16 May 2024

On 16 May, SGFIN’s Prof Zhang Weina joined in the Navigating Green Finance panel discussion exploring how green finance can drive better environmental, social and governance (ESG) outcomes while addressing the risks and implications of greenwashing. This discussion was part of the Singapore International Chamber of Commerce’s Sustainability Event Series. Prof Weina was joined by Ms. Valerie Lau, CFA, Co-Head of Sustainable Finance APAC at UBS AG Singapore and Ms. Pamela Lee, Deputy Chief Sustainability Officer at the Monetary Authority of Singapore, as well as Mr. Brian CK HO,Partner and Sustainability Leader for Southeast Asia at Deloitte, who acted as moderator.

After a lively discussion, the panellists and audience went away with several key takeaways:

• Greenwashing: A major concern for regulators, greenwashing is prevalent across many sectors beyond financial services.
• Green Hushing: The new variant of greenwashing, where companies hide ESG efforts to avoid scrutiny. Internal capability building, organizational alignment, and fit-for-purpose definitions, standards, and regulations are crucial safeguards.
• Sustainable Finance Trends in Asia: There is a significant increase in the adoption of bonds and grants for sustainable investing. Catastrophe bonds (CAT) and other frameworks and grants help organizations plan for the green transition. Integrating ESG into operations is key to effective risk management and developing better environmental solutions.
• Role of SMEs: SMEs play a crucial role in ESG investing. Clear and comprehensive taxonomies, such as the Singapore Asia Taxonomy for Sustainable Finance, provide the clarity needed for better assessment and solution development.
• Impact of Technology & Sustainability Trends: The Sustainable Finance Jobs Transformation Map outlines the competencies workers need to enhance their skills, highlighting the importance of talent development.
• Talent Development: Upskilling and reskilling the workforce is essential for staying relevant. Sustainability education for both current and future workers is evolving to align with market trends.