In the Singapore Green Plan 2030, sustainability is earmarked as an engine for jobs and growth. Among the targets are to make Jurong Island a sustainable energy and chemicals park; to position Singapore as a leading centre for green finance and services to facilitate Asia’s transition to a low-carbon and sustainable future; to make Singapore a carbon services hub in Asia and the leading regional centre for new sustainability solutions; and, of course, to make the city-state an increasingly a sustainable tourism destination.
The Monetary Authority of Singapore (MAS) announced initiatives last year to accelerate green finance in Singapore. Last month, the Basel Committee on Banking Supervision announced principles for the effective management and supervision of climate-related financial risks for financial institutions in response to greenwashing claims of some financial institutions.
Greenwashing happens when an entity represents itself to be greener or more sustainable than it actually is to ride the ESG (environmental, social, governance investing) megatrend.
