IDEAS home Printed from https://ideas.repec.org/p/ess/wpaper/id12974.html
   My bibliography  Save this paper

Green Finance in Singapore: Barriers and Solutions

Author

Listed:
  • Youngho Chang

Abstract

This study reviews how green finance in Singapore is working, examines existing barriers, and suggests some solutions. Singapore, a well-established financial hub in Asia, aims to be a hub for green finance in Asia. The Monetary Authority of Singapore (MAS), the central bank of Singapore, has formed a network with seven other central banks in the world called the Central Banks and Supervisors Network for Greening Financial System, which intends to promote sharing of experience and best practices in green finance with other countries. Along with forming the network, the MAS has established a Green Bond Grant scheme to promote and ensure the issuance of green bonds in Singapore. In parallel, the Association of Banks in Singapore published Guidelines on Responsible Financing to promote and support environmental, social, and governance (ESG) disclosures. The Singapore Exchange asks its member firms to strictly comply with the ESG disclosures. At an individual firm level in Singapore, City Development Limited (CDL), a real estate development company, and Development Bank of Singapore Limited (DBS), a commercial bank, issued Singapore’s first and second green bonds in 2017. The proceeds of the CDL green bond are allocated to finance retrofitting and upgrading of a commercial building in Singapore, while the proceeds of the DBS green bond are to be invested in renewable energy and climate change adaptation, among other uses. How successful the two green bonds are in meeting their pronounced goals and how well and effectively they contribute to the diffusion of renewable energy remains to be seen.

Suggested Citation

  • Youngho Chang, 2019. "Green Finance in Singapore: Barriers and Solutions," Working Papers id:12974, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:12974
    Note: Institutional Papers
    as

    Download full text from publisher

    File URL: http://www.esocialsciences.org/Download/repecDownload.aspx?fname=A2019120112344_29.pdf&fcategory=Articles&AId=12974&fref=repec
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Quek, Augustine & Ee, Alvin & Ng, Adam & Wah, Tong Yen, 2018. "Challenges in Environmental Sustainability of renewable energy options in Singapore," Energy Policy, Elsevier, vol. 122(C), pages 388-394.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ozili, Peterson K, 2024. "The role of central bank in greening the Nigerian financial system," MPRA Paper 120157, University Library of Munich, Germany.
    2. Ozili, Peterson Kitakogelu, 2022. "Green finance research around the world: a review of literature," MPRA Paper 114899, University Library of Munich, Germany.
    3. Shashank Bansal & Satya Prakash Mani & Himanshu Gupta & Shipra Maurya, 2023. "Sustainable development of the green bond markets in India: Challenges and strategies," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 237-252, February.
    4. Lulin Zhou & Maxwell O. Antwi & Henry A. Antwi & Ama Boafo‐Arthur & Tehzeeb Mustafa, 2020. "Endangering China's environmental health security goals through negative environmental investor behaviours," International Journal of Health Planning and Management, Wiley Blackwell, vol. 35(6), pages 1398-1411, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Guo, Shan & Li, Yilin & Hu, Yunhao & Xue, Fan & Chen, Bin & Chen, Zhan-Ming, 2020. "Embodied energy in service industry in global cities: A study of six Asian cities," Land Use Policy, Elsevier, vol. 91(C).
    2. Marcus Eichhorn & Mattes Scheftelowitz & Matthias Reichmuth & Christian Lorenz & Kyriakos Louca & Alexander Schiffler & Rita Keuneke & Martin Bauschmann & Jens Ponitka & David Manske & Daniela Thrän, 2019. "Spatial Distribution of Wind Turbines, Photovoltaic Field Systems, Bioenergy, and River Hydro Power Plants in Germany," Data, MDPI, vol. 4(1), pages 1-15, February.
    3. Mohammad Ershadul Karim & Ridoan Karim & Md. Toriqul Islam & Firdaus Muhammad-Sukki & Nurul Aini Bani & Mohd Nabil Muhtazaruddin, 2019. "Renewable Energy for Sustainable Growth and Development: An Evaluation of Law and Policy of Bangladesh," Sustainability, MDPI, vol. 11(20), pages 1-30, October.
    4. Michael Samsu Koroma & Nils Brown & Giuseppe Cardellini & Maarten Messagie, 2020. "Prospective Environmental Impacts of Passenger Cars under Different Energy and Steel Production Scenarios," Energies, MDPI, vol. 13(23), pages 1-17, November.
    5. Zheng, Shuxian & Zhou, Xuanru & Tan, Zhanglu & Liu, Chan & Hu, Han & Yuan, Hui & Peng, Shengnan & Cai, Xiaomei, 2023. "Assessment of the global energy transition: Based on trade embodied energy analysis," Energy, Elsevier, vol. 273(C).
    6. Chandel, Rahul & Chandel, Shyam Singh & Malik, Prashant, 2022. "Perspective of new distributed grid connected roof top solar photovoltaic power generation policy interventions in India," Energy Policy, Elsevier, vol. 168(C).
    7. Negrete, Moira & Fuentes, Marcelo & Kraslawski, Andrzej & Irarrazaval, Felipe & Herrera-León, Sebastián, 2024. "Socio-environmental implications of the decarbonization of copper and lithium mining and mineral processing," Resources Policy, Elsevier, vol. 95(C).
    8. Lee, Chien-Chiang & Ho, Shan-Ju, 2022. "Impacts of export diversification on energy intensity, renewable energy, and waste energy in 121 countries: Do environmental regulations matter?," Renewable Energy, Elsevier, vol. 199(C), pages 1510-1522.
    9. Anuphak Saosaovaphak & Chukiat Chaiboonsri & Satawat O. Wannapan, 2022. "The Perspective of Balancing the Economic Growth of Healthcare Systems and Environmental Prevention: The Efficient Budget for ASEAN-3 Countries," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 13(2), pages 1-26, August.
    10. A. K. Pandey & B. Kalidasan & R. Reji Kumar & Saidur Rahman & V. V. Tyagi & Krismadinata & Zafar Said & P. Abdul Salam & Dranreb Earl Juanico & Jamal Uddin Ahamed & Kamal Sharma & M. Samykano & S. K. , 2022. "Solar Energy Utilization Techniques, Policies, Potentials, Progresses, Challenges and Recommendations in ASEAN Countries," Sustainability, MDPI, vol. 14(18), pages 1-26, September.
    11. Zhou, Ziqiao & Zhang, Lin, 2022. "Sustainable waste management and waste to energy: Valuation of energy potential of MSW in the Greater Bay Area of China," Energy Policy, Elsevier, vol. 163(C).

    More about this item

    Keywords

    eSS; green finance; green bond grant scheme; guidelines of responsible financing; CDL green bond; DBS green bond;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ess:wpaper:id:12974. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Padma Prakash (email available below). General contact details of provider: http://www.esocialsciences.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.