About KPMGs Our Impact Plan: KPMGs Our Impact Plan is the organizations first-ever global environmental, social and governance (ESG) plan, bringing together new and existing ESG commitments under one umbrella, focusing on four important categories: Planet, People, Prosperity and Governance. 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. How can a supply chain be protected, and represent a policy that says how it should be performing? The Green Plan includes targets for Singapore to become a leading centre for green finance in Asia and globally. Grab users will soon be able to reduce . Please refer to MAS media release on Project Greenprint. Even if the pace has been slower in Asia than in the West, our clients can't adopt a narrow geographic analysis when contemplating ESG changes. Each KPMG firm is a legally distinct and separate entity and describes itself as such. The Singapore Steward Principles (SSP) for Responsible Investors are intended to enhance a positive investment environment by encouraging companies to pursue the spirit of good governance and stewardship, with the ultimate objective of helping companies secure their performance over the long term. Why Do I Do It? Internal audit is a natural fit to enhance ESG risk management and disclosure. The relatively flexible ESG regulatory regime in Singapore, which allows most businesses to choose whether or not to comply with ESG practices (and if so, the degree of such compliance) has also contributed to Singapore companies' reluctance to wholeheartedly embrace ESG policies and practices, despite generous support provided by the Singapore government. To help you navigate and control risk in a challenging legal landscape, we have collated a range of key advice and guidance. In Singapore, as with much of Asia, change has been slower to arrive than in the West. Considering The Uneasy Relationship Between Academia And ChatGPT And The Search For A Middle Ground. Re:link. And it will be interesting to see how Singapore's upcoming Budget 2021 will further define the country's ESG ambitions. 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. More information on the Sustainable . The pressure is on for CFOs to build the capability for high-quality ESG reporting and communications into their finance departments. Read our full 2021 ESG Report and follow our progress toward net zero Minor Outlying IslandsUgandaUkraineUnited Arab EmiratesUruguayUzbekistanVanuatuVenezuelaVietnamWallis and FutunaWestern SaharaYemenZambiaZimbabwe, 3/f, Chinachem Tower 34-37 Connaught Road Central, Central, Hong Kong. Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today announced the establishment of an ESG Centre of Excellence (COE) in Singapore. 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. Stepping up to support ESG initiatives can be a win-win for both internal audit and the business. MAS has this week cut the ribbon on an 'ESG Impact Hub' workspace to encourage co-location and closer working between ESG (environment, social and governance) fintech start-up companies . Starter Guide To Trade Marks For Fin-Tech Start-Ups. SGX is also intending to develop ESGenome - a single ESG disclosure platform to guide companies to provide the necessary climate disclosures. Singapores net zero journey cannot be disconnected from the rest of Asean, in view of its strategic position as a regional hub. Singapore Green Bond Framework 9 June 2022. Global competition is heating up as countries and companies capitalise on climate change for economic growth. Over the past few years, the Investment Management Association of Singapore (IMAS) has undergone something of a metamorphosis, changing itself, along with the . Position (optional) Our Environmental, Social and Governance (ESG) commitments are not separate layers of our business, but core to who we are. The grant is valid till 31 May 2023. 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. Singapore IM group shifts from back to front foot. BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bankfirm matched data of Japanese listed firms from 2006 to 2018. Social Serve the development of people by shaping a future with meaningful opportunities for all. Sustainability has become a top priority for governments and corporates in the past year. As the ESG landscape continues to evolve and mature, IMAS will continue to work closely with our members to collectively represent your views in cross-industry committees, offer relevant training programmes and create platform for members to come together to discuss further on ESG matters, 2022 Investment Management Association of Singapore, As part of IMAS continued efforts to support the upskilling and reskilling of our industry, in particular in the ESG space, we launched our inaugural ESG module on IMAS iLearn platform, , . strengthening the financial sectors resilience to environmental risk; developing markets and solutions for a sustainable economy; harnessing technology to enable trusted and efficient sustainable finance flows; and. These firms will undergo an accelerated growth journey through a 5-Foundry-Services framework encompassing Ecosystem, Capability & Capacity, Distribution, Financing, and Structuring modules. In The Matter Of M/s SNFL Cloudtech India Private Limited (Company) For The Violation Under Section 56 Of The Companies Act, 2013 (Act). On 12 May 2022, building on the proposed taxonomy, the GFIT released for public consultation a second consultation paper on the proposed Green Taxonomy (Second Consultation Paper). MAS is in the process of putting in place enablers to enhance sustainability disclosures and address data challenges faced by market participants. The SGFC is an initiative by the Monetary Authority of Singapore (MAS) in collaboration with Imperial College of London and Singapore Management University (SMU). and KPMG's ESG Business FoundryThe ESG Business Foundry is a 6-month accelerator programme specially designed for scaling ESG FinTechs. The Hub intends to be the place of collaboration between ESG FinTech start-ups, financial institutions, and all the related stakeholders and anchors industry-driven sustainability initiatives. In addition to the launch of the Green Investments Programme, MAS also updated its Sustainable Bond Grant Scheme in 2019, which aimed to encourage the issuance of green, social, and sustainability bonds in Singapore by helping issuers to cover additional costs associated with external reviews of such bonds based on internationally recognized standards and frameworks. 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We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. In the face of this, leaders in both private and public sectors will need to increasingly work together-as seen in initiatives like the Sustainable Stock Exchange group, led by British insurer Aviva alongside the United Nations-to create more consistent and meaningful approaches to ESG. This physical Hub will augment MAS plans to launch a digital Greenprint Marketplace next year to catalyse the growth of the regions online ESG community; and will serve as the launchpad for public-private partnerships that support Asias just and sustainable transition to a low carbon economy., MAS Launches ESG Impact Hub to Spur Growth of ESG Ecosystem - Annexes, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, International and Regional Collaborations, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, Reserves Management Government Securities, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, MAS Launches ESG Impact Hub to Spur Growth of ESG Ecosystem. Click here to manage your preferences. We have collaborated with Enterprise Singapore to develop Introduction to Corporate ESG for SMEs, one of the two comprehensive sustainability courses that we offer. The key highlights of the aforementioned updates follow: Keywords:Asia Pacific, Singapore, Banking, Fintech, Regtech, Green Bonds, Sustainability Report, Disclosures, ESG, Climate Change Risk, Reporting, Point Zero Carbon Program, Sustainable Finance, Google Cloud, Project Greenprint, MAS. Click here to read KPMG: Our Impact Plan in full. Silicon Valley Bank Collapse: International Solutions. This was first published in The Business Times on 21 February 2022, It should step up investments in green energy innovation and chart diplomatic pathways to make the country an ESG choice location for sustainable businesses, BySharad Somani, Partner, Head of Infrastructure Advisory, KPMG in Singapore;Tay Hong Beng, Partner, Head of Real Estate, KPMG in Singapore;Cherine Fok, Director, Sustainability Services and KPMG IMPACT, KPMG in Singapore. In addition, the . 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. Upcoming Consultation on Introducing Mandatory Disclosure Requirements for Financial Institutions 4 July 2022. In last years Budget, the government announced that it will issue green bonds on public infrastructure projects to catalyse the flow of sustainable development in Singapore and Asia. 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. Please leave this field empty. 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. GFIT plans to release the criteria and thresholds for the remaining five sectors for public consultation in late 2022 and finalise the Green Taxonomy in 2023. ESG - A BETTER NEXT. MAS Issues Updates on Multiple ESG Initiatives in Singapore. SINGAPORE, 22 June 2021 - Grab, Southeast Asia's leading superapp, today announced new initiatives that reinforce its commitment to reduce carbon emissions and its environmental footprint. This browser is not actively supported anymore. Yet, even with corporate reputations at stake, companies still find it challenging to incorporate and holistically integrate ESG across their value chain. Joseph Chun is a partner in the firm's ESG practice. For more detail about the structure of the KPMG global organization please visit https://kpmg.com/governance. Up to S$19 billion in public sector green projects were identified. While helping to accelerate an institution's ESG risk management and . August 01, 2022. Financial institutions must also set tangible targets to address environmental risk such as calculated portfolio exposures to geographical areas and sectors with higher environmental risk and carbon intensity of customers in high-risk sectors. This programme presented international investors and sustainability experts who discussed the business case for ESG integration, and how it can benefit our industry. Understanding and prioritising ESG issues and approaches remain a concern: KPMGs 2021 CEO Outlook survey found that 40 per cent of Singapore CEOs said they struggle with articulating a compelling ESG story, while 16 per cent of them face difficulties in addressing the ESG reporting needs of various stakeholders. To tackle "greenwashing", he suggested that regulators must make information available, comparable and trusted. 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. At the recent COP26 climate summit, Singapore stated its full commitment in accelerating its transition to a low-carbon future. Regulators globally have signaled their willingness to adopt more interventionist tactics: in the United States, the U.S. Securities Exchange Commission (SEC) is expected to announce a mandatory ESG disclosure framework following their April 2021 risk alert for examinations of ESG investing which may require issuers to provide uniform and standardized line-item ESG disclosures. The initial consultation paper in January 2021 introduced a traffic light system for classifying activities as green (environmentally sustainable), amber (transition), or red (harmful) based on their contributions to climate change mitigation. 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For the best passle experience, we strongly recommend you upgrade your browser. IMAS also hosted luncheons with KLP and Unisuper, Australian superannuation fund, to share on the role of best practices in responsible investment, value of active ownership in ESG, and how ESG considerations could be integrated into investing processes. 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 plan also catalogues current data across the global organization and reports against metrics outlined in a report created by the World Economic Forum (WEF) and drafted in consultation with its International Business Council (IBC), titledMeasuring Stakeholder Capitalism(PDF 1.92 MB), which KPMG had a key role in shaping. All rights reserved. We want to ensure people get the most out of life today and in the future. The Enterprise Sustainability . Giving emerging green technologies a boost through innovation and investments will help the Republic enhance energy security, while demonstrating leadership in global decarbonisation efforts. Governance Serve the interests of all our stakeholders by leading through our core values. Sustainable bond issuers can tap this grant to cover the initial cost of obtaining an external review. 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. We also held ESG workshops on topics such as practical ESG applications in investment risk and performance. Through recent IMAS annual conferences and luncheon sessions, we had also invited various asset owners to share their views on ESG investing. Sustainable and ESG investing approaches have changed at an incredible pace in recent years. [1] Short-termism refers to an "excessive focus on short term goals at the expense of longer-term objectives". This platform helps mobilise capital more effectively and bridges information gaps about sustainable projects. 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. environmental studies university of oregon, citizenship lesson plans 6th grade, Greenwashing '', he suggested that regulators must make information available, comparable and.... 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