Singapore injects $1.2b from green bonds for rail projects

MAS will allocate the remaining green bond proceeds by FY2025.

Singapore allocated $1.2b from its green bond issuance proceeds to fund the Jurong Region Line (JRL) and Cross Island Line (CRL) projects, the Monetary Authority of Singapore (MAS) reported.

In its Singapore Green Bond Report for FY23, MAS stated that the $1.2b allocation comprises $1.7b from the inaugural tranche of the 50-year Green Singapore Government Securities (SGS) (Infrastructure) bond, whilst the remaining $0.4b was from the reopened tranche issued in September 2023.

MAS issued the inaugural tranche on 15 August 2022. MAS will fully allocate the remaining unallocated proceeds from the reopened tranche by the end of FY2025.

As of 31 March 2023, or the end of FY2023, MAS has allocated $2.8b of the green bond proceeds.

MAS said the allocation will result in a "financed impact of between 4,700 and 7,100 tonnes of CO2-equivalent emissions avoided annually."