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MAS launches ESG Impact Hub to drive collaboration between stakeholders

Claudia Chong
Published Wed, Oct 5, 2022 · 07:06 PM

THE Monetary Authority of Singapore (MAS) has launched a hub in the business district of Singapore to house startups, financial institutions and other stakeholders focused on ESG initiatives.

The ESG Impact Hub will help facilitate the building of technology solutions to address the ESG (environmental, social and governance) needs of corporates and financial institutions, said MAS on Wednesday (Oct 5). Such needs include the accurate measurement, reporting and verification of climate and sustainability data.

“Many of the ESG data problems that we have today can be addressed by the use of technology,” said MAS managing director Ravi Menon. He added that collaboration between various stakeholders is necessary to solve real-world problems.

“We want the data that we need to solve the actual problems and challenges that real-economy companies are facing in various sectors. Shipping, aviation, construction, manufacturing – they all have unique data demands, supply chains and kinds of information needed to make sound ESG decisions and disclosures in a comparable, effective way,” said Menon, who officiated the hub’s launch on Wednesday.

MAS will engage industry players to organise ESG initiatives, such as accelerator programmes and training workshops, through the hub.

Located at co-working space The Great Room at Afro-Asia building, the hub gives members access to hot-desking and office packages at preferential rates. Partners may access the full range of The Great Room’s other offices in Singapore, Hong Kong and Bangkok.

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KPMG, climate-tech venture Terrascope, and not-for-profit organisation CDP are among 15 members that have joined the ESG Impact Hub.

The hub will also anchor sustainability initiatives such as the Point Carbon Zero Programme, launched by MAS and Google Cloud to incubate and scale climate fintech solutions in Asia, and KPMG’s ESG Business Foundry, a six-month accelerator programme for ESG fintechs.

MAS’s chief sustainability officer Darian McBain said: “This physical hub will augment MAS’ plans to launch a digital Greenprint Marketplace next year to catalyse the growth of the region’s online ESG community; and will serve as the launchpad for public-private partnerships that support Asia’s just and sustainable transition to a low-carbon economy.”

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