Speaking at a forum organised by sustainable media organisation Eco-Business on Tuesday, Environment and Water Resources Minister Masagos Zulkifli urged financial institutions to keep contributing to the development of new environmental, social and governance-related products "that the global economy will need, as it moves towards greater sustainability". Zulkifli added, “Climate change is no longer a distant threat on the horizon, but one that is near and present. It is a long-term issue that will require the commitment of governments, investors, businesses and consumers.” He mentioned that Singapore has been taking steps to increase its financial sustainability. Most recently, locally based Sindicatum Renewable Energy issued green bonds that aim to support its projects in the Philippines. Similarly, last June, Singapore-based OCBC Bank partnered with agribusiness giant Wilmar on a US$200 million bilateral loan that linked interest rates to key performance indicators centred on sustainability.

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The Straits Times