Focus areas and schemes to develop Singapore as a global hub for sustainable finance.
Sustainable finance is the practice of integrating environmental, social and governance (ESG) criteria into financial services to bring about sustainable development outcomes, including mitigating and adapting to the adverse effects of climate change.
Singapore's financial sector can play a useful role in catalysing sustainable and green finance in the region. MAS is taking active steps to promote sustainable financing in our financial sector, including engaging financial institutions to consider ESG criteria in decision making processes, support the adoption of industry standards and guidelines, encourage industry-led capacity building efforts, develop the green bond market in Singapore and collaborate with local stakeholders and international counterparts to distill best practices.
This consultation sets out MAS’ proposed Guidelines on Environmental Risk Management for all fund management companies and real estate investment trust managers. MAS is proposing to issue the Guidelines to enhance financial institutions’ resilience to and management of environmental risk.
MAS has launched the Green and Sustainability-Linked Loan Grant Scheme. The first of its kind globally, the GSLS will enhance corporates’ ability to obtain green and sustainability-linked loans. The GSLS will also encourage banks to develop frameworks for green and sustainability-linked loans.
40 solutions to address key challenges have been shortlisted for the MAS FinTech Awards to be presented at this year’s Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
Mr Ravi Menon, Managing Director of MAS, spoke on the opportunity to build a more resilient and sustainable world emerging from COVID-19, and provided an update on Singapore’s Green Finance Action Plan to facilitate Asia’s transition to a sustainable future.
Imperial College Business School and the Lee Kong Chian School of Business at Singapore Management University have launched the Singapore Green Finance Centre (SGFC). The SGFC is supported by MAS and nine founding partners.