Singapore’s ambitious zero emission plan led HDB (Housing and Development Board) to sell its green bond. This ESG finance momentum drives another debut from the Land Transport Authority maintaining a public transport network. HDB’s green note framework shows a significant increase to $733.2m.
The National Environment Agency follows the issuance of 1.65bn Singapore dollars in September last year. It is regarded as the first public sector green debt in Singapore. Singapore transport minister Mr. Iswaran, is confident to issue green bonds. This program is to push more electric vehicles in Singapore. There is no further detail however on the deal on the sovereign green bond issue. So far, the expectation should take place in the second half of the year after the publication of the green bond framework.
The Singapore government supported green bond funding by 2030 as much as $35bn. In line with the Glasgow Climate Pact, Singapore is rushing to achieve zero emission goal by 2050. The Singapore government attempts to fasten the goal by 2030. Teo Chee Hean, minister for national security promised that the government will consult with industry and citizens before finalizing the shortened plan.
HDB alone has embarked on energy reducing consumption with the green towns program. HDB has pitched solar panels installation and is expected to generate 520MWp by 2030. According to HDB, this goal can power 135.000 four-room HDB apartments.
HDB’s green finance framework proceeds new eligible green bonds. This framework has the same mission with the International Capital Market Association, in terms of green bond principles. Other green bond stakeholders such as ASEAN Capital Markets, and Loan Market Association also pursue the same framework.