‘Fifty shades of….. green’
Green is often associated with meanings of renewable, growth and environment. Green is also traditionally associated with money. Combined, shades of green are emerging under a common trend fostered by increasing collaboration among private- and public players, policy makers, financial institutions, central banks and financial regulators. Those being the ‘actors’ on stage.
The trend is ‘green finance’ with an emphasis on climate change, sustainable development and growth.
Why fifty shades then?
Fifty is not referring to Mr Grey’s character but rather to the number 50 representing a dynamic and changeable force according to numerology.
For the shades, alongside implementing scripts based on standards, principles, policies and actions to take, we’re witnessing the establishment of a ‘band of greenness’. Such a band is appropriately reflecting the different levels of experience and maturity of the actors on stage. Specifically, in terms of ability to track and guide behaviours and practices on what is green or not.
Fifty shades of green are probably a good representation of today’s situation.
The actors are encouraged to collaborate, and dynamically work together to mark minimum global standards and develop environmental metrics while allowing room for improvement.
The fifty shades of green encourage innovation and technology development to be more resilient and transparent. The ability to quantify, monitor and report the nuances of green, and the impact and return for a project, an investment and alike, will for sure accelerate and promote the green finance trend even further.
This is indeed encouraging, and increasingly visible as a changeable force and mindset in Singapore and ASEAN ‘go green’ financial capital market scenes.
Personally, I’m not surprised to see Singapore taking the lead as a green finance Hub for ASEAN and Asia. The country has a forward-looking stance in relation to key trends; from innovation, digitalization to the development of appropriate standards, policies and actions enabling Singapore to author and foster the growth of a greener, innovative and hence more sustainable mindset in Asia.
Green-ings from Singapore 😊
Corrado Lillelund Forcellati, Nordea
FBC board member