Gov’t to inject $2.4b raised from first sovereign green bond to rail network expansion

The government has already allocated 30% of the funds raised.

The government has allocated $700m or 30% of the $2.4b raised from Singapore’s first sovereign green bond to finance capital expenditure of the Jurong Region Line (JRL) and Cross Island Line (CRL).

According to the Singapore Green Bond Report, the government plans to allocate the remaining proceeds to the two rail projects by the end of FY2024.

“The allocation of green bond proceeds to the JRL and CRL during FY2022 is expected to have a financed impact of between 1,200 and 1,800 tonnes of CO2-equivalent emissions avoided annually,” the Ministry of Finance (MoF) said.

When fully operational, the JRL and CRL are estimated to result in total carbon savings of between 100,000 and 120,000 tonnes of CO2 equivalent annually.

“This is equivalent to taking 22,000 cars off Singapore’s road, and represents an estimated emissions reduction of 81% compared to the baseline scenario,” the MOF added.

Follow the link for more news on

Ministry of Finance

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia