ING Bank and Global Initiatives launch Sustainable Finance Collective Asia
Collective brings together funding partners ING Bank, Credit Suisse, FMO and the UNDP-UN Social Impact Fund to finance sustainability projects in Asia.
On 22 November, ING Bank announced the launch of the Sustainable Finance Collective (SFC) Asia in partnership with Global Initiatives at the Responsible Business Forum in Singapore on Sustainable Development. An industry first for the region, SFC Asia aims to accelerate the funding of sustainability projects in the areas of circular economy, sustainable energy and positive social impact in Asia. It will provide financing access through a platform comprising a Funding Panel that includes ING Bank, Credit Suisse, FMO and the UNDP-UN Social Impact Fund. The Funding Panel will offer access to a range of capital including debt, equity and/or mezzanine, guarantees, currency and commercial covers. This platform will enable sustainability proposals to access financial solutions that are traditionally not offered under one roof. The SFC Asia also hopes to encourage organisations to transition their businesses towards increased sustainability by providing support and advisory from an Expert Panel comprising technical consultants, environmental consultants and experts in social and environmental impact assessment. The Expert Panel will help companies to fine-tune their sustainability projects to improve their chances of qualifying for funding from the Collective. This panel will include members of the Funding Panel, Atkins Acuity, Clifford Chance and Sustainalytics.
“Sustainability for ING is a key pillar to achieving our purpose of empowering people and businesses to stay a step ahead. We want to encourage businesses to become more sustainable and we hope to see applications for game-changing sustainability projects that will have a positive impact in Asia,” said Gerrit Stoelinga, CEO of ING Wholesale Banking Asia.
Applications can be submitted online via the SFCA website which is expected to go live next month. To be considered, projects will have to cover one of the three sustainability themes: circular economy, sustainable energy or social impact. Circular economy and sustainable energy projects require a funding minimum of USD 15 million, while Social Impact projects require a funding minimum of USD 5 million. Projects will be evaluated on a project-by-project basis by the Funding and Expert Panels.
“Global Initiatives is proud to be a program partner for the launch of the Sustainable Finance Collective Asia at the Responsible Business Forum, United Nations’ first business forum on its Sustainable Development Goals in Asia. These innovative ways of providing access to finance can encourage the business community to champion sustainability projects in the region,” said Tony Gourlay, CEO of Responsible Business Forum, Global Initiatives.
At the launch of the initiative, Leonie Schreve, global head Sustainable Finance at ING, commented: “The Sustainable Finance Collective Asia is literally a collective effort and a great example of market collaboration in order to accelerate the realisation of the Sustainable Development Goals and translate dialogue into impact. The platform is innovative and unique because it bundles financial solutions and capabilities which you normally don’t find under ‘one roof’. The platform is formed by a select number of financial institutions, combined with technical, social, environmental impact and legal experts. Combining the different funding capabilities and experts, it will enable projects to be realised in a variety of sustainable areas, such as circular economy, clean energy and impact finance.”
For more information, visit: www.sfc-asia.com.
Charlene Quah, ING Bank Asia
T +65 6539 7730 / +65 9146 0734
Atkins Acuity is the new advisory business from the Atkins Group. We help to successfully deliver our clients’ ambitions in infrastructure and energy, worldwide. Combining deep business acumen with the engineering expertise of Atkins, we offer seamless, end-to-end advisory services that build higher value, more rewarding partnerships. More information: www.atkinsacuity.com.
Clifford Chance is one of the world's pre-eminent law firms with significant depth and range of resources across five continents. As a single, fully integrated, global partnership, we pride ourselves on our approachable, collegiate and team based way of working. We always strive to exceed the expectations of our clients, which include corporates from all the commercial and industrial sectors, governments, regulators, trade bodies and not for profit organisations. We provide them with the highest quality advice and legal insight, which combines the firm's global standards with in-depth local expertise. Clifford Chance operates across Asia Pacific, with offices in Bangkok, Beijing, Hong Kong, Perth, Seoul, Shanghai, Singapore, Sydney and Tokyo. The firm has an established Formal Law Alliance with Cavenagh Law LLP in Singapore, and also operates an association with Linda Widyati & Partners in Indonesia. With more than 450 lawyers in Asia Pacific alone, it is one of the largest international firms in the region, enjoying a market leading reputation across practices. Clifford Chance was ranked 'Band 1' in more cross-border tables than any other firm in the Chambers Global 2016 Directory. This independent analysis focuses on firms' legal ability, professional conduct, client service, and commercial awareness, and these rankings provide outstanding recognition for the firm's breadth of expertise and consistency of quality across global markets.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47’690 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. More information: www.credit-suisse.com.
FMO is the Dutch development bank. FMO has invested in the private sector in developing countries and emerging markets for more than 46 years. Our mission is to empower entrepreneurs to build a better world. We invest in sectors where we believe our contribution can have the highest long-term impact: financial institutions, energy and agribusiness. Alongside partners, we invest in the infrastructure, manufacturing and services sectors. With an investment portfolio of EUR 8.9 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. More information: www.fmo.nl.
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. ING Bank's more than 52,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the exchanges of Amsterdam and Brussels and on the New York Stock Exchange.
Sustainability forms an integral part of ING’s strategy, which is evidenced by the number one position among 395 banks ranked by Sustainalytics. ING Group shares are being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is among the leaders in the Banks industry group.
ING Bank Asia covers wholesale, retail and direct banking in Asia Pacific. The wholesale banking business is present and active in 13 major economies in Asia Pacific, namely Australia, China, Hong Kong SAR, Indonesia, Japan, Malaysia, Mongolia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. ING’s presence in Asia also includes a 13.6% stake in Bank of Beijing, China; a 3.9% stake in Kotak Mahindra Bank, India; a 30.0% stake in TMB Bank, Thailand; and a 100% stake in ING Direct in Australia.
Sustainalytics is an independent ESG and corporate governance research, ratings and analysis firm supporting investors around the world with the development and implementation of responsible investment strategies. With 15 offices globally, Sustainalytics partners with institutional investors who integrate environmental, social and governance information and assessments into their investment processes. Today, the firm has more than 300 staff members, including 170 analysts with varied multidisciplinary expertise of more than 40 sectors. Through the IRRI survey, investors selected Sustainalytics as the best independent responsible investment research firm for three consecutive years, 2012 through 2014 and in 2015, Sustainalytics was named among the top three firms for both ESG and Corporate Governance research. More information: www.sustainalytics.com.
UNDP-UN Social Impact Fund
Together with selected public finance and capital market partners, the UNDP - UN Social Impact Fund (UNDP-UNSIF) is a blended financing platform that aims to provide grant, debt and equity financing to SDG-aligned investment projects.