Uniting Forces for Sustainable Finance towards ASEAN’s Sustainable Future
The Singapore Sustainable Finance Association (SSFA) was launched on January 24, 2024, in partnership between the financial industry and the Monetary Authority of Singapore (MAS). Led by HSBC Singapore and BlackRock as the current co-chairs, SSFA is set to play a pioneering role as the first cross-sectoral industry body to develop Singapore’s sustainable finance ecosystem.
SSFA’s main goal is to support the low-carbon transition and sustainable economic growth of Singapore and in the region and, eventually, to be a global center for sustainable finance. The SSFA establishment is considered a pivotal moment in Singapore’s sustainable finance journey to developing the country into a resilient and innovative hub for sustainable finance practices.
This initiative aligns seamlessly with broader ASEAN efforts to tackle pressing financing challengesrelated to infrastructure and energy transition. , Highlighted during the 2023 ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM), the infrastructure sector in ASEAN needs US$280 billions of financing per year. This cannot be met by the existing public and private funds, as there is a significant $19 billion funding gap per year.