Accelerating sustainable finance in the Asia-Pacific: reflections from Singapore
As part of ASFI’s mission to create a more sustainable, resilient and inclusive financial system, we are actively working in partnership with our members, government and the broader finance sector to increase sustainable finance in the Asia-Pacific region.
Earlier this month, Purdie Bowden (Program Lead; Policy and Sustainable Finance Solutions), represented ASFI on the international stage in Singapore. Here are her highlights and reflections:
Sustainable Debt Asia Conference
Purdie brought Australia’s sustainable finance taxonomy to the international stage at the Sustainable Debt Asia Conference. In a panel discussion on transition finance, Purdie’s key message was that inter-operability of national sustainable finance policies such as taxonomies is essential. Taxonomies must be science-based and credible, but “inter-operable” does not mean “the same”. She pointed to the Australian taxonomy’s transition methodology as being able to accommodate different national pathways to net zero within a global 1.5-degree carbon budget. Eugene Wong, CEO of Sustainable Finance Institute Asia (which has developed ASEAN’s taxonomies) joined Purdie on the panel and called for “equivalency” across different taxonomies. This is an idea ASFI is keen to explore further with ASEAN and other jurisdictions.
Engagements with the finance sector, government, and international partners
Purdie met with policymakers, international partners and leaders in sustainable finance to explore opportunities for closer collaboration. This included engagement with the Australian High Commission in Singapore, which is leading implementation of the Australia-Singapore Green Economy Agreement with the Monetary Authority of Singapore’s new Singapore Sustainable Finance Association (SSFA), on opportunities to scale blended finance in the Asia-Pacific region. She also met with Singapore’s sustainable finance institutes to explore how they are approaching capacity building for sustainable finance professionals.
Indo-Pacific Economic Framework (IPEF) Clean Economy Investor Forum
L-R Purdie Bowden, Kristian Fok and Anna Engwerda-Smith
On her final day in Singapore, Purdie joined over 300 policymakers, investors and project developers from across the Indo-Pacific at the IPEF Clean Economy Investor Forum. The event focused on mobilising green finance for IPEF countries. There, she caught up with ASFI Chair Kristian Fok and IFM’s Anna Engwerda-Smith (pictured), who were participating in the Australian Government’s investment mission to Vietnam and Singapore.
To conclude the trip, Purdie represented ASFI at a Southeast Asia Investor Reception at the Australian High Commissioner’s residence, attended by Australia’s Trade Minister the Hon. Don Farrell MP and leaders from across finance, industry and government.
The trip demonstrated the significant strides that Australia has made on sustainable finance in recent years. There is strong interest from the Australian Government and from Singaporean counterparts to deepen bilateral cooperation to mobilising finance and investment for the ASEAN region. Purdie looks forward to following up on the many ideas exchanged as ASFI builds its international sustainable finance policy and blended finance programs over the next 12 months.