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Second-Party Opinion Download

Project Details


The Ministry of Finance Singapore Singapore Green Bond Framework Second-Party Opinion (2022)


The Ministry of Finance of Singapore

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

May 2022

Evaluation Summary

Sustainalytics is of the opinion that the Singapore Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the ASEAN Green Bond Standards 2018. This assessment is based on the following: 


The eligible categories1 for the use of proceeds are aligned with those recognized by the Green Bond Principles 2021 and ASEAN Green Bond Standards 2018. Sustainalytics considers that investments in the eligible categories are expected to facilitate the transition to a low-carbon economy in Singapore and advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 9, 11, 12, 13 and 15.  


he MOF’s Green Bond Steering Committee (GBSC) will oversee the internal process for evaluating and selecting projects. The GBSC is chaired by the Second Minister for Finance and comprised of senior government representatives from various government bodies. The MOF has processes in place to identify and mitigate common environmental and social risks associated with the eligible projects, which are applicable to all allocation decisions made under the Framework Sustainalytics considers the MOF’s risk management system to be adequate and the project selection process to be in line with market practice. 


The MOF will oversee the management of proceeds on a portfolio basis. The allocation process will be tracked using a green bond register. The MOF intends to allocate net proceeds within two or three years following the date of issuance. Unallocated proceeds will be held as cash or invested in short-term liquidity instruments. This is in line with market practice. 


The MOF intends to report on the allocation and impact of proceeds on its website on an annual basis until full allocation. Allocation reporting may include a breakdown of proceeds according to project category and the balance of unallocated proceeds. In addition, the MOF is committed to reporting on relevant impact indicators. Sustainalytics views the allocation and impact reporting as aligned with market practice.