The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks. Indonesia SSEK Contributes Indonesia Chapter To Cryptoassets & Blockchain Guide. There is potential for Singapore to announce a multi-year S$1 billion Green Energy Investment Fund to drive green innovation and low carbon tech adoption, as it works towards fulfilling global green targets. UAE The New Dubai Virtual Asset Regime. Such incentives include, for instance, more than SG$1 billion in projected expenditure by the Singapore government to help businesses become more energy and carbon efficient, and the Monetary Authority of Singapore's (MAS') Green Investments Programme, which will invest up to US$2 billion in public market investment strategies that have a strong green focus. The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations. T: +65 6439 0759. More information on the Sustainable . And with so many interested parties the time for action can bring significant upside for your brand. We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. For more information, visitkpmg.com.sg. MAS upped the pace again in 2020, releasing a set of three Guidelines on Environmental Risk Management (guidelines) for the asset management, 7 banking, 8 and insurance9 sectors. The EnRM Information Papers also encourages financial institutions to translate their environmental risk strategy and risk appetite into concrete milestones and tangible targets for taking action. The ESG Circular will apply to (1) holders of a capital markets services licence in respect of fund management, and (2) trustees approved under section 289 of the Securities and Futures Act 2001 (to act as approved trustees in relation to certain collective investment schemes). Currently, about 57 per cent of all buildings in Singapore are yet to be greened. Copyright 2023 Moody's Analytics, Inc. and/or its licensors and affiliates. The ESG agenda is as important to our people as it is to clients; these significant changes outlined today further reinforce KPMGs purpose to Inspire Confidence and Empower Change and act as a north star for how we grow the organization., Ong Pang Thye, Managing Partner, KPMG in Singapore said, ESG is a global issue and a national challenge. Hence, the country should explore ways to raise its profile and visibility as a regional leader in sustainable developments, green finance and renewable energy stepping up investments in green energy innovation and charting diplomatic pathways for Singapore to thrive as an ESG choice location for sustainable businesses. Critical to these efforts will be Singapores reputation for ESG in Asia, along with the green innovation investments, talent and business growth that the country can offer. Utilise tracking templates and data platforms for both processes and performance data . This clearly illustrates real opportunities for CFOs . All rights reserved. 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. The Hub intends to be the place of collaboration between ESG FinTech start-ups, financial institutions, and all the related stakeholders and anchors industry-driven sustainability initiatives. We can assist with risk management, risk intervention, corporate reporting, sustainable financing, and due diligence risk assessment exercises. In essence, funds that are sold to retail investors in Singapore under the ESG label will now have to provide relevant information to better substantiate the label. In particular, the MAS will be consulting on introducing mandatory disclosure requirements for financial institutions, as soon as a global baseline sustainability reporting standard is established by the International Sustainability Standards Board, which is expected by the end of this year. Benefits also need to be apparent to incentivise industry players to move forward, with a clear economic model for companies to go green beyond complying with regulations. Investment will focus on training KPMGs workforce, harnessing data, developing new technologies, and forging alliances. Singapores net zero journey cannot be disconnected from the rest of Asean, in view of its strategic position as a regional hub. These firms will undergo an accelerated growth journey through a 5-Foundry-Services framework encompassing Ecosystem, Capability & Capacity, Distribution, Financing, and Structuring modules. This would target businesses that are keen on green investments in the future but may not have projects or assets that currently qualify as being green. The Second Consultation Paper sets out threshold criteria for economic activities in three sectors - energy, transport, and real estate. Initiatives such as phasing out non-electric cars by 2040 and making sure new housing developments have around 45 to 60 per cent green cover, show that the government means business. How can a supply chain be protected, and represent a policy that says how it should be performing? Considering The Uneasy Relationship Between Academia And ChatGPT And The Search For A Middle Ground. setting further targets by the MAS to reduce its own carbon emissions across its physical location and vendors. Up to S$19 billion in public sector green projects were identified. 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. This new fund could be in the form of partnership between the government and the private sector, with involvement from academic institutions and research agencies. Allowing these businesses to tap financial support for this transition is crucial. According to Bloomberg, global ESG assets under management increased by nearly 66 percent over four years, from US$22.8 trillion in 2016 to US$37.8 trillion as of the end of 2020. In The Matter Of M/s SNFL Cloudtech India Private Limited (Company) For The Violation Under Section 56 Of The Companies Act, 2013 (Act). The establishment of the Hub seeks to capitalise on the strong industry interest in Project GreenprintProject Greenprint is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted and efficient ESG ecosystem to enable green and sustainable finance. Internal audit is a natural fit to enhance ESG risk management and disclosure. . Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting. Singapore has already pumped S$10 million into low-carbon research and S$55 million for projects in hydrogen and carbon capture, utilisation and storage. Following the publication of the Guidelines on Environmental Risk Management for asset managers banks and insurers released in December 2020, the MAS conducted a series of thematic reviews on selected financial institutions on its implementation and released Information Papers on Environmental Risk Management (EnRM Information Papers) on 31 May 2022. Taking the lead in green innovations will also put Singapore in a better place to cope with volatile electricity prices and other uncertainties. Liang says Singapore is "doing pretty well in this . Singapore has an ambitious target of greening 80 per cent of its buildings by 2030. KPMG has the global scale, expertise, technology, and relationships that give us the ability and responsibility to use our position to provide solutions and services to overcome the challenges facing our planet and society., Richard Threlfall, Global Head of ESG and KPMG IMPACT said: It is incumbent on all of us as businesses and as individuals to play our part in tackling the challenges that threaten the future of our planet and the quality of life of people throughout the world. The Second Consultation Paper expands the traffic light approach and adds granularity to the application and thresholds for classification of activities. As part of our efforts to foster good investor stewardship in Singapore, IMAS strongly supports the adoption of the Singapore Stewardship Principles (SSP) for Responsible Investors launched in 2016 by the SSP Steering Committee, which IMAS is a founding member of. Global competition is heating up as countries and companies capitalise on climate change for economic growth. While the country has been exploring new sources of energy, these developments are still in their nascent stages. Prior to that, sustainable investing was fairly straightforward, consisting primarily of values-based . August 01, 2022. Similar to the taxonomy being developed in the EU, proposing a new traffic light taxonomy is intended to classify sustainable activities which go to transition - the current green taxonomies leave a wide variety of economic activities unclassified and some stakeholders may interpret this non-classification or not green as a negative signal, which has led to fear that finance would dry up for activities that currently fall outside of the current green taxonomy but are important for transition to net zero. Giving emerging green technologies a boost through innovation and investments will help the Republic enhance energy security, while demonstrating leadership in global decarbonisation efforts. As a gateway to Asia, it can set up a green financing bank to fund Asias sustainable infrastructure projects. As part of IMAS continued efforts to support the upskilling and reskilling of our industry, in particular in the ESG space, we launched our inaugural ESG module on IMAS iLearn platform, Sustainable Investing and MAS Guidelines on Environmental Risk Management. Laws can also be set so that energy-intensive developments such as data centres can be built only by purchasing Green GFA. The application of responsible stewardship is important to all successful long-term investment processes. Considering the different development trajectories of industries for ESG, the government can consider prioritising climate-sensitive sectors, such as infrastructure, real estate and energy. International collaboration to explore cross-border FX settlement with digital currencies, Worlds largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out how Singapore can be a leading centre for Green and Sustainable Finance, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapores currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapores financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. Upcoming SGX Climate Disclosure Platform 19 July 2022. Posted in Asia-Pacific, Environmental, Regulation. Social Serve the development of people by shaping a future with meaningful opportunities for all. Starter Guide To Trade Marks For Fin-Tech Start-Ups. This programme presented international investors and sustainability experts who discussed the business case for ESG integration, and how it can benefit our industry. 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 . To take these efforts a step further, KPMG would like to highlight possible measures to aid Singapores rise as: 1) the gateway to Asia in sustainable finance; 2) a green energy innovation leader; and 3) a role model in green buildings. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. This was first published in The Business Times on 21 February 2022, It should step up investments in green energy innovation and chart diplomatic pathways to make the country an ESG choice location for sustainable businesses, BySharad Somani, Partner, Head of Infrastructure Advisory, KPMG in Singapore;Tay Hong Beng, Partner, Head of Real Estate, KPMG in Singapore;Cherine Fok, Director, Sustainability Services and KPMG IMPACT, KPMG in Singapore. KPMG International Limited and its related entities do not provide services to clients. Sustainable Bond Grant. The ESG strategy is designed to support KPMG firms' clients in making a positive difference. Jan 16, 2023 ESG Singapore Our advanced industrial software and technologies are helping make the world healthier, safer, smarter and more sustainable. Through recent IMAS annual conferences and luncheon sessions, we had also invited various asset owners to share their views on ESG investing. Macau Lei Wun Kong Elected As Executive Director Of Council Of The Lawyers Study Institution Of The Guangdong Province Law Society. CSR is a business model that drives companies to develop and implement socially responsible programs to bring a positive impact on the community while maximizing profit. ESG is a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria (sometimes called ESG factors). 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