SINGAPORE

GREEN FINANCE IN SINGAPORE 1

Policymakers, investors, and firms in Singapore have started to act on climate change risks, including
the mainstreaming of green financial solutions. There are increasing efforts by both regulators and
market participants to integrate climate considerations in risk assessments, financing decisions and
disclosure practices. While the green finance market is still modest in absolute value, it is growing fast
with Singapore accounting for about half of cumulative ASEAN green debt issuances.

A. Green Finance Globally

1. Green finance is gaining traction globally. Environmental considerations in relation to

finance are part of a broader set of considerations that also include social and governance aspects.
These themes are summarized under the terms sustainable finance and ESG (Environmental, Social,
Governance). ESG considerations are being increasingly integrated in the decision-making of
investors, firms and policymakers. The environmental aspect is largely driven by rising concerns
about climate-related physical risks (losses as climate-related changes disrupt economic activity and
destroy capital) as well as growing awareness of transition risks (losses resulting from a shift toward
a lower-carbon economy). Physical and transition risks from climate change can result in large,
correlated, and non-linear losses, materially impacting the economy and the financial system (Figure
1).2

Figure 1. Physical and Transition Risks from Climate Change

Sources: Network for Greening the Financial System, IMF Global Financial Stability Report October 2019.

2. The financial system plays a fundamental role in mobilizing the resources needed for
investments in climate mitigation and adaptation. While policymakers implement policies to

1
Prepared by Jochen Markus Schmittmann (APD), Han Teng Chua, and Natalia Novikova (Singapore Resident
Representative Office).
2 See the October 2019 Global Financial Stability Report for an overview of sustainable finance globally.

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price in externalities, for example through carbon taxes, and provide incentives for the transition to a
low-carbon economy, the financial system can also help achieve these goals. Investors can play a
crucial role by allocating capital toward lower carbon activities, engaging with company
management, advocating for low-carbon strategies as investor activists, and lending to firms that
are committed towards sustainability.

3. Sustainable investing and green debt issuances have grown rapidly over the past few
years. The Global Sustainable Investment Alliance (GSIA) estimates that at least US$30.7 trillion of
funds were held in sustainable or green investments in early 2018, up by 34 percent from 2016 in
the five largest markets.3 As of 2019, ESG assets under management in Singapore grew to about
US$700 billion (about 28 percent of total) (Figure 2). Global green debt issuances meanwhile grew
cumulatively to US$2.2 trillion in 2020, compared with around US$31 billion in 2012. Over the same
period, green debt issued in Asia Pacific (APAC) and ASEAN increased to around US$433 billion and
US$56 billion, respectively, from US$6 billion and US$1 billion. Singapore accounted for 55 percent
of ASEAN issuances, and its share relative to global green debt issuances stood at around 1.4
percent in 2020 (Figure 3).

Figure 2. Assets of ESG AUM in Singapore Figure 3. APAC Sustainable Debt Total Issuances
(Billions of US dollars) (Billions of US dollars)

800

700

600

500

400

300

200

100

0
2017 2018 2019
Sources: MAS Asset Management Survey 2019, IMF staff calculation

B. Sustainable Finance Initiatives and Regulatory Support

4. The Monetary Authority of Singapore (MAS) is promoting robust environmental risk

management among financial institutions, supporting the development of global
sustainability reporting standards for securities issuers, and leading efforts to make Singapore
a green finance hub. MAS acknowledges the financial stability implications of climate change and
supports the development of green finance, both through its Green Finance Action Plan (Table 1),
which was announced in November 2019, and participation in various international fora.

3
In the absence of a uniform global definition, in its biannual reports the GSIA uses an inclusive definition of
sustainable investing, without drawing distinctions between this and related terms such as responsible investing and
socially responsible investing. The assessment covers the US, Europe, Japan, Australia and New Zealand.

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5. MAS issued the Guidelines on Environmental Risk Management for financial

institutions (FIs) in December 2020.4 The guidelines cover banks, insurers, and asset managers
and aim at building resilience in the financial sector and mobilizing the financial sector to support
the transition to a more environmentally sustainable economy. The guidelines set expectations for
FIs to (i) establish a framework and build capacity to identify, measure, monitor and manage
environmental risks beyond just climate change, including through the use of scenario analysis and
stress testing; (ii) engage with riskier customers and investee firms to transit to more sustainable
business practices over time; and (iii) disclose their approach to environmental risk management in
accordance with well-regarded international reporting frameworks, such as recommendations by the
Task Force on Climate-related Financial Disclosures (TCFD). The Guidelines are complemented by a
handbook on implementing environmental risk management for banks, insurers, and asset
managers, launched in January 2021 by the MAS-convened Green Finance Industry Taskforce (GFIT).

6. In addition, MAS has started to attune the industry towards stress tests for climate
change-related risks. In 2018, MAS subjected insurers to a scenario featuring extreme flooding,
with insurers having to consider the impact of higher claims on their balance sheets arising from
damage to insured properties. By end-2022, MAS will incorporate a broader range of climate risks in
stress tests for the financial industry. This will help MAS and the industry to enhance awareness of
the economic and financial implications of such risks and encourage the collaborative development
of relevant capabilities.

7. To encourage green debt issuance, MAS has introduced grant schemes to help defray
associated costs. In 2017, MAS launched the Sustainable Bond Grant, which subsidizes the cost of
external reviews for green, social and sustainability bonds. By end 2020, about S$11 billion in green,
social and sustainability bonds had been issued in Singapore. The scope of the grant was expanded
in 2020 to include sustainability-linked bonds. In 2018, MAS introduced a grant scheme to subsidize
the issuance of insurance-linked securities, which could be catered towards all forms of risks
including natural catastrophes. In 2020, MAS launched a grant scheme for green and sustainability-
linked loans. This scheme aims to support corporates of all sizes and sectors to access green finance,
by defraying the expenses of engaging independent service providers to validate the green and
sustainability credentials of the loan.

8. In managing official foreign reserves MAS aims to build a climate–resilient portfolio.

Analysis of possible investment implications of climate change, conducted by MAS in partnership
with GIC, showed that the negative impacts are mitigated by the well-diversified portfolio with fixed
income instruments accounting for the largest allocation. In order to build a climate-resilient
portfolio, MAS is implementing portfolio adjustments to mitigate climate risk and support the
greening of the economy. Actions to mitigate climate risk include integration of ESG in the
investment process, adoption of an overlay strategy within equity assets via benchmark
customization, and exclusion of companies susceptible to a sharp permanent drop in value in the

4
The guidelines recognize that FI’s board and senior management play a critical role in incorporating environmental
considerations into risk appetite, strategies and business plans, and set the expectation that they should oversee and
steer the organization’s response to international agreements (e.g. the Paris Agreement) and other national policies.

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transition to a low-carbon economy. In addition, to grow green funds, MAS has announced a US$2
billion Green Investments Program (GIP). The GIP places investments with asset managers who have
a good track record of sustainability investing and stewardship and are committed to deepening
green finance capabilities in Singapore.

9. To build green finance knowledge and capabilities, MAS is anchoring centers of

excellence to spearhead research and training. MAS facilitated the setup of the first center, the
Singapore Green Finance Centre, in October 2020. In March 2021, the Sustainable Finance Institute
Asia (SFIA), a new independent research and capacity building institution focused on sustainable
finance policy recommendation and implementation in Asia, also established its headquarters in
Singapore. MAS is also providing incentives to anchor sustainability teams of FIs, as well as external
reviewers and rating agencies that assess and certify green financing instruments to support capital
flows to sustainable causes.

10. The government has identified green infrastructure projects worth S$19 billion (US$14
billion) for which it plans to raise funds through green bonds. The issuance will be spread over
several years and will serve as a reference for Singapore’s green finance market and support market
liquidity.

11. MAS actively participates in several international fora, cooperating with other global
regulators on green finance. MAS is a founding member of the Network for Greening the Financial
System (NGFS).5 At the NGFS, MAS is leading a workstream on micro-prudential practices, which
provides guidance on incorporating climate and environmental risks into prudential supervision. It is
also a member of the Sustainable Insurance Forum (SIF), which closely partners with the United
Nations and International Association of Insurance Supervisors. MAS is also an active member of the
International Organization of Securities Commissions (IOSCO) Sustainable Finance Taskforce (STF),
which has established a Task Force on Sustainable Finance with an aim of addressing issues
concerning sustainability-related disclosures and investor protection. Singapore joined the
International Platform on Sustainable Finance (IPSF) in June 2020, which comprises government
ministries and central banks from countries across regions, and seeks to enhance international
coordination on environmental taxonomies, disclosures and green standards and labels, to mobilize
private capital towards environmentally sustainable investments.

12. Private sector initiatives focus on standards and guidelines. The Association of Banks in
Singapore (ABS) has published guidelines to support more transparent ESG disclosures and define
minimum standards on responsible financing practices to be integrated into the business models of
member banks and FIs. The Singapore Exchange (SGX) introduced mandatory sustainability
reporting requirements for its listed entities for financial years ending on or after 31 Dec 2017, with

5
NGFS aims to enhance the role of the financial system to manage risks, and to mobilize capital for green and low-
carbon investments in the broader context of environmentally sustainable development.

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guidelines to aid listed entities in their sustainability reporting on 5 primary components6, including
material ESG factors. In early 2021, the GFIT launched a public consultation of Singapore-based
financial institutions on a taxonomy to identify activities that can be considered green or
transitioning towards green. In May 2021, Singapore announced a carbon exchange to trade carbon
offsets, Climate Impact X (CIX).7

Table 1. Singapore: MAS' Green Finance Action Plan—Selected Initiatives

Initiatives Description
Building Financial System Resilience to Environmental Risks
The guidelines set standards for financial institutions (banks, asset managers and insurers)
Environmental Risk
on governance, risk management and disclosures of environmental risk. Issued in
Management Guidelines
December 2020.
In 2018, MAS subjected insurers to a scenario featuring extreme flooding. By end-2022,
Stress Tests for Climate-
MAS will incorporate a broader range of climate risks in stress tests for the financial
related Risks
industry.
Developing Green Finance Solutions and Markets
The scheme supports corporates of all sizes and sectors to access green financing, by
defraying 100 percent of the expenses of engaging independent service providers to
develop green and sustainability frameworks and targets, obtain external reviews, and
Green and Sustainability- report on the sustainability impact of the loan, capped at S$100,000 per loan. It also
Linked Loan Grant Scheme supports banks in developing green and sustainability-linked loan frameworks by defraying
up to 90 percent of the costs, capped at S$180,000 per loan, incurred by banks to engage
these service providers to develop frameworks, obtain external reviews, and report on the
allocated proceeds of loans originated under the framework. Launched in 2020.
The grant scheme has catalyzed the start of the green, social and sustainability bond
markets in Singapore, by defraying 100 percent of the cost of obtaining a pre-and post-
Sustainable Bond Grant
issuance external review for green, social, sustainability and sustainability-linked bonds,
Scheme
subject to a cap of S$100,000. Introduced in 2017 and upgraded in 2020 to cover
sustainability-linked bonds.
Insurance-linked Securities The grant funds up to 100 percent of the upfront issuance costs of ILS bond in Singapore.
(ILS) Grant Scheme Introduced in 2018 and valid until December 2022.
Under the US$2 billion program launched in 2019, funds are placed to public market
investment strategies, which have a strong green focus and with asset managers who are
Green Investments Program committed to deepening green finance activities and capabilities in Singapore. US$100
million has been placed in the Bank for International Settlements' Green Bond Investment
Pool (GBIP).
MAS supports the establishment of financial institutions’ sustainability teams in Singapore,
as well as external reviewers and rating agencies that assess and certify green financing
Green Finance Capabilities
instruments. MAS is also working to anchor Centers of Excellence in Singapore to
contribute to drive Asia-focused research and training in green finance.
MAS has earmarked S$50 million out of the Financial Sector Technology Innovation
Green FinTech
Scheme (FSTI) to support Green FinTech solutions.
Source: MAS.

6
The five primary components are: (i) material ESG factors, (ii) policies, practices, and performance, (iii) targets, (iv)
sustainability reporting framework, and (v) board statement. SGX-listed issuers must report on these 5 primary
components on a comply or explain basis.
7
CIX is a voluntary carbon market backed by DBS, Temasek Holdings Pte Ltd., Singapore Exchange Ltd. and Standard
Chartered Plc.

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C. Singapore Banks and Environmental Sustainability

13. Singapore’s largest domestic banks are taking steps to assess the financial impact of
environmental risk. As methodologies to quantify and assess these risks are evolving, disclosures
of such assessment are at a nascent stage. With regard to transition risk, DBS8 and UOB,9 have
disclosed the assessment of climate-related risks through scenario analysis of carbon prices, while
OCBC launched a pilot project focusing on carbon price as a key transition risk and pledged to
release TCFD-aligned report in 2021. On physical risk, DBS in 2019 launched a pilot assessment of
physical risk for a sample of customers using three climate change impact scenarios on the energy
and mining and metals sectors. UOB intends to assess the impact of physical risks in 2022.
14. These banks are also increasingly incorporating sustainability and climate change
considerations in their strategies. Singapore’s domestic banks have adopted responsible financing
practices (Table 2) based on guidelines by the ABS and have pledged to cease financing of new coal
power plants. UOB has prohibited the project financing of greenfield thermal coal mines since 2019,
while DBS committed in April 2021 to reach zero thermal coal exposure by 2039. More broadly, ESG
considerations are incorporated in the banks’ decision-making processes, from credit lending
approvals and capital market activities to risk management and analysis. Banks have also developed
green finance solutions. In 2018-2020, the banks have provided about US$25.5 billion green and
sustainability-linked loans (Figure 5). They have provided green and sustainability-linked loans,
particularly to local real estate developers, which are developing new properties with green
certification. In addition, they are reducing their own carbon footprint. This increased focus on ESG is
also reflected by two Singaporean banks adopting the Equator Principles,10 rising mentions of
‘climate change’ and ‘ESG’ in the banks’ annual and sustainability reports (Figure 4) and adoption of
green/ sustainable bond frameworks.

D. Nascent but Fast-Growing Sustainable Finance Market

15. Sustainability became an integral part of investment strategies for many Singapore
asset managers, including sovereign wealth funds. 11 The number of Singaporean asset manager

8
DBS have been reporting under TCFD since 2018. DBS’ analysis of transition risks includes a combination of: (i)
bottom-up assessment assuming a carbon price increase for a sample of listed companies in carbon-intensive
sectors (about 9.6 percent of the Institutional Banking Group’s total exposure, covering 60 percent of companies in
five sectors); (ii) a top-down, portfolio level approach for the rest of the entire corporate lending portfolio. Under the
first approach, DBS found that credit ratings of 40 out of over 400 customers would be reduced by at least one
notch.
9
Based on a sample of large corporates and SMEs covering about 5 percent of total non-bank loans, UOB found that
under a high carbon price scenario credit rating of companies included in the sample would deteriorate by two
notches. Most carbon-intensive sectors like building materials would be hit the most. A similar assessment for the
real estate portfolio (about 6 percent of non-bank loans) suggested negligible deterioration of credit ratings. Overall,
while acknowledging the limitations of the methodology and data availability, UOB concluded that the resulting
credit risk for the bank would be immaterial.
10
The Equator Principles is a risk management framework adopted by FIs for determining, assessing and managing
environmental and social risks in large-scale development projects.
11
Temasek Holdings aimed at closing 2020 with carbon neutrality and committed to halve the net greenhouse gas
emissions of its portfolio by 2030. GIC is taking a long-term and holistic approach towards sustainability. It is
incorporating climate change into its portfolio by evaluating the way long-term capital market assumptions are
affected by climate change drivers and under different scenarios.

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signatories to the United Nations Principles for Responsible Investment (UN PRI) has risen quickly
(Figure 6). Total assets of ESG-listed funds available in Singapore stood at around US$120 billion as
at end-2020, with equity funds accounting for more than 80 percent of total assets (Figure 7). ESG
fixed income funds in Singapore are small at around 10 percent but are benefitting from an
increased recognition of the relevance of ESG in fixed income.

Figure 4. Singapore Local Banks: Emphasis on Figure 5. Green and Sustainability-Linked Loans
Sustainability Total Issuances
(Number of times ‘climate change’ and ‘ESG’ were mentioned (US$ billion)
in the annual and sustainability reports)

Table 2. Singapore: Responsible Financing Approaches of Singapore’s Three Local Banks

Bank Responsible Financing Approach
1) Group Core Credit Risk Policy incorporates principles and approaches to managing ESG issues in lending
practices. Due diligence (ESG risk assessment) is primarily carried out by relationship managers, before
being reviewed by credit risk managers as part of the credit approval process .
DBS 2) Sector Lending Guides were developed for agricultural commodities, palm oil, chemicals, oil & gas,
mining & metals, power generation, infrastructure, animal husbandry & feed, apparel, footwear & textiles.
3) Financing is prohibited for activities or projects that are in violation of local or national laws, or involve
certain activities e.g. forced or child labor, illegal logging, military goods production.
1) Integrates ESG Risk Assessment Framework in lending and capital markets activities from relationship
managers to credit approving officers and audit.
2) Developed exclusion lists and sector policies (agriculture & forestry, chemicals, defense, energy,
OCBC
infrastructure, metals & mining, waste management)
3) Provide range of green financing solutions to key focus industries (e.g. renewable energy, green
buildings, water management) that are linked to focus Sustainable Development Goals.
1) ESG matters such as climate change risks and opportunities are integrated into the risk management
approach and apply to borrowers for wholesale banking and capital market activities.
UOB 2) Borrowers in eight ESG-sensitive industries (agriculture, metals & mining, chemical, infrastructure,
forestry, defense, energy, waste management) are subject to enhanced due diligence.
3) Engage with borrowers proactively by working with them to improve their ESG practices.
Sources: Banks' annual and sustainability reports.

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Figure 6. Singapore Asset Manager Signatories to Figure 7. ESG-Listed Funds Available in Singapore
United Nations Principles for Responsible Asset Class Breakdown
Investment (Percent of Total Assets)
(Cumulative Number; 2009-2020)

16. Environmental corporate disclosures by listed companies in Singapore have improved

in recent years. All SGX-listed companies must prepare a yearly sustainability report (¶12). The
compliance rate is high with 99.5 percent of those that are required to report by December 31, 2020
issuing sustainability reports, either as standalone reports or part of their annual reports. The
treatment of climate change as a material factor has improved but use of reporting frameworks
specifically adapted to climate change remains small. One third of listed issuers mentioned climate
change as material in their 2020 reports, up from around 6.5 percent in 2018. However, only 2
percent of listed issuers used climate change specific reporting frameworks by the TCFD, Carbon
Disclosure Project or Science Based Targets Initiative (SGX, 2019, 2021). Globally and including
Singapore, a lack of consistent methodologies and reporting standards makes it challenging for
investors to adopt ESG considerations in their investment process (IMF, 2019). SGX is looking to
include recommendations by the TCFD within its guidelines to help listed companies with climate-
related financial disclosures. The median Bloomberg Environmental Disclosure Score12 of the Straits
Times Index constituents rose to 40 in 2019 from 12 in 2012 (Figure 8). Singaporean corporates’
environmental disclosures are comparable to US levels but below EU peers (Figure 9).

17. Singapore’s green bond issuance and trading has further room for growth. Green
bonds listed and traded on the SGX are expanding rapidly but are lagging behind European peers.
The cumulative number of green bond listings on the SGX grew to 103 valued at US$44 billion in
2020 from just one listing valued at US$500 million in 2013. The number and value of green bond
listings are however small in comparison to those on the Frankfurt and Luxembourg stock
exchanges (Figure 10). Green bonds listed on the SGX were largely denominated in US dollars and
issued by foreign entities mainly from Asia, but also from other regions. The average issuance size
was about US$200-800 million (Figure 11).

12
The score measures the extent of a company’s environmental disclosures. Firms that disclose every data point
collected by Bloomberg have a score of 100. A score of 0 indicates no disclosure.

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Figure 8. Environmental Disclosure by Companies listed Figure 9. Environmental Disclosure by Companies listed on
on SGX SGX and Peers
(Bloomberg Environmental Disclosure Score, Out of 100) (Median Bloomberg Environmental Disclosure Score, Out of 100)

60
Max Median Min
50
40
30
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019
Sources: Bloomberg, IMF staff calculations
Note: (1) Environment disclosure score measures the extent of a company's
environmental disclosure. Firms that disclose every data point collected by
Bloomberg will have a score of 100.
(2) Calculations are based on companies trading on the Straits Times Index

Figure 10. Cumulative Amount of Green Bonds Figure 11. Green Bonds Listed on SGX Breakdown by
Listed at Exchanges Economy of Domicile, 2012-2020
(Billions of US dollars; 2012-2020) (Percent)
400

300

200

100

0
New York

Shanghai
Frankfurt

Singapore
Luxembourg

London

Zurich

Hong Kong SAR

Sources: Bloomberg, IMF staff calculation

Note: Includes all active and matured bonds. New York includes NYSE and
Nasdaq.

18. The sectoral coverage expanded overtime in all segments of green and sustainable
finance. While financial institutions tend to rely more on securities funding, real estate projects are
present in all types of funding.

19. Singapore is also promoting innovative disaster risk insurance products to strengthen
climate risk resilience in Asia. There have been 14 insurance-linked securities launched in
Singapore. The first catastrophe bond (cat bonds) in Singapore was issued in February 2019 by
Insurance Australia Group. Subsequently, two World Bank Philippines cat bonds were listed on the
SGX (the first ever on SGX and on an Asian exchange) on November 2019. The World Bank bonds
finance up to US$225 million of protection against earthquakes and cyclones in the Philippines over
the next three years.

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Figure 12. Singapore Sustainable Debt Issuance Figure 13. Singapore Green Loans Issuance Industry
Industry Breakdown Breakdown
(Percent of Total Issuances, 2017 to 2020) (Percent of Total Issuances)
Consumer Discretionary Renewable energy
Consumer Discretionary Renewable energy
Real estate Health Care
Real estate Health Care
Financials Industrials
Financials Industrials
Utilities Consumer Staples 100
100

80 80

60
60
40
40
20

0 20
Green Loan Green Bond, Social Sustainability-linked
Bond, Sustainability Loan & Bond 0
Bond 2018 2019 2020

Sources: BloombergNEF, IMF staff calculation Sources: BloombergNEF, IMF staff calculation

Figure 14. Singapore Green, Social, and Figure 15. Singapore Sustainability-Linked Loans and
Sustainability Bond Issuance Industry Breakdown Bond Issuance Industry Breakdown
(Percent of Total Issuances) (Percent of Total Issuances)
Consumer Discretionary Renewable energy Consumer Discretionary Consumer Staples
Real estate Financials Real estate Financials
Utilities Utilities
100 100

80 80

60 60

40 40

20 20

0 0
2018 2019 2020 2018 2019 2020
Sources: BloombergNEF, IMF staff calculation Sources: BloombergNEF, IMF staff calculation

E. Conclusion

20. The growing green finance market provides an opportunity for Singapore to support
climate-friendly capital allocation. As a well-developed financial hub, Singapore is already
attracting a good proportion of green finance related flows in Asia. The MAS can facilitate these
trends by enforcing prudent climate risk management and disclosure, while supporting the
development of green and sustainable finance solutions. The private sector has a key role to play in
shifting investment priorities, which require incorporating climate and sustainability considerations
in its strategies.

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