Government Debt Management 

Inaugural Sovereign Green Bond

4 August 2022

In June 2022, the Singapore Government published the Singapore Green Bond Framework, a governance framework for sovereign green bond issuances under the Significant Infrastructure Government Loan Act 2021 (SINGA). The Framework details the Singapore Government’s (i) intended use of green bond proceeds; (ii) governance structure to evaluate and select eligible projects; (iii) operational approach to manage green bond proceeds; and (iv) commitment to post-issuance allocation and impact reporting.

On behalf of the Government, MAS issued Singapore’s inaugural sovereign green bond - known as Green Singapore Government Securities (Infrastructure) - on 15 August 2022. The S$2.4 billion 50-year bond was the first 50-year bond issued by the Singapore Government, the first Singapore Government Securities (SGS) bond priced via a book-building process, instead of an auction, and also the longest-tenor green bond launched by a sovereign at the time of issuance. Proceeds from the inaugural green bond will be used to finance expenditures in support of the Singapore Green Plan 2030, including the Jurong Region Line and the Cross Island line. 

This bond issuance was subsequently conferred five awards:

• Best Green Bond – Sovereign, by The Asset Triple A Country Awards for Sustainable Finance.
• Best Bond Deal (Asia) and Regional Deal (Best of Southeast Asia), by FinanceAsia.
• Sovereign Green Market Pioneer, by Climate Bonds Initiative.  
• Domestic Bond of the Year (2022), by IFR Asia.