Singapore pledged more incentives to encourage green lending, measures that may propel its way in a race to be a global sustainable financing hub, reported Bloomberg.
According to the Monetary Authority of Singapore, the city-state will launch a $2 billion green investment program.
Ong Ye Kung, Monetary Authority of Singapore Board Member, said that the central bank’s funds will go to projects with a ‘strong green focus’ and to asset managers who are committed to deepening green finance activities and capabilities in Singapore.
MAS estimates that Southeast Asian nations will need $200 billion of investments every year until 2030 in projects that benefit the environment and have low carbon footprints. As part of the green investments program, MAS will also allocate $100 million to the Bank for International Settlements’ Green Bond Fund, said Ong.
Three years ago, Singapore’s central bank launched a project that offers grants of up to SGD 100,000 ($73,464) to help companies fund reviews of their bond offerings to see if they comply with green financing guidelines.
Source Islamic Business&Finance