ING 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.