From a domestic, national perspective, given our island-state’s natural vulnerability to environmental changes, Singapore has set ambitious environmental targets for itself and has made Singapore’s response to climate change one of the country’s key objectives / priorities.
In line with these goals, the Monetary Authority of Singapore ("MAS") has taken proactive steps to promote green financing, announcing its Green Finance Action Plan in November 2019 for Singapore to become a leading global centre for green finance. As part of its Green Finance Action Plan, MAS has recently issued a consultation paper on its proposed Guidelines on Environmental Risk Management (Banks) ("MAS Guidelines") (similar consultation papers were also concurrently issued by MAS for asset managers and insurers). This consultation paper seeks feedback on MAS's proposals to enhance the environmental risk management practices of financial institutions ("FIs"), and serves as a call to action for FIs to help drive the transition to an environmentally sustainable economy, by enhancing the integration of environmental risk considerations in FIs’ financing and investment decisions, and promoting new opportunities for green financing.
If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Susan WONG
Head – Banking & Finance
d +65 6416 2402
e susan.wong@wongpartnership.com
Click here to see Susan’s CV.
TAN Li Wen
Partner – Banking & Finance
d +65 6416 2542
e liwen.tan@wongpartnership.com
Click here to see Li Wen's CV.