Choosing Startup Investors: Does Gender Matter?
Building a more inclusive financial system requires understanding not only who receives capital, but also who gets the opportunity to provide it.
In this study, Johan Sulaeman (Director, SGFIN) and his co-authors examine whether startups respond differently to male and female investors. Using a large-scale randomized field experiment involving more than 40,000 U.S. startups, the authors send otherwise identical investment outreach from fictitious male and female investors.
The results reveal substantial gender differences at the very first stage of investor–startup matching. Startups are 23% more likely to open an email from a male investor and 27% more likely to visit his website than those of an otherwise identical female investor. The gender gap is particularly pronounced for angel investors, and professional credentials – which increase engagement for male investors – can actually reduce engagement with female investors.
The findings highlight an important dimension of inclusive and sustainable finance: gender-based frictions can affect not only entrepreneurs’ access to capital, but also investors’ access to investment opportunities and deal flow.
Household Sustainability
Sustainability is no longer shaped only by governments, businesses and financial institutions. It is also influenced by the everyday choices of households. This publication offers a timely perspective on how household decisions can contribute to a greener, fairer and more prosperous future. By connecting sustainability with household behaviour, financial decision-making and broader societal outcomes, it highlights an often-overlooked dimension of the sustainability transition. The work provides valuable insights for researchers, policymakers and practitioners seeking to understand how individual choices can collectively drive meaningful change. It reinforces the importance of placing people and households at the heart of the sustainability agenda.
SGFIN LinkedIn | World Scientific – Household Sustainability
Not at Odds: Why AI and Sustainability Go Hand in Hand
In an interview with CNA, Professor Sumit Agarwal, Managing Director of SGFIN, expressed his opinion that AI and sustainability are symbiotically aligned, not contradictory. He argued that AI can help advance the sustainability agenda, while sustainability principles should shape how AI is developed and deployed. On broader strategy, he supported Temasek’s rising AI investment given its general-purpose, cross-industry transferability, despite execution risks from high valuations. On sustainability, he stressed that success lies in whether capital accelerates the shift to a low-carbon economy, not just falling portfolio emissions.
China’s graduation from World Bank lending: a milestone for development finance
On CNA938 Rewind, Professor Johan Sulaeman, Director of the Sustainable and Green Finance Institute at NUS, discussed the World Bank’s decision to phase out lending to China by 2031. He observed that the decision is partly technical but also symbolic, as China is now treated as a facilitator and supporter of the Bank. The phase-out reflects a reprioritisation of lending towards the poorest economies, yet this does not mean retreating from climate adaptation: physical climate risks continue to rise and fall disproportionately on poorer countries, so development finance and climate resilience remain deeply connected.
AI is not Just Software – It is Heavy Industry
In The Business Times, Professor Johan Sulaeman, Director of the Sustainable and Green Finance Institute at NUS, examines the investor bargain behind SpaceX’s listing and the wider Musk ecosystem, including xAI’s rapid AI buildout. AI data centres require vast electricity, water, land and cooling infrastructure. Yet investors buying into founder-controlled structures may have limited power to influence how these environmental risks are managed. This highlights a core challenge in sustainable finance: the AI economy’s physical footprint must be measured, governed and priced.
As transition finance evolves, one issue warrants deeper scrutiny: captive coal
In The Business Times (16 June 2026), Professor Johan Sulaeman, Director of the Sustainable and Green Finance Institute at NUS, underscores how banks can better manage indirect exposure to coal in sectors producing transition-critical minerals. Coal-powered industrial operations face rising decarbonisation pressures, from trade measures to shifting buyer expectations. Rather than blanket exclusions, a more calibrated approach is needed: credible transition pathways, declining emissions-intensity thresholds, and enhanced disclosure. This highlights a core tension in sustainable finance, supporting essential low-carbon materials while avoiding carbon lock-in.
Indonesia’s Blue Bonds: Diving into New Waters
Sovereign blue bonds are often framed as innovation, but the challenge lies in how they are structured and brought to market. This teaching case examines Indonesia’s blue bond issuance through the lens of market entry, instrument design, and alignment with broader financing strategies. Set against rising ocean-related risks and growing investor focus on sustainable finance, the case highlights how design choices interact with debt management and fiscal frameworks. It offers a practical lens for understanding how sovereign decisions translate into market signals, with implications for pricing, risk assessment, and credibility. The case supports discussion on the trade-offs underlying sustainable sovereign financing.
Exploring the potential and opportunities of sustainable business
Sustainable business opportunities are growing in Indonesia as consumer awareness and demand for environmentally responsible products continue to increase. In the article, Associate Professor Zhang Weina (Department of Finance) shared how sustainability is no longer a niche area but a core business competency, as companies increasingly seek leaders who can integrate financial, environmental and social considerations into decision making. She noted that enrolment in sustainability-related courses at NUS Business School has more than doubled, reflecting rising demand for green skills, and highlighted that programmes are designed to equip students with the analytical, strategic and practical capabilities needed to lead sustainable business transformation.
Demand for Green Skills Is Rising — Explore the Job Prospects
Demand for green skills is rising as sustainability becomes a core business priority. In a virtual media roundtable, Associate Professor Zhang Weina (Department of Finance) said companies are increasingly seeking leaders who can integrate financial, environmental and social considerations, making sustainability a critical competency rather than a niche skill. She noted that enrolment in sustainability-related courses at NUS Business School has more than doubled, reflecting growing demand, and added that programmes are designed to equip students with the analytical, strategic and practical skills needed to lead the transition.
War-driven oil shocks expose aviation’s decarbonisation challenge
Professor Johan Sulaeman highlights the potential of geological carbon credits (GCCs) as a critical enabler of aviation’s decarbonisation pathway. As a hard-to-abate sector, aviation will continue to face persistent residual emissions, even as sustainable aviation fuel (SAF) scales over time. GCCs offer a high-integrity solution to neutralise these emissions through permanent carbon storage, aligning with the long atmospheric lifetime of aviation-related CO₂ and thereby addressing a structural gap that cannot be eliminated through technological and fuel substitution alone. With significant geological storage potential in Southeast Asia, and strong market infrastructure, Singapore is well positioned to anchor regional carbon market development and integrate GCCs into a credible, long-term decarbonisation strategy.
The Complex Trade-Offs Involved in Natural Resource Governance
Natural resource governance often involves complex trade-offs between regulation, enforcement, and long-term development goals. A recent op-ed by Professor Johan Sulaeman in The Jakarta Post reflects on a case where mining permits were revoked while operations continued, highlighting the challenges that can arise between policy decisions and their implementation on the ground. The article illustrates how the transition from regulatory decisions to operational outcomes can be complex, particularly in the mining industry, where projects involve long investment cycles, multiple stakeholders, and significant economic and environmental implications. Addressing these challenges requires not only well-designed policies, but also consistent implementation, transparent processes, and clear communication among regulators, companies, and local communities. As environmental considerations, economic development, and financial risks become increasingly interconnected, strengthening governance and accountability will remain essential for supporting responsible and sustainable resource management.
The $1B Question: Why Singapore’s Carbon Tax Revenues Fall Short of Expectations
Singapore’s carbon tax debate is less about missed forecasts and more about design realities. As highlighted by Professor Johan Sulaeman, the oft-cited S$1 billion revenue was never official, raising a more important question: why are actual projections structurally lower? Transitional allowances and the use of international carbon credits are softening the effective carbon price, particularly for emissions-intensive, trade-exposed sectors. While this cushions competitiveness, it also dilutes near-term impact. For carbon pricing to drive meaningful transition, these allowances must be progressively tightened in both scope and quality. Otherwise, persistently low effective prices risk weakening incentives for decarbonisation and delaying Singapore’s broader climate ambitions.