The Monetary Authority of Singapore (MAS) and nine prominent international banks are joining forces to establish a research institute focused on green finance and the development of talent in this critical area.
The Singapore Green Finance Centre (SGFC), managed by Imperial College Business School and the Lee Kong Chian School of Business at Singapore Management University (SMU), aims to conduct research that will inform strategies for policymakers and financial institutions, facilitating Asia’s transition to a low-carbon economy.
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, emphasized the commitment to fostering a dynamic green finance ecosystem in Singapore. He stated, “The SGFC will play an essential role in this ecosystem, merging expertise in environmental science and financial economics. We are encouraged by the strong support from industry partners, which is vital for the institute’s success.”
The banking partners will actively contribute to shaping the strategic direction of the SGFC, leveraging climate-related data and Environmental, Social, and Governance (ESG) factors to develop policies and initiatives aimed at enhancing the efficiency of green finance markets.
In addition, the institute will provide a variety of graduate-level and post-graduate courses, ensuring a robust pipeline of talent in green finance for financial institutions as they expand their capabilities in this area.
Charles Donovan, Director of the Centre for Climate Finance and Investment at Imperial College Business School, remarked, “Asia has the potential to lead the global shift towards a low-carbon future. To seize this opportunity, Asian capital markets must engage effectively. The SGFC will serve as a crucial link between investors and policymakers regarding climate change. The backing from the world’s leading financial institutions reflects the validity of this opportunity.”