DPM Heng Swee Keat urges sustainable finance collaboration to achieve net-zero goals

He outlined three key strategies to mobilise finance effectively.

Deputy Prime Minister Heng Swee Keat is calling for collaboration within the sustainable finance community, citing the critical role of finance in accelerating climate action across the region and achieving net-zero goals.

In his address at the SGFIN Sustainability Summit, noted the region's substantial requirement of over US$3 trillion to achieve net-zero emissions by 2050.

The minister outlined three key strategies to mobilize finance effectively in support of the region's net-zero trajectory

He stressed the importance of investing in skills and capabilities within the financial sector to seize opportunities in sustainable finance.

Keat also called for robust regulatory standards, good analytical tools, and trusted financial platforms to channel funds effectively toward green transition projects.

“Areas such as transition planning, nature and biodiversity, taxonomies and carbon markets are fast-evolving. The sustainable finance community must therefore develop cross-sectoral expertise and collaborate with counterparts in the real economy,” he noted.

Lastly, he urged increased investment in deep-tech innovations through venture and private equity capital.

“By combining our strengths in financial services with our growing capabilities as a Global-Asia node of technology, innovation and enterprise, Singapore can play a relevant role here,” Keat said.

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The minister also recognised Singapore's potential as a hub for such investments, citing initiatives like the Research, Innovation, and Enterprise masterplan and the Campus for Research Excellence and Technological Enterprise.

“The financial sector plays a critical role in mobilising finance to invest in addressing the challenges of climate change,” said Keat.

“To do so, the sector must continue to invest in deepening sustainability-related skills and capabilities, forge closer collaborations with academia and industry, and position itself to pursue innovation with impact and at scale,” he added.