Businesses which do not manage their environmental risk adequately could find themselves facing higher borrowing costs or limits on their loans down the road if proposed guidelines released by the Monetary Authority of Singapore (MAS) on Thursday (June 25) are accepted and implemented.
Boards and senior management of financial institutions are also expected to incorporate environmental considerations into their strategies, business plans and product offerings, and to maintain effective oversight of the management of environmental risk, said MAS.
These guidelines are part of a set of three consultation papers issued by the authority on environmental risk management for banks, insurers and asset managers in efforts to shape Singapore into a global centre for green finance.
The full original article can be found at straitstimes.com
(Photo: ST PHOTO: KUA CHEE SIONG)