Singapore Sustainable Finance Association Emerges to Propel Collaborative Sustainability Initiatives

Singapore Sustainable Finance Association Emerges to Propel Collaborative Sustainability Initiatives

In a groundbreaking move, the Singapore Sustainable Finance Association (SSFA) was inaugurated on January 24, marking the first cross-sectoral industry body committed to advancing Singapore as a global hub for sustainable finance. The association combines expertise from diverse sectors, including financial services, non-financial corporations, academia, non-governmental organizations, and industry bodies.

At the launch ceremony, Chia Der Jiun, the newly appointed Managing Director of the Monetary Authority of Singapore (MAS), emphasized the SSFA’s potential to shape industry best practices. Key focus areas include carbon credit trading, transition finance, and overcoming barriers hindering sustainable project financing.

The Singapore Sustainable Finance Association is poised to be pivotal in assembling financing solutions from diverse asset classes, leveraging risk mitigation tools to enhance project viability. Beyond climate mitigation, the association is positioned to address challenges in financing climate adaptation and biodiversity preservation projects.

Chia Der Jiun outlined the SSFA’s potential contributions to upskilling and capacity-building within the sustainable finance landscape. This includes guiding the relevance of sustainable finance courses and organizing workshops on niche topics like carbon markets, taxonomy application, and blended finance.

Highlighting Singapore’s significant progress in sustainable finance over the last decade, Chia Der Jiun emphasized its role as a leading center for sustainable finance, particularly in serving Asia’s net-zero transition needs. Singapore currently leads ASEAN in green, social, sustainability, and sustainability-linked bonds and loans, with over $30 billion worth of such financing originated in 2022.

Acknowledging Singapore’s achievements, Chia Der Jiun stressed the need for continued collaboration between the financial sector and industries to contribute to standards, solutions, and skills. He emphasized the SSFA as a crucial platform to facilitate this collaboration, envisioning it as a key player in fostering innovation and tackling projects currently deemed marginally or unbankable.

As Singapore strives for deeper involvement in sustainable finance, the Singapore Sustainable Finance Association is expected to steer the sector toward impactful, collaborative initiatives, set new standards, and foster expertise across domains. Detailed initiatives supporting upskilling within the sector will be announced in April, reflecting a comprehensive commitment to advancing sustainable finance in Singapore.

TechGolly editorial team led by Al Mahmud Al Mamun. He worked as an Editor-in-Chief at a world-leading professional research Magazine. Rasel Hossain and Enamul Kabir are supporting as Managing Editor. Our team is intercorporate with technologists, researchers, and technology writers. We have substantial knowledge and background in Information Technology (IT), Artificial Intelligence (AI), and Embedded Technology.

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