The recent haze has cast a cloud over Singapore's financial sector. In looking for solutions to this significant environmental and health problem, questions are being asked as to who is financing those responsible for the noxious air pollution. The financing activities of banks and other financial services institutions have recently come under the spotlight - government, regulators, clients, employees and the general public want to be assured that Singapore's financial institutions are not adding financing fuel to fan the fires burning beyond the country's borders.
Sustainable, 'green' governance and financing practices are now more than a nice-to-have. The reputation of the sector depends on demonstrating clean credentials, and playing a leading role in the transition to a green and low-carbon regional and global economy.
Acting now is essential to improve, demonstrate and communicate financial institutions' green credentials - otherwise reputations will be tarnished, trust will be lost and transactions will move to those that have integrated sustainability into the heart of their business models.
The Association of Banks in Singapore (‘ABS’) has recently captured the public mood by releasing guidelines defining minimum standards on responsible financing that should be integrated into banks’ business models. Banks are expected to adopt the following principles:
With our experience and dedication to sustainability, we can help you: