The Government of Singapore has raised SGD700 million from its first sovereign green bond, also known as the Green Singapore Government Securities (Infrastructure) bond. Proceeds will be used to fund key urban rail projects including the upcoming Jurong Region Line (JRL) and the Cross Island Line (CRL).
These bonds are part of a larger plan to issue SGD35 billion worth of sovereign and public sector green bonds by 2030. To date, around SGD8.2 billion in green bonds have already been issued, covering four green categories: clean transportation, waste management, green building, and sustainable water infrastructure.
The green bonds will be used to finance projects such as renewable energy, energy efficiency improvements, pollution prevention, and initiatives addressing climate change adaptation in Singapore. The projects funded by these green bonds will be key in Singapore’s transition toward a low-carbon economy.
Once both mass transit lines are fully operational, it will result in total carbon savings of between 100,000 and 120,000 tonnes of carbon dioxide equivalent per year.
