ESG impact hub launched by Singapore

Singapore, in its aim to promote the country’s ESG ecosystem and set global standards for green and sustainable finance, has launched an ESG hub with 15 founding members at launch. Members range from professional service firms specializing in ESG and environmental NGOs to financial institutions and fintech companies.

The ESG Impact Hub and the aforementioned industry collaborations are all part of Singapore’s Project Greenprint, an initiative launched by the Monetary Authority of Singapore (MAS) in December 2020 that seeks to promote a green finance ecosystem through innovation and technology by mobilizing capital, monitoring sustainability commitments and measuring impact.

Potential environmental impact

Singapore’s new ESG initiatives show that the country has made progress in developing a green finance industry since it first began issuing green bonds in 2017. Located in a region with pressing environmental concerns, Singapore is positioned to become one of Asia’s premier green finance centers as the industry takes shape in the years ahead.

The Singaporean government will provide SGD 100 million (USD 73.61 million) in grant funding for capability building, green fintech, climate risk and reinsurance, and solutions for sustainable and transition finance. The plan also includes efforts to improve ESG disclosures and data utilities, such as through Project Greenprint, as well as facilitating the decarbonization of the real economy through sustainable financing solutions.