A significant portion of Singapore’s national decarbonization and hydrogen transition plans must be financed, according to the Monetary Authority of Singapore (MAS).
And it will accomplish this by establishing three key enablers, according to Gillian Tan, the central bank’s top sustainability officer: a greater data disclosure landscape, enhancing low-carbon technology capabilities, as well as transition and sectoral paths.
“The basis for all of this is unquestionably solid facts. Investors won’t invest in a project without data. We need to go forward, in my opinion. Speaking at a fireside conversation at the Singapore Pavilion during the 27th United Nations Climate Change Conference, Tan remarked, “Frankly, Asian ESG (environmental, social, and governance) data is still uneven.
When it unveiled its improved net-zero 2050 targets in October, the Singaporean government stated that it would allocate an additional S$129 million for research into low-carbon energy, with a large portion going toward initiatives that will enable Singapore to safely import, handle, and utilize hydrogen and its carriers.
The central bank of Singapore has also committed S$100 million over the following five years for programs to develop sustainable finance capabilities.
Finding the sectoral and transitional routes that would work for Asia would also help to shift the real economy in the direction of this decarbonization approach.
