Uploaded July 2026 | Updated September 2026, 3 weeks ago
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: impactsg.org/board/ravi-menon
• Fast-P Fund: fast-partnership.com
• Dr Ma Jun on Cleaning: Up youtube.com/watch?v=Fu6giWzTxAY
• Mark Carney on Cleaning Up: youtube.com/watch?v=HtA5ufMzKAU
• Pierre Wunsch on Cleaning Up: youtube.com/watch?v=r2xS5e5EGEg
• Rachel Kyte on Cleaning Up: youtube.com/watch?v=V1m2lm2n_EE
• The Asian Development Bank: 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 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
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: impactsg.org/board/ravi-menon
• Fast-P Fund: fast-partnership.com
• Dr Ma Jun on Cleaning: Up youtube.com/watch?v=Fu6giWzTxAY
• Mark Carney on Cleaning Up: youtube.com/watch?v=HtA5ufMzKAU
• Pierre Wunsch on Cleaning Up: youtube.com/watch?v=r2xS5e5EGEg
• Rachel Kyte on Cleaning Up: youtube.com/watch?v=V1m2lm2n_EE
• The Asian Development Bank: 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 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
