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 Newsletter: Sign up to the Cleaning Up newsletter at cleaninguppod.substack.com, for all the latest from the show, including new episodes of our Deep Dive Australia series.  Leadership Circle: Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, Ecopragma Capital, EDP, Eurelectric, the Gilardini Foundation, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information about the Leadership Circle, visit cleaningup.live 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/