111 views
Cross Island Line (Photo from LTA)

Gov’t to inject $2.4b raised from first sovereign green bond to rail network expansion

The government has already allocated 30% of the funds raised.

The government has allocated $700m or 30% of the $2.4b raised from Singapore’s first sovereign green bond to finance capital expenditure of the Jurong Region Line (JRL) and Cross Island Line (CRL).

According to the Singapore Green Bond Report, the government plans to allocate the remaining proceeds to the two rail projects by the end of FY2024.

“The allocation of green bond proceeds to the JRL and CRL during FY2022 is expected to have a financed impact of between 1,200 and 1,800 tonnes of CO2-equivalent emissions avoided annually,” the  Ministry of Finance  (MoF) said.

When fully operational, the JRL and CRL are estimated to result in total carbon savings of between 100,000 and 120,000 tonnes of CO2 equivalent annually. 

“This is equivalent to taking 22,000 cars off Singapore’s road, and represents an estimated emissions reduction of 81% compared to the baseline scenario,” the MOF added.
 

Follow the link for more news on

Join Singapore Business Review community
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!