SINGAPORE - Singapore plans to work with international partners to raise $5 billion to help fund Asia-focused climate projects, a senior monetary official said.

The initiative, called "Financing Asia's Transition Partnership", uses a combination of public and private sector funding, Chia Der Jiun, managing director at the Monetary Authority of Singapore, said at a conference.

Chia likened the plan to the $30 billion climate-focused fund announced at the COP28 climate summit.

He did not name the international partners or mention specific projects that could receive funds.

Singapore's senior minister Teo Chee Hean first announced the initiative at the COP28 climate summit last year, saying the partners included multilateral development banks and charities, with some of them having already come on board.

The initiative will help to de-risk and finance green projects, Teo added at that time.