The key to the transformation will be embedding ESG in the organization and client solutions to drive measurable change. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS approach, strategies and efforts in these key areas, MAS approach to supervision and the instruments under the Acts it administers, Find out about MAS strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various paymentinitiatives including SGQR, FAST and PayNow. KPMG in Singapore is part of a global network of independent professional services firms providing Audit, Tax and Advisory services. The Second Consultation Paper covers the climate change mitigation objective the other four environmental objectives that may ultimately be included in the Green Taxonomy are (i) climate change adaptation, (ii) protection of healthy ecosystems and biodiversity, (iii) promotion of resource resilience and circular economy and (iv) pollution prevention and control. Another long-term initiative Singapore can address is positioning the Singapore Exchange as the preferred issuer of green bonds, thereby further anchoring the country's reputation as a green finance . Following the publication of the Guidelines on Environmental Risk Management for asset managers banks and insurers released in December 2020, the MAS conducted a series of thematic reviews on selected financial institutions on its implementation and released Information Papers on Environmental Risk Management (EnRM Information Papers) on 31 May 2022. For more detail about the structure of the KPMG global organization please visit https://kpmg.com/governance. Singapore's gradual shift away from a purely incentive-based strategy to an approach which incorporates "harder"ESG regulatory requirements is not without precedent. ESG - A BETTER NEXT. Other platforms to be launched under Project Greenprint include: Information Paper on Environmental Risk Management 31 May 2022. Located in a region with pressing environmental concerns, Singapore is positioned to become one of Asia's premier green finance centers as the industry takes shape in the years . MAS Sustainability Report 2021/2022 28 July 2022. The grant is valid till 31 May 2023. At the recent COP26 climate summit, Singapore stated its full commitment in accelerating its transition to a low-carbon future. Giving emerging green technologies a boost through innovation and investments will help the Republic enhance energy security, while demonstrating leadership in global decarbonisation efforts. Singapore has already pumped S$10 million into low-carbon research and S$55 million for projects in hydrogen and carbon capture, utilisation and storage. MAS launched Project Greenprint in December 2020, which aims to harness technology to support green finance in conjunction with the financial industry establishing data platforms to mobilise capital for green projects, facilitating the acquisition and certification of climate-relevant data, and monitoring the financial industrys commitments to emissions reductions. On 9 June 2022, the Singapore Government published the Singapore Green Bond Framework (Framework), a governance framework for sovereign green bond issuances under the Significant Infrastructure Government Loan Act 2021 (SINGA). Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Terms of use | Privacy statement 2023 Conventus Law. We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. In this role, the Analyst will support project managers on assigned projects and client requests including: Conduct data collection and consolidation and perform data analysis for client sustainability reporting, industry research, and data management needs. In 2019, MAS published its Green Finance Action Plan, 6which set out a roadmap for Singapore's transition to green finance. Global competition is heating up as countries and companies capitalise on climate change for economic growth. The proceeds from the Green GFA thus sold can, in turn, raise capital for the retrofitting of old buildings. Our ESG Priorities. The ESG strategy is designed to support KPMG firms clients in making a positive difference. Our toolkits curate in-depth content on a particular legal theme or topic. [2] Get the latest KPMG thought leadership directly to your individual personalized dashboard, Singapore will need to fast-track Green Plan initiatives, Singapores Green Plan will need to fast-track initiatives while pushing for long-term ambitions. "Access to capital is going to change," Thompson says. E: joseph.chun@shooklin.com. China Junhe Warmly Welcomes Partner Li Deting To Our Shanghai Office. Beyond investing in new technology companies, the fund will also support the deployment of use cases by industry, driving regional green efforts, while similarly playing on Singapores expertise in green investments. Today, it is increasingly vital for us to make conscious . The Monetary Authority of Singapore (MAS) today launched the ESG Impact Hub (the Hub) to spur co-location and collaboration between Environment, Social, Governance (ESG) FinTech start-ups and solution providers, financial institutions and real economy stakeholders. Through our participation on the Singapore Fund Industry Group (SFIG), IMAS is working with industry stakeholders to identify and address capabilities gap by introducing new and relevant training for asset management professionals, with an initial focus on ESG (and digitalisation). Singapore's new ESG initiatives show that the country has made progress in developing a green finance industry since it first began issuing green bonds in 2017. The ESG agenda is as important to our people as it is to clients; these significant changes outlined today further reinforce KPMGs purpose to Inspire Confidence and Empower Change and act as a north star for how we grow the organization., Ong Pang Thye, Managing Partner, KPMG in Singapore said, ESG is a global issue and a national challenge. In addition, the bank can seek to drive more ESG investments by facilitating capability building and knowledge-sharing across industry verticals. UK What Is A School Governor? Dr Darian McBain, Chief Sustainability Officer, MAS, said, The establishment of the ESG Impact Hub is a critical milestone in Project Greenprints journey to build a vibrant and robust ESG ecosystem in Singapore, underpinned by technology and data. The module was created with the support of IMAS Environmental Risk Management Working Group, which comprises representatives from fund management companies who had previously worked with the MAS on the EnRM Guidelines. MAS upped the pace again in 2020, releasing a set of three Guidelines on Environmental Risk Management (guidelines) for the asset management, 7 banking, 8 and insurance9 sectors. KPMG has the global scale, expertise, technology, and relationships that give us the ability and responsibility to use our position to provide solutions and services to overcome the challenges facing our planet and society., Richard Threlfall, Global Head of ESG and KPMG IMPACT said: It is incumbent on all of us as businesses and as individuals to play our part in tackling the challenges that threaten the future of our planet and the quality of life of people throughout the world. Skilled market researcher; growth strategist; successful go-to-market campaign developer. Initiatives such as phasing out non-electric cars by 2040 and making sure new housing developments have around 45 to 60 per cent green cover, show that the government means business. All Rights Reserved. Our participation in industry ESG initiatives. With shifting investor preferences for sustainable investing necessitating a focus on ESG matters, IMAS has collaborated with the World Wide Fund for Nature (WWF) and committed to provide strategic guidance to the Asia Sustainable Finance Initiative (ASFI) Advisory Group, so as to ensure that their future initiatives are aligned with broader goals of the investment management industry. The Second Consultation Paper sets out threshold criteria for economic activities in three sectors - energy, transport, and real estate. Singapore Green Finance Centre. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. ivan tan ren yi* I. Your company, stakeholders, shareholders, and the watching regulators all have their expectations of inevitable ESG-related implementations. Proceeds from green bonds issued under the Framework will be used to finance expenditures in support of the Singapore Green Plan 2030. and expedite the growth of Singapores ESG ecosystem on three fronts: 3. The ESG Circular will apply to (1) holders of a capital markets services licence in respect of fund management, and (2) trustees approved under section 289 of the Securities and Futures Act 2001 (to act as approved trustees in relation to certain collective investment schemes). Singapore has an ambitious target of greening 80 per cent of its buildings by 2030. Our Impact Plan, launched in January, lays out how we intend to change our actions and commits to report against our progress so we can be held to account. UK Saviour Or Siren? Read our full 2021 ESG Report and follow our progress toward net zero In line with the broader push for greater awareness and adoption of ESG investing, IMAS has organised various workshops, masterclasses and forums to facilitate the exchange of knowledge and discussion around various ESG-related issues. There is potential for Singapore to announce a multi-year S$1 billion Green Energy Investment Fund to drive green innovation and low carbon tech adoption, as it works towards fulfilling global green targets. On 28 January 2021, the GFIT issued a proposed taxonomy for Singapore-based financial institutions to identify activities that can be considered green or transitioning towards green (Green Taxonomy). We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. Upcoming SGX Climate Disclosure Platform 19 July 2022. Capital raised from Green GFA can also be used to grow an innovation ecosystem for climate-friendly construction techniques, building materials and technologies through providing early-stage financing. In response to a parliamentary question on the adoption of sustainable finance amongst financial institutions on 4 July 2022, Mr Tharman Shanmugaratnam (Senior Minister and Minister in charge of MAS) announced that MAS will be conducting stress tests this year (2022) on financial institutions resilience against a range of long-term climate scenarios. Earlier this year, our global Consumer industry sector group prepared this brochure, "Consumed, counselling consumer companies on ESG practices" from procuring ethically sourced or organic products, to fair pay and working conditions, diversity and inclusion initiatives, and consumption and community relations. We also held ESG workshops on topics such as practical ESG applications in investment risk and performance. It sets out guidelines for public sector green bond issuances under the SINGA, emphasising its alignment with international standards, market principles and best practices. In March 2021, MAS announced a slew of upcoming ESG initiatives at the IMAS-Bloomberg Investment Conference, including an upcoming review of the Singapore Stewardship Principles to provide . These firms will undergo an accelerated growth journey through a 5-Foundry-Services framework encompassing Ecosystem, Capability & Capacity, Distribution, Financing, and Structuring modules. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMGs Global Head of Corporate Affairs, Jane Lawrie, commented: We know that KPMG and our profession have an important and pressing opportunity to accelerate the change needed for a sustainable future; that change starts with us. The establishment of the Hub seeks to capitalise on the strong industry interest in Project GreenprintProject Greenprint is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted and efficient ESG ecosystem to enable green and sustainable finance. Malaysian Budget 2023: Real Estate Sector. Singapore Green Bond Framework 9 June 2022. Company Contract lawyers from Linklaters, Guidelines on Environmental Risk Management for asset managers banks and insurers, Information Papers on Environmental Risk Management, Significant Infrastructure Government Loan Act 2021, CFC 02/2022 Disclosure and Reporting Guidelines for Retail ESG Funds. Grab users will soon be able to reduce . The execution and acceleration of KPMG: Our Impact Plan is a key priority for the global organization as it delivers on its commitments to tackle issues from the climate crisis to social mobility and community engagement. In particular, the EnRM Information Papers highlighted that financial institutions face challenges in several areas, including (i) developing risk assessment methodologies, (ii) talent shortage in sustainable finance and (iii) developing their risk management practices where the financial institution relies on their parent company to set policies and procedures at a group level, especially for financial institutions whose headquarters are not within the Singapore jurisdiction. KPMG International Limited is a private English company limited by guarantee. The new global ESG strategy focuses on five priority areas: Bill Thomas, KPMGs Global Chairman and CEO said: How you grow matters, and what worked for us and other businesses in the past will not work in the future. Welcome to EY Singapore (SG) You are visiting EY Singapore (SG) 6 minute read 17 Aug 2022. ", To find out more about how KPMG is bringing to life this investment for our clients and our people, visit our website KPMG.com, Communications Manager KPMG in Singapore E: asharaghu@kpmg.com.sg, Associate Director, Marketing & Communications KPMG in Singapore E:jeanielee@kpmg.com.sg, Global Head of Communications KPMG International E: mgwalters@kpmg.com. Reinvigorated IMAS pushes digitization, diversity, education, ESG post-pandemic. Credit analytics expert helping clients understand, develop, and implement credit models for origination, monitoring, and regulatory reporting. See Annex A for further information on The Great Room., the launch was officiated by Mr Ravi Menon, Managing Director of MAS. The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting. To reach the desired outcome of its Green Plan, Singapore will need to incentivise developers to build SLE buildings, while raising capital for the retrofitting of old buildings. Convincing measurements to tell the ESG story are also missing since this is a problem that needs to be solved nationally at least, with the ecosystem agreeing on minimum standards and progressing these yardsticks together. DivinaLaw At The 2023 LAW AsiaPac Assembly. KPMGs investments in ESG talent, digital assets and regional hubs are meant to facilitate these conversations, creating greater clarity for industry players to identify the ESG fundamentals they value, so that ESG is not just served for compliance, but becomes a sensible strategy to future-proof organisations with clear gains in the years ahead. Governments are offering environmental incentives . Some examples of ESG tech innovations in Singapore are the development of a cashless public transport, the digital engagement and transformation . Please leave this field empty. The application of responsible stewardship is important to all successful long-term investment processes. CSR provides the vision and mission for . Prudential Singapore's community investment strategy focuses on education and health and is aligned to our business purpose and stakeholders' concerns. As part of our efforts to foster good investor stewardship in Singapore, IMAS strongly supports the adoption of the Singapore Stewardship Principles (SSP) for Responsible Investors launched in 2016 by the SSP Steering Committee, which IMAS is a founding member of. This will enable Singapore to make great strides on its net zero ambitions while strengthening its position as a regional sustainable finance hub. Cyril Amarchand Mangaldas Advises Deakin University, Australia, On Setting Up Indias First International Branch Campus At Gift City. In 2019, the Initiative was further extended till 31 December 2024 and enhanced to promote decarbonisation of shipping. We have collaborated with Enterprise Singapore to develop Introduction to Corporate ESG for SMEs, one of the two comprehensive sustainability courses that we offer. Currently, about 57 per cent of all buildings in Singapore are yet to be greened. Following Budget 2022, Singapore will need to initiate long-term ESG plans to send a clear signal to enterprises and citizens of the urgency of national commitments. 2. Explore our blogs for the latest news and insights across a range of key legal topics. Already subscribed? The accelerator will inter alia expand Singapores ESG FinTech ecosystem by being an importer of fast growth ESG FinTechs intending to establish a presence in Singapore and the Asia Pacific. They identified investments as the single largest area of impact (91% respondents), followed by risk and internal audit (90%) and underwriting (88%). Coined almost two decades ago in 2004 by a group of financial institutions1 in a United Nations report titled "Who Cares Wins," references to ESG have become nearly ubiquitous worldwide, especially in the United States and Europe, reflecting the startling growth of this area. Implications include implementing legislation to combat greenwashing, such as mandating independent assurances for material data in ESG reports. To take these efforts a step further, KPMG would like to highlight possible measures to aid Singapores rise as: 1) the gateway to Asia in sustainable finance; 2) a green energy innovation leader; and 3) a role model in green buildings. To tackle "greenwashing", he suggested that regulators must make information available, comparable and trusted. Enterprise Singapore (ESG) will set aside up to $180 million for the programme, which is expected to benefit at least 6,000 enterprises over the next four years. 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