PROMOTING SUSTAINABLE FINANCE IN SINGAPORE THROUGH LAW AND POLICY

Abstract

Sustainable finance has been a hot-button issue across a variety of industries and corporate agendas in recent years, and the International Monetary Fund (“IMF”) estimates that the cumulative market value of green bonds listed and traded on the Singapore Exchange (“SGX”) grew from USD500 million in 2013 to USD44 billion in 2020[1]. In Singapore, the Monetary Authority of Singapore (“MAS”) defines sustainable finance as “the practice of integrating environmental, social and governance (“ESG”) criteria into financial services to bring about sustainable development outcomes, including mitigating and adapting to the adverse effects of climate change”[2]. With rapid developments in sustainable finance in recent years, this essay aims to critically assess the current regulatory and policy landscape for sustainable finance in Singapore and suggest improvements in growing the sector progressively.