SINGAPORE — Singapore has launched an initiative to mobilize investment in strengthening climate resilience across Southeast Asia's agri-food systems, including a blended finance fund that aims to raise up to $500 million.

The SPIRE Asia Program (Scaling Projects and Investments for Resilience in Asia) will combine data, project development and financing capabilities to turn climate resilience needs into investment-ready projects, according to a joint statement issued Tuesday by Singapore's National Climate Change Secretariat, Monetary Authority of Singapore and Enterprise Singapore.

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The program has three pillars: a data platform, a market development facility and a blended finance fund.

It also aims to create opportunities for Singapore-based financial institutions, investors and agri-tech solution providers to participate in regional adaptation investments and expand their solutions, the statement said.