In the upcoming Punggol Digital District, businesses will be connected to a network of sensors collecting real-time data on solar generation, building occupancy, rainfall and humidity; they can use this information to optimise their energy usage. We are working towards a Circular Economy, where resource usage is reduced and resources are re-cycled Singapore is the first country in the world to achieve circularity in the water sector. We collect every drop of used water, treat and purify it, and turn much of it into clean water again. Singapore is extending the circularity principle to other areas. We are experimenting with the use of treated incineration waste as construction materials for building roads. We are looking into transforming waste plastic into alternative fuels. We are recycling food waste into sustainable animal feed. Under the Zero Waste Masterplan, by 2030, Singapore aims to reduce by 30% the amount of waste per capita that we send to our landfills. We are positioning Singapore as a carbon services hub to complement Asia’s decarbonisation eﬀorts. There is good potential in Southeast Asia to generate carbon credits. Singapore can play a role in facilitating the financing of projects that reduce or remove emissions through these credits. A critical enabler for all these sustainability eﬀorts – in Singapore and across Asia – is Green Finance. https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  4/13  14/10/2020  “Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Finan…  Finance fuels the economy, shapes investment decisions, and drives action.

By making it safer and fairer we can put in place the conditions for it to thrive. But whether or not it thrives will rest on the efforts of individuals and organisations to re-establish the system’s reputation for integrity. While regulators will fix the mechanics of benchmarks in markets ranging from LIBOR to FX, only private individuals and institutions can reform the behaviour that has made such changes necessary. Changes to the structure of compensation will better align the incentives of bank staff and their shareholders, but not every risk can be anticipated. Even if such a package could be devised it would not internalise the impact of individual actions on systemic risks, including on trust in the banking system. For the system to operate with integrity, penalties for misconduct cannot be seen as a cost of doing business. Rather, banks must recognise that only exemplary behaviour can confer social licence to global financial capitalism. More fundamentally, integrity cannot be legislated, and it certainly cannot be bought. Only a perspective which takes into account the wider implications of actions can guide proper behaviour. And while regulators can promote competition, end the subsidy enjoyed by institutions that are too big to fail, and determine the appropriate split of remuneration between fixed and variable elements to limit risks to financial stability, only society, not regulators, can determine whether the absolute and relative levels of compensation are acceptable. 3.