Singaporean corporates spearhead Asia’s green banking drive

60% of Singaporean enterprises are taking ESG requests for proposals.

In a study released by East & Partners, Singaporean corporates show an increased demand for environmental, social, and governance (ESG) and sustainable financing initiatives.

The report observed the behaviours, attitudes, and global best practices of sustainable financing by corporations. 

Even with the slower traction of green financing in Asia, 60% of Singaporean enterprises are taking ESG requests for proposals (RFP) to tender over the last two years, higher than the global average of 50%.

Singaporean enterprises were seen to have the second-highest proportion of successful ESG-based RFPs with 71.9% meeting the entirety of scope, cost structure, and execution of the transaction. This puts them second to the UK, with a 76.9% success rate of RFPs.

Marvin Smith, Global Head of Markets Analysis, East & Partners, has reiterated that this call for green initiatives should be one that should be adopted worldwide. 

“While these principles are taking stronger root globally, the sustainable financing ecosystem at large remains nascent. Still, we remain highly optimistic that the green push shown by more corporates – whether they truly espouse the ESG spirit or are driven solely by returns derived from it – will drive more banking providers to tailor their products and services along more sustainable lines,” he said.