In his keynote speech at SFF x SWITCH 2019, Mr Ong Ye Kung, Minister for Education and MAS’ Board member articulated Singapore’s goal and action plan to be a leading centre for Green Finance, to promote sustainable development, in Asia and globally.
Reply to Parliamentary Question on Green Bond Grant Scheme
1. The MAS’ Green Bond Grant Scheme was launched three years ago to catalyse the green bond market in Singapore. To-date, more than SGD6.5 billion of green bonds have been issued in Singapore.
2. Over the years, we monitored the take-up of the grant, reviewed and refined the scheme. In February 2019, MAS lowered the minimum issuance size from SGD200 million to SGD20 million to support more issuers, including medium-sized enterprises. MAS also expanded the scope of the scheme to include social and sustainability bonds and renamed it the Sustainable Bond Grant Scheme.
3. Even with changes to the scheme, issuers of green bonds are still required to have in place a green bond framework based on internationally accepted principles – governing the use of proceeds, the evaluation and selection of projects, and reporting on the allocation of proceeds to eligible projects.
4. Issuers are also required to obtain independent external reviews