dr Ma Jun on Cleaning Up: https://www.youtube.com/watch?v=Fu6giWzTxAY
• Mark Carney on Cleaning Up: https://www.youtube.com/watch?v=HtA5ufMzKAU
• Pierre Wunsch on Cleaning Up: https://www.youtube.com/watch?v=r2xS5e5EGEg
• Rachel Kyte on Cleaning Up: https://www.youtube.com/watch?v=V1m2lm2n_EE
• The Asian Development Bank: https://www.adb.org/what-we-do/topics/climate-change/overview
• CDM - Clean Development Mechanism: https://unfccc.int/process-and-meetings/the-kyoto-protocol/mechanisms-under-the-kyoto-protocol/the-clean-development-mechanism
• •GFANZ - Glasgow Financial Alliance for Net Zero https://www.gfanzero.com/