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 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-m... • Fast-P Fund: https://www.fast-partnership.com/ • Dr Ma Jun on Cleaning: Up    • How China Became a Green Finance Superpowe...   • Mark Carney on Cleaning Up:    • The 130 Trillion-Dollar Man - Ep84: Mark C...   • Pierre Wunsch on Cleaning Up:    • The True Cost of Fossil Fuels | Ep252: Pie...   • Rachel Kyte on Cleaning Up:    • We're Caught Between An Electrostate and A...   • The Asian Development Bank: https://www.adb.org/what-we-do/topics... • CDM - Clean Development Mechanism https://unfccc.int/process-and-meetin... • GFANZ - Glasgow Financial Alliance for Net Zero https://www.gfanzero.com/ Chapters: 00:00 - Introduction 02:00 - About Ravi Menon 07:11 - Singapore’s Unique Energy Challenge 10:16 - How Does Asia Reach Net Zero? 12:19 - Singapore’s “3 Transitions” Approach To Change 15:20 - What Can Power Singapore’s Energy Needs? 21:41 - Sharing Clean Energy Across Asia 24:01 - The Future of Cars, Fuels and Transport 27:54 - Explaining First-Loss Capital As A Strategy 34:30 - Singapore’s Role in Asia’s Climate Future 39:30 - Who Pays for the Energy Transition? 46:00 - Can Carbon Markets Work? 51:00 - Coal, Growth and Asia’s Different Path 57:00 - Governments, Markets and the Race to Net Zero 01:01:00 - Energy Security and the New Climate Politics 01:05:30 - Outro