Singapore Studies $500 Million Fund to Climate-Proof Food System

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Or sign-in if you have an account.41bdb9966{s}kpqjpx6nuvgf_media_dl_1.png Singapore Food Agency(Bloomberg) — Singapore, which imports more than 90% of its food, is exploring a proposal to raise about $500 million for a fund to boost climate resilience in Southeast Asia’s supply chains.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe plan would see the Monetary Authority of Singapore establish an adaptation fund focused on protecting sectors like agriculture and aquaculture from the impacts of extreme weather and global warming, according to people familiar with the discussions. Officials aim to help secure finance for projects that currently struggle to attract funding, said the people, who asked not to be identified as discussions are confidential.A fund could be launched early next year as Singapore takes on the rotating chairmanship of the Association of Southeast Asian Nations, the bloc of 11 regional economies, the people said. Considerations are at an early stage and no final decisions have been made, including on the final fundraising amount, they said.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againDevelopment finance institutions and private capital sources would be targeted to deliver funding, said the people. Under the proposals, Singapore’s government also intends to invite philanthropic foundations to provide concessional capital to absorb some investment risk and help encourage private investors and commercial banks to back the projects, according to one of the people. The Monetary Authority of Singapore didn’t immediately respond to a request for comment.Singapore’s dependence on food imports means policymakers have repeatedly flagged the potential threats posed by climate change, supply chain disruptions and disease outbreaks that impact animals or plants. The government has launched a tender for consultants to analyze climate risks to food security and to provide recommendations on adaptation strategies, with those findings to be shared with family offices, investors and companies.Warmer temperatures and drought fueled by a hotter planet are disrupting growing periods for fruits and vegetables, reducing yields and increasing food spoilage globally. Boosting resilience for farms and fisheries is seen as crucial in Southeast Asia, which produces more than a quarter of the world’s rice and where fish accounts for more than half of animal protein consumption.The adaptation fund’s structure could be similar to energy transition vehicles created under the Financing Asia’s Transition Partnership initiative led by Singapore, which use blended finance and risk-sharing mechanisms for infrastructure projects in South and Southeast Asia, the people said.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.