Happy to visit Greenland Holdings and meet with Chairman Zhang Yuliang and CEO Geng Jing. Greenland Holdings, over the last 32 years, has become a leading global company with strong track record in real estate, infrastructure development, finance and consumption sectors. They have expanded into Singapore with the setting up of Green Link Digital Bank, which was launched in June 2022 and was Singapore's first digital bank. We greatly welcome Greenland's continued interest to deepen collaboration with Singapore and the Southeast Asia market.
🎉 We are delighted to share that FCT won the Best Green Financing Solution Singapore Award at The Asset Triple A Awards 2024, for Singapore's first green financing solution with carbon credits, together with the lender and sustainability coordinating bank OCBC.
🌎 This green financing solution, which together with FCT’s other decarbonisation efforts will enable FCT's retail mall Tampines 1 to make progress towards carbon-neutral status encompassing all energy-related emissions. The carbon credits will be invested in Verra or Gold standard certified carbon reduction nature-based projects, aimed to reduce carbon emission in an amount equivalent to the financed emissions associated with the green financing. Further carbon credits can be purchased to offset the residual and unavoidable Scopes 1 and 2 as well as energy-related Scope 3 emissions of the mall’s carbon footprint. More information in our related press release (https://lnkd.in/gRGwgmr3).
🙌 This accolade is a testament to the excellent work and dedication of the Frasers Centrepoint Asset Management team and the various teams from Frasers property Group.
#InspiringExperiences#CreatingPlacesForGood#RealEstate#FrasersProperty#FrasersCentrepointTrust#sustainability
Family offices are diversifying investments into green technology, a lucrative sector driven by environmental concerns and the demand for sustainable solutions.
Hong Kong shines as a hub for green finance, attracting global family offices seeking impactful investments. With the global green technology market projected to exceed US$410 billion by 2030, Hong Kong's status as Asia's premier financial centre and green finance hub offers a strategic gateway for international investors.
Key figures underscore Hong Kong's success in sustainable finance, with over 200 ESG funds managing assets totaling US$159 billion authorised by the SFC as of 30 Sep 2023. The city hosts over 200 green tech companies, supported by the Government's Green Tech Fund, which has allocated $130 million for 30 projects focused on decarbonisation and environmental protection.
In Feb 2024, the Government issued its second digital green bonds, highlighting Hong Kong's leadership in merging the bond market, green finance, and fintech.
Hong Kong's pivotal role in facilitating international funding for green tech adoption in the Greater Bay Area positions it as an attractive destination for purpose-driven investments. #FamilyOfficeHK is delighted to showcase Hong Kong's world-class green technology and finance sectors at the upcoming Wealth for Good in Hong Kong Summit 2024, connecting with international family offices and asset owners.
#WGHK2024#InvestHK#Greentech#Greenfinance#decarbonisation#GreaterBayArea
I'm so happy I can finally talk about this! I joined Sylvera to help achieve meaningful climate impact, and this partnership - to support Singapore in their decisions about which ITMOs (Paris-compliant carbon credits) to buy - embodies that for me. To have one of the world's leading powers in carbon markets choose to use our data is both an honour and a huge responsibility. It's also a great validation of the rigour of our approach, because as anyone who has worked with the Singaporean government will know, they are extremely discerning.
Behind today's announcement is a mountain of work and scores of highly talented people on both sides of the partnership, but at its genesis was a moment of pure serendipity.
Two weeks into my Sylvera career I was scampering around Glasgow, on the fringes of COP26, when I bumped into my lovely new bosses, Allister Furey and Samuel Gill. They were heading to a reception hosted by Climate Impact X, to which I was not invited. Very unlike me I thought I'd try my luck and somehow managed to sneak in. Within minutes I'd bumped into the indomitable Benedict Chia, who I first met back in 2014 when I too was a climate negotiator. We got chatting and soon realised that we shared a concern that once Article 6 was agreed (about a week hence) there would be a huge set of practical questions about what good quality ITMOs actually look like. Just as in the voluntary carbon markets, credit quality would not be readily apparent, and would take a huge amount of rigorous analysis to unearth.
It is this analysis which I'm very excited my colleagues and I are now doing. And it couldn't be more timely. Next year is likely to see a quantum leap in ITMO trading, which we urgently need to keep 1.5 alive, because carbon markets, including under Article 6, are a crucial mechanism to catalyse the necessary climate finance to drive the transition to net zero. I hope COP28 can help chart that course.
Singapore has long been at the forefront of technology and innovation, and that’s no different when it comes to carbon and prioritizing net zero.
Today, we’re announcing a new partnership with the Singapore government to help them identify high-quality credits for purchase from other countries so that they can further progress toward their Paris Agreement goals. We’re also opening an office in the country to support our expansion in APAC.
Together, Sylvera and the Singaporean government are paving the way for an effective system of global carbon trading and accounting. Learn more about our partnership and APAC expansion: https://lnkd.in/eawcXZ7y
🌲Interest in #carbonmarkets is growing across the globe. Singapore has led the way in #carbon#regulation in South East Asia and has been proactive in seeking opportunities for international collaboration.
💡 In this briefing, we explore the different forms of carbon market – regulated, voluntary and hybrid, and consider the opportunities available to participants in #Singapore.
https://lnkd.in/gFjijqUY
Connect with Lena Ng, Leland Hui, Sheena Teng to find out more!
🌿 Exciting News in Green Finance! 🏦 Singapore banks are on a roll with sustainable lending! UOB sees a 67% boost to $38B in green financing, while OCBC surpasses its $50B target. DBS is also catching the green wave, especially in real estate and renewables.
📊 What's behind the surge? The Singapore-Asia Taxonomy for Sustainable Finance, launched in Dec 2023, sets clear standards for eco-friendly projects. 🌱 Green loans, with perks like lower rates, support initiatives like renewable energy and carbon reduction. Check out DBS's cool partnership with H&M for supply chain eco-upgrades!
💚 Transition financing is a star player, helping companies go low-carbon. ST Telemedia Global Data Centres snagged a $300 million green loan for an eco-friendly data center.
🔍 What Can Singaporean Investors Do? 🇸🇬 To benefit from this green wave, consider diversifying your portfolio towards sustainable investments. Explore green bonds or funds offered by these forward-thinking banks. Educate yourself on the Singapore-Asia Taxonomy to make informed investment decisions aligned with sustainability goals. It's not just about making money; it's about making a positive impact! 🌍💹 #SustainableFinance#GreenEconomy#InvestingInGreen#ESG#SingaporeInvesting 🚀
Daniel Tay
CFP
IBF Level 1
https://lnkd.in/gzz4v7Te
Singapore banks are rapidly expanding their support for the green economy as companies increase spending on sustainable projects. The Singapore-Asia Taxonomy for Sustainable Finance, launched in December 2023 by the Monetary Authority of Singapore (MAS), provides standardised guidelines, clarifying what qualifies as green activities.
The Singapore-Asia Taxonomy facilitates the flow of sustainable financing to deserving projects by categorising activities as green, amber, or red. Industry experts view the taxonomy positively, providing clear guidelines for directing financing to environmentally friendly initiatives.
With local banks reporting significant growth in their sustainable financing portfolios, it is evident that banks play a key role in driving the transition to a low-carbon economy.
#greeneconomy#sustainability#sustainableprojects#sustainablefinance#sustainablefinancing#lowcarboneconomy
Singapore is well-positioned to be a sustainable finance hub for ASEAN because of its commitment to sustainability and its investment in decarbonization efforts. ASEAN can achieve its sustainability goals by working together and leveraging the strengths of each member country. Singapore's investment in this fund shows its leadership in sustainability within ASEAN.
Singapore has what it takes to be the sustainable finance hub of ASEAN via this decarbonisation effort. This is because ASEAN member countries have a comparative advantage in sustainability, and Singapore can extract this advantage to accelerate its sustainability action. Our sustainability ambition (ASEAN) rests in extracting the comparative advantage of each member ASEAN country to accelerate our sustainability action.
Our island-state may not have the geographical attributes to host large-scale solar farms nor do we have rivers for massive hydroelectric storage but we have decades of experience in being the financial centre for ASEAN and this can be easily translated into sustainable finance. The key is to integrate our shared knowledge to create new opportunities for all in ASEAN.
#SustainableFinance#ASEAN#Decarbonization#BlackRock#Temasek#Singapore#ComparativeAdvantage#CoordinatedCollaboration#Integration
Green financing on the rise in Singapore as firms spend more on sustainable projects
Summary: Singapore's banking sector is experiencing a notable increase in green financing as companies invest more in sustainable projects. This trend is supported by the Monetary Authority of Singapore's initiative, the Singapore-Asia Taxonomy for Sustainable Finance, introduced in December 2023. This framework provides clear guidelines on what constitutes green activities, facilitating banks in identifying projects eligible for sustainable financing.
United Overseas Bank (UOB) reported a 67% increase in sustainable financing to $38 billion by the end of September 2023. This growth is driven by investments in the built environment sector and solar renewables, supporting the construction of new green buildings and smart city infrastructure. UOB has also financed sustainable agricultural commodities, renewables, energy efficiency equipment, and electric vehicles, recognizing 42 certificates under its sustainable trade finance solution.
Overseas-Chinese Banking Corporation (OCBC) observed a 28% rise in sustainable financing loans, accounting for 12% of customer loans. OCBC's total sustainable financing loan commitments have reached $52.1 billion, surpassing its 2025 target of $50 billion.
DBS Bank has also witnessed increasing interest in green loans, especially in real estate, energy, renewables, infrastructure, and technology sectors. These loans, which may offer preferential rates, are subject to strict environmental criteria and verification to ensure funds are used for intended purposes.
Examples of green financing include DBS's collaboration with H&M for a green loan program supporting supply chain decarbonization in the apparel sector and UOB's $300 million green loan to ST Telemedia Global Data Centres for constructing an environmentally aligned data center.
The Singapore-Asia taxonomy is pivotal in offering clarity and confidence in green and transition financing, helping banks to finance a wider range of projects. This approach aligns with the global shift towards sustainable development, underscoring Singapore's role as a leader in green finance innovation.
#GreenFinancing#SustainableProjects#Singapore#GreenEconomy#SustainableFinance#UOB#OCBC#DBS#SustainableDevelopment#ESG#EnvironmentalBenchmarks#RenewableEnergy#SmartCityInfrastructure#ClimateActionhttps://lnkd.in/gVxCuPVu
A great interview from CNA with Herry Cho of SGX Group about Singapore's sustainable finance ambitions.
To quote just one aspect, on the subject of cultivating talent and job transformation via a report within the field of sustainable finance.
"Actually 56% of the financial jobs based in Singapore need to be augmented, highly or moderately, in the space of the next 3 years and there has been 35 million SGD put aside by the Monitoring Authority of Singapore to help support this."
#sustainablefinance#esginitiatives#greenfinance#greenagenda#greensingapore#energyefficiency#sustainability
While there has been immense buzz around carbon credits, navigating the complexities of the carbon market can be a steep uphill climb- finding high quality credits, understanding the ever-evolving regulations, lack of transparency in transactions, finding the right financiers… 😮💨
What if there was a strategic location which addressed these pain points?
Glad to see the recent moves in Singapore to do just that! 🇸🇬
🌟 Singapore’s recently released eligibility list for carbon credits sets clear standards, boosting stakeholder confidence and simplifying the selection process for companies.
💵 The green finance ecosystem in Singapore is thriving, with Monetary Authority of Singapore (MAS) putting in place a strong and supportive regulatory environment. Most recently, MAS launched the world’s first multi-sector transition taxonomy which will facilitate more financing flows.
🤝 And as always, Singapore Economic Development Board (EDB) is happy to support companies in navigating the terrain.
What else can be done to help carbon credits take flight? I’d love to hear your ideas! 💡
#carboncredits#greenfinance#sustainablefinance#sustainabledevelopment
Pictured here: One of my greater achievements💪🏻- scaling Machu Picchu. Thankfully here in 🇸🇬, we have a terrain that’s much easier to navigate 😉
