Green finance

Finance Minister NIrmala Sitharaman | Illustration: Moneycontrol Financial technology players should look at areas like green finance as well the underserved demographic categories, Finance Minister Nirmala Sitharaman said on September 20, while seeking more engagement between the government and the industry. “There are opportunities for fintech players to play the role in a sustainable financial environment,” Sitharaman said in her address at the Global Fintech Fest. “Fintech may locate promising growth opportunities in India’s demographic growth transformation and with some players who can opt for full service offering to boost access for specific underserved demographic.” India’s fast-growing fintech industry is being brought under greater regulation. The Reserve Bank of India has asked all digital lenders including fintechs, banks and non-banking finance companies to comply with its norms by end of November. The digital lending framework is designed to strike a … [Read more...] about FM asks fintechs to look at green finance, engage more with government

(From left) SJPP principal officer Chen Yin Heng, UOB Malaysia chief executive officer Ng Wei Wei and MRANTI chief innovation officer Muhundhan Kamarapullai at the memorandum of understanding signing ceremony. - A + A KUALA LUMPUR (Sept 19): United Overseas Bank (M) Bhd’s (UOB Malaysia) has partnered with Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) to launch the RM1 billion U-Green Financing programme, which will support small and medium enterprises (SMEs) in embracing sustainability. In a statement, the bank said SJPP will be guaranteeing up to 80% of the loans through its Pemulih Government Guarantee Scheme. “U-Green Financing is available to eligible SMEs and mid-sized companies from all industries looking to contribute to smart sustainable cities. “Companies will also be eligible if they want to develop or construct green buildings, facilitate green trade, or contribute to a circular economy," it said, adding that the programme is open to both … [Read more...] about UOB Malaysia partners with SJPP to offer RM1b U-Green financing

- A + A KUALA LUMPUR (Sept 21): It is paramount for financial institutions to connect stakeholders to work together in setting appropriate standards to develop a sustainable finance roadmap, concurred panellists at the one-day conference “Developing and Financing Green Housing in Asia” organized by Cagamas Bhd. “Maybank has actually been on a sustainability journey for more than a decade but in the last two years, we have regrouped and refreshed our purpose as a financial institution, given that we know we have the power to move capital away from harm to a positive social development” said Maybank’s chief sustainability officer Shahril Azuar Jimin during a panel session titled “Innovation in Green Home Financing” at the conference on Wednesday (Sept 21). Shahril added that Maybank also aims to provide RM50 billion of sustainable financing by 2025 under its long-term sustainability initiative. Gladys Chua, head of sustainability at RAM Holdings Bhd’s unit RAM … [Read more...] about Financial institutions need to connect stakeholders to make green financing work

- A + A (Sept 22): Pertamina, Indonesia’s state-owned oil and gas company, plans to seek green sources of financing. The company is exploring options including green bonds to fund geothermal projects, as well as sustainability-linked notes, green loans and transition bonds, Finance Director Emma Sri Martini said in an interview in Jakarta. Such instruments would help it tap the European financial market, she added. “In the next 20-30 years, the fossil fuel industry is a sunset industry,” she said on Thursday. By then, the company needs to derive more of its revenue from non-fossil fuel business. Pertamina still plans to invest more than half of its annual capital spending on fossil fuel, while seeking new gas and especially oil fields to acquire, Martini said. Indonesia needs to boost oil output to reduce dependence on imports, she added. Meanwhile, the company will spend about US$8 billion to US$10 billion building green projects each year through its renewable … [Read more...] about Pertamina seeks green financing as it faces ‘sunset industry’

India’s low-cost EV financing space is getting more traction with non-banking financial companies (NBFCs) in the segment witnessing a 10 to 12-fold jump in deployments in the past 12 months, even as investor interest in the segment increases exponentially. This comes on the heels of healthy demand for non-four-wheeler electric vehicles (EVs) and EV-related ancillary startups like manufacturers of batteries and charging stations. “Our monthly disbursements have increased more than 10 times in the last 12 months. A year back we were not even doing 10 percent of what we were doing now… This reflects the overall growth in the segment,” Sameer Aggarwal, founder of EV finance startup RevFin, said in an interaction. Founded in 2018, the Delhi-headquartered RevFin has a presence in over 300 towns in India and is mainly in the EV three-wheeler financing segment. The startup recently raised Rs 100 crore funding in debt led by Northern Arc, Liquiloans, and the UK charity Shell … [Read more...] about What’s fuelling India’s growing EV finance sector?

Share to Twitter Share to Linkedin Karl Pomeroy, President and GM, Motili. Several of my Forbes columns have been dedicated to topics regarding the upcoming changes in HVAC regulations. As a recap, the seasonal energy efficiency ratio (SEER) measures the annual energy consumption and efficiency of an HVAC unit’s cooling ability. The higher the SEER rating, the less energy the unit uses. HVAC is the single largest energy consumer in the U.S., and much of that energy is produced through fossil fuels. The regulatory updates for SEER ratings that will take effect in January 2023 will change the baseline efficiency of the HVAC equipment that can be sold and installed in the U.S. As a part of these regulations, refrigeration changes will also take effect. We will continue to move away from highly caustic refrigerants like R-22 and instead increase the use of low-impact and highly efficient refrigerants such as R-32, that are already in regular use … [Read more...] about HVAC Sustainability: Raising The Green Commitment In The U.S.

- A + A (Sept 15): Singapore aims to add as many as 20,000 finance jobs over five years, as the government seeks to bolster areas including wealth management and sustainable financing. The Asian financial hub is projected to add 3,000 to 4,000 net roles on average every year during 2021 to 2025, while the financial sector will grow by 4% to 5% per year in the plan unveiled on Thursday (Sept 15) by the Monetary Authority of Singapore (MAS). The push to enhance Singapore’s competitiveness as a global financial centre comes against the backdrop of a gloomier economic outlook. The country’s political stability attracts rich people from all over the world, a key edge as it vies with Hong Kong and London to manage global wealth flows. The financial sector accounts for 14% of the country’s gross domestic product. The MAS “will work with the financial industry to deepen capabilities in asset classes in which Singapore plays a key regional or global role”, in areas … [Read more...] about Singapore to create up to 20,000 finance jobs in five years

Chung (second from right) and Engstrom (second from left) at the signing of the technical assistance agreement at the conference on developing and financing green housing in Asia on Wednesday (Sept 21). The signing ceremony was witnessed by (from left) Perdiguero, Awang Adek, Tengku Zafrul and Bakarudin. (Photo by Mohd Suhaimi Mohamed Yusuf/The Edge) - A + A KUALA LUMPUR (Sept 21): National mortgage corporation Cagamas Bhd has entered into an agreement with the Asian Development Bank (ADB) towards expanding the green mortgage market to include B40, M40 and female-headed households. Cagamas said the technical assistance agreement with ADB was signed at the conference on developing and financing green housing in Asia on Wednesday (Sept 21), to study and identify the challenges and constraints for scaling up inclusive and green residential mortgages in Malaysia. The signing ceremony was witnessed by Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, Cagamas … [Read more...] about Cagamas inks agreement with ADB to expand green mortgage market

- A + A KUALA LUMPUR (Sept 21): Collaboration from all stakeholders within the chain is required to make affordable green houses accessible for more people, said RAM Holdings Bhd's sustainability services unit. Gladys Chua,  head of sustainability services at RAM Sustainability Sdn Bhd, said green home supply is still at the infancy stage in Malaysia. In terms of pricing, there is a challenge in making green houses affordable and putting in the green features, she said during a panel discussion at the Developing and Financing Green Housing in Asia conference on Wednesday (Sept 21). “We have seen some green premium for some of the green bonds. The bulk of these are for energy systems and building. [Hence] there is potential for the local market to get a cheap source of funding and lower climate risk for the market,” Chua said. “[Nonetheless] it may take time for the market to develop all these. Sustainability is about collaboration between issuer, bank, customers, … [Read more...] about Collaboration from all stakeholders needed to make affordable and green houses accessible

- A + A KUALA LUMPUR (Sept 29): Islamic finance experts believe there is a real opportunity for the green sukuk market to take off and grow further globally, albeit requiring greater standardisation and regulation. Global Islamic Finance Forum 2022 (GIFF2022) chairman Arsalaan Ahmed said this is supported by the growing confidence in the green sukuk market, with optimistic predictions on growth in demand. “The optimism is built on strong foundations, given the growing focus on sustainable investments in the Arab world,” he said in conjunction with the upcoming GIFF 2022 from Oct 5-6 in Kuala Lumpur. The event, themed “Take the Reins”, would be organised by the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), in support of the Malaysia International Islamic Financial Centre (MIFC). It is aimed at generating an active discourse on the work required to strengthen Islamic finance’s global leadership. Meanwhile, Arsalaan noted that a … [Read more...] about Green sukuk market set for take off as demand grows, say experts