Innovative financing to boost Singapore’s lead in climate finance, says KPMG

Robust policy and leveraging technology can also help fast-track green goals.

Singapore could reinforce its position as the regional leader in climate financing by mobilising funds worth up to S$100b to support green projects and technologies, according to KPMG.

The Lion City can tap public, private, and philanthropic capital to raise an additional S$100b in climate financing over the next seven years, Sharad Somani, partner and head of KPMG ESG in the city, said on Friday as he dives deep into their joint budget proposal with the Singapore Business Federation.

Somani said that the city-state should focus on innovative finance as one of the three aspects it should focus on to cement its position as a climate leader in the region.

To support its green transition further, he said there is a need to establish a robust policy framework that will help create and promote more green projects.

He added that leveraging technology will also motivate players to support the country’s climate change agenda.

“We believe that certain use cases will have to be demonstrated whether it's in the storage space or carbon capture, utilisation and storage space or green hydrogen space,” he explained.

For the private sector, businesses need to strengthen their ability to attract and retain talent and build a green workforce to fast-track their sustainability goals, according to Cherine Fok, partner and head of Our Impact Plan, KPMG in Singapore.

Fok said improving the existing climate reporting systems will further strengthen the leadership role that Singapore regulators and trade associations play in the region in terms of adopting sustainability reporting standards.

“The next step is really around the adoption of the International Sustainability Standards Board (ISSB) standards which are meant for capital markets… this forms a strong basis for capital attraction,” she said.

Follow the link for more news on

KPMG

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit