Singapore’s first research institute dedicated to green finance research and talent development was launched on Monday by Imperial College Business School and the Lee Kong Chian School of Business at Singapore Management University (SMU).

Supported by the Monetary Authority of Singapore (MAS) and founding partners from the financial services industry, the Singapore Green Finance Centre (SGFC) will focus on climate science, financial economics and sustainable investing, according to a joint news release.

The institute will offer undergraduate, post-graduate, continuing and professional education courses, and pursue foundational and multi-disciplinary research to help develop strategies for policymakers and financial institutions to support Asia’s transition to a low carbon future, the announcement said.

According to SGFC, it hopes to develop the green finance talent pipeline and attract mainstream investment towards climate change, which it called «the biggest developmental and economic challenge of our time.»

Growing Ecosystem

«MAS is committed to developing a vibrant green finance research and talent ecosystem in Singapore, to support Asia’s transition to a low carbon future,» Ravi Menon, MAS Managing Director, said, announcing its launch at the Financial Times’ Investing for Good Asia conference on Monday.

«The SGFC will be an important part of this ecosystem,» he said.

Founding partners of the institute include Bank of China Limited, BNP Paribas, Fullerton Fund Management, Goldman Sachs, HSBC, Schroders, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and UBS. Along with MAS and both academic institutions, they will provide guidance on the strategic direction of the SGFC.

Action Plan

MAS in 2019 unveiled its Green Finance Action Plan to build financial system resilience to environmental risk, develop green finance solutions and markets, and leverage innovation and technology.

As part of the plan, it issued consultation papers that set out supervisory expectations for financial institutions in governance, risk management, and disclosure of environmental risk, for public feedback in June.

It also announced a $2 billion program to support the growth of this sector