tharman shanmugaratnam : singapore ’ s dynamically changing landscape speech by mr tharman shanmugaratnam, chairman of the monetary authority of singapore, at the opening of one raffles place tower two, singapore, 18 september 2012. * * * wee ee cheong, chairman, oub centre limited, mr henry kok, general manager, oub centre limited, distinguished guests, good evening. it is my pleasure to be invited to officiate the opening of a new twin skyscraper in raffles place – one raffles place tower two. it is part of the continuing rejuvenation of the cityscape at raffles place, which continues to be at the heart of businesses and commerce in singapore. raffles place – a continuing history of new blended in old raffles place has indeed been a continuous story of the new inserted in the old, as it emerged from being a humble docking location for small boats and ships in the early 1800s, to become a thriving centre of regional commerce and now a global business and financial centre. on 8th august 1988, oub centre, now called one raffles place tower one, was opened by mr lee kuan yew, who was then prime minister. he had noted the building ’ s quality design and distinctive workmanship. it was also an icon for singapore at the time, as the building went on to be recognised as the tallest building in the world outside of the united states. designed by kenzo tange, one raffles tower one still remains amongst the tallest three skyscrapers in singapore. this evening, one raffles place continues this evolution with the addition of a second tower. how interesting too, that the new tower is designed by mr paul noritaka tange, son of the architect for the original tower one. i am told that one raffles place tower two has two distinctive features which differentiate it from its predecessor. first, one raffles place tower two is a certified bca green mark platinum development. some of the building ’ s environmentally - friendly features include solar cells and tools to harvest rainwater. with these sustainable features, the new tower will achieve an overall energy savings of 32 % each year. i applaud oub centre on this effort. second, one raffles place tower two will not only provide an additional 360, 000 square feet of grade a premium office space but has floor plates which are column - free. they grant offices the flexibility to apportion their office

, significantly influencing them to chart their future strategies. also, given the important role played in financing by private sources, there is a need for regulators to put in place right climate information architecture to create a conducive environment to attract private capital for climate finance. therefore, the role of disclosure frameworks which are consistent with internationally accepted norms is crucial. the point i wish to make is that it is possible to converge the objectives of growth and climate - protection in an optimal way. once we are able to put in place enabling 4 / 6 bis - central bankers'speeches frameworks, economy would be able to create a pipeline of the viable projects as well as evolve a set of new financial instruments like adaptation finance3, blended finance4 as an innovative climate financing tools. given these building blocks the possible policy direction points to strengthening regulatory and supervisory frameworks could include ( i ) disclosure requirements ( ii ) risk management ( iii ) robust network of third - party verification of green credentials and impact assessment of projects to address green washing concerns and ( v ) periodical stress testing as part of risk mitigation measures. as a country, india too has made significant advancements in addressing climate change and fostering sustainable development. we have submitted our nationally determined contributions ( ndcs ) to the unfccc in 2015, with updates presented at cop 26 in 2021. india also has committed to ambitious targets through its comprehensive strategy known as " panchamrit, " aiming to increase non - fossil - fuel energy capacity to 500 gw by 2030, derive 50 % of energy from renewable sources, and reduce gdp carbon intensity by 45 % by 2030, aiming for net zero emissions by 2070. launching of long - term low emission development strategies ( lt - leds ) at cop27, co - founding the international solar alliance, launching of the national hydrogen mission, introduction of mission life ( lifestyle for the environment ) are some of the other steps taken by the government of india. rbi too has taken proactive steps like including financing renewable energy projects under priority sector loans, introducing green deposits, and drafting a disclosure framework for climate - related financial risks. in near future, we plan to release guidance notes on scenario analysis, stress testing, and effective management of climate - related financial risks based on bcbs principles. rbi's aspirational goals for rbi @ 1005 includes establishing a robust regulatory and supervisory framework to effectively manage challenges arising from climate change, enhance the resilience of payment systems