The Ministry of Finance of Singapore has allocated SDG2.1 billion from green bond proceeds for the Jurong Region Line (JRL) and Cross Island Line (CRL) projects in FY 2023. This funding comes from SDG1.7 billion issued in August 2022 and an additional SDG0.4 billion from a reopened tranche in September 2023. The total issuance of the 50-year Green Singapore Government Securities (Infrastructure) bond is SDG2.8 billion, with remaining unallocated proceeds expected to be fully utilised by the end of FY 2025.
These projects are vital for Singapore’s goal of achieving a 75 per cent mass public transport modal share and aim to reach net-zero emissions by 2050. Once operational, the JRL and CRL are expected to result in annual carbon-dioxide savings of 100,000 to 120,000 tonnes of CO2 equivalent, comparable to removing over 22,000 cars from the roads, leading to an 81 per cent reduction in emissions compared to the baseline scenario.
