Singapore central bank places $1.8b with funds for green investments

Singapore's central bank has placed $1.8 billion with five asset managers as part of moves to protect its portfolio from climate change risks and aid the city-state's efforts to promote environmentally sustainable projects.

"We aim to reduce risks to the portfolio across different climate scenarios, seize investment opportunities from the transition to a lower-carbon future and support the transition of portfolio companies," Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) told a news conference on Wednesday.

The MAS, which manages the country's official foreign reserves, said the deployment of the funds was part of its green investment programme.