Societe Generale: Greater Singapore Focus on Green Shipping and Energy
Societe Generale recently held an ESG-focused roundtable and highlighted key opportunities in Singapore and Asia at large, including green shipping and energy.
On shipping, the bank notes that it is a founding signatory of the Poseidon Principles, a global framework designed to incentive responsible ship financing and decarbonization, and urges responsible shipping banks to join the initiative.
«With Asia, and Singapore, playing a central role in the global shipping industry, the region has the potential to lead the green transformation of shipping and some next steps could be lobbying more Asian banks and governments to incentivize energy transition in this industry,» said Paul Taylor, global head of shipping and offshore at Societe Generale.
And on green energy, the bank highlights Singapore’s leading position in areas such as rooftop solar deployments alongside an ecosystem that includes relevant expertise, services and capital.
Green Asia
The bank stresses that the region at large is experiencing rapid growth in various green initiatives including renewable energy. Strong grassroots demand can be found in China, India and the Philippines. Wind and solar energy developments persist in Australia and offshore wind energy is beginning to take root in Taiwan.
«There is an increasing focus on a range of topics – renewable energy, clean transport, less carbon-intensive industries, education, social housing and healthcare – which are going to need financing and this offers significant growth potential of sustainable bonds in the Asia Pacific markets,» said Raj Malhotra, APAC head of debt capital markets at the bank.
«We also see the supply of such bonds in the region being driven by the rapid development of taxonomies across the world, from Europe to various Asian markets, and efforts by government officials and regulators to promote green and sustainable finance in the region.»
