Tuesday, November 12, 2019   / 07:19 AM/   By International Finance  /   Header Image Credit:travelzoo

MAS toestablish Green Investments Programme to make the city state a hub of greenfinance activities

TheMonetary Authority of Singapore plans to create a $2 billion green financeprogramme, the local media reported. The programme is an initiative that willseek to establish the country as a major green financing hub on the globalfront.

Theprogramme is called the Green Investments Programme. It will direct funds toasset managers who are focused on strengthening Singapore's green financeactivities and capabilities. These asset managers will invest the funds inpublic market firms, according to MAS board member and Education Minister OngYe Kung.

Theprogramme's green finance activities include green-focused funds management,introducing environmental considerations into investment processes andchanneling capital toward investments with a strong sustainability portfolio.

TheMonetary Authority of Singapore is planning to allocate $100 billion forInternational Settlements' Green Bond Investment Pool as part of the programme.

Ye Kungtold the local media that, "We can spur investments in renewablestechnology, in grid infrastructure, in battery storage. We also needinvestments in green buildings, efficient cooling and industrial systems, tooptimise energy consumption. In time, maybe even bring about investments incarbon sequestration."

Besidesinvestments, Singapore requires a range of green financing instruments such asbonds and loans. To date, green bonds worth more than $6 billion have beenissued in Singapore.

Singapore'sreal estate developers such as CapitaLand and City Developments have securedgreen loans from banks to build environment-friendly projects. These projectscomprise solar panels and energy efficient equipment.

Firms willhave to incur costs to develop sustainability frameworks and seek externalreviews in order to access green loans. Currently, green lending is a nichemarket in Asia that is set to become mainstream.

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The post  Singapore to become agreen finance hub with $2 bn programme firstappeared in International Finance on Tuesday, November 12,2019.   

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