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Big banks give backing to Singapore Green Finance Centre

Big banks give backing to Singapore Green Finance Centre

The Monetary Authority of Singapore and nine international banks have leant their weight to the establishment of a research institute dedicated to green finance research and talent development.

The Singapore Green Finance Centre, run by Imperial College Business School and the Lee Kong Chian School of Business at Singapore Management University (SMU), will pursue research to help develop strategies for policy makers and financial institutions to support Asia’s transition to a low carbon future.

Alongside MAS, the nine founding partners include Bank of China Limited, BNP Paribas, Fullerton Fund Management, Goldman Sachs, HSBC, Schroders, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and UBS AG.

Ravi Menon, managing director of MAS, says: “MAS is committed to developing a vibrant green finance research and talent ecosystem in Singapore, to support Asia’s transition to a low carbon future. The SGFC will be an important part of this ecosystem, bringing together two leading academic institutions in environmental science and financial economics. We are especially heartened by the strong industry support for the SGFC, which will be key to its success.”

The banking partners will have direct input into the strategic direction of the SGFC, which will use climate-related data and environmental, social & governance (ESG) considerations tp design policies and new initiatives that can improve the efficiency of green finance markets.

The Institute will also offer an array pf graduate-level and post-degree courses to develop a strong pipeline of green finance talent which financial institutions can tap as they expand teams and deepen green finance capabilities.

Charles Donovan, director the Centre for Climate Finance and Investment at Imperial College Business School, says: “Asia could lead the world into a low carbon future. Asian capital markets need to grasp the opportunity. The SGFC will bridge the gap between investors and policymakers on climate change. The world’s leading financial institutions see this opportunity - that’s why they are backing us.”

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