The amount of green, social and sustainability-linked loans issued in Singapore has steadily increased for the sixth consecutive year, reaching $30.4 billion in 2023.
This is an increase from $25.2 billion in 2022 and $21.1 billion in 2021, said the Monetary Authority of Singapore's (MAS) sustainability report out on July 4.
Green loans are used to finance sustainable projects, while social loan proceeds must go to social projects. Sustainability-linked loans provide an incentive for borrowers to progress towards pre-determined sustainability goals.
Singapore is Asean's largest market for green, social, sustainability and sustainability-linked bonds and loans, accounting for more than half the market, MAS added.
But the amount of green, social, sustainability and sustainabilitylinked bonds decreased in 2023, to $7.4 billion, from $10.1 billion in 2022. This comes amid a global slowdown in bond issuances due to rising interest rates and inflation, MAS said.
Deputy Prime Minister Gan Kim Yong, who is MAS chairman, said in the report: "As promoter of Singapore as an international financial centre, MAS works with financial institutions to develop a vibrant green and sustainable finance ecosystem to support Asia's transition to a low-carbon future.
"Climate change has profound implications on our economy. The financial sector is exposed to this through its financing, insurance, and investment activities, and financial institutions need to mitigate physical and transition risks arising from climate change."
He added that there are also significant opportunities for financial institutions based in Singapore to support a credible and smooth transition to a state of net-zero emissions in Asia.
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