, and the efforts to fight it must be a shared responsibility. inclusivity is the key to our success. and inclusivity is at the heart of what the ngfs does. we have a diverse membership, across geographies, across stages of economic development, and across a variety of climate related risks and transition challenges. the ngfs will continue to ensure that our work on greening the financial system is inclusive – uncompromising in our ambition to support a paris - aligned pathway to net zero while meeting the economic and social development needs of our members. in short, a just transition to a sustainable planet. inclusivity is also a feature of the ngfs when it comes to partnering the financial industry, academia, and standard - setting bodies in charting policies and strategies on how the financial sector can support decisive climate action. we will cast our net wide and tap on the ideas of a range of stakeholders. given the magnitude and complexity of the challenge before us, nothing less will do. at the green swan conference, we have a diverse and inclusive assembly comprising some of the best minds and influential figures. i am confident that the conversations we will have over these two days will add impetus to what we can do together in the fight against climate change during this “ critical decade ”. thank you, and i wish you all a fruitful conference. [ 1 ] examples include the sustainable and responsible investment guide for central banks ’ portfolio management and the subsequent update in a progress report. [ 2 ] international network for sustainable financial policy insights, research and exchange ( inspire ). © 2022, government of singapore.

of real - time validation through a distributed ledger will shorten settlement cycles, which in turn allows for more cost - effective margin requirements. third, a growing bond market that serves the needs of global and regional issuers. the size of singapore ’ s bond market has expanded by 50 % over the last 5 years, reaching almost half a trillion singapore dollars as at the end of 2020. sgx is the largest bond listing exchange in asia with over 3000 bonds from 45 countries in 19 currencies. more than two - thirds of the bonds issued in singapore are in foreign currencies including the g - 3 and asian currencies. over 60 international and regional banks have debt origination teams and capabilities here to support international bond issuance out of singapore. more than half of the bonds issued in singapore come from foreign issuers. example : china ’ s three gorges issued a dual - tranche jumbo issue of us $ 1 billion in 2 / 4 bis central bankers'speeches 2020, and the philippines ’ jollibee issued two tranches totalling us $ 1. 2 billion. singapore also has a vibrant green and sustainable bond market to support the region ’ s transition to a low carbon future. the green bond market started only in 2017 but issuances are expected to cross s $ 10 billion by the end of this year. diversity in financing instruments has also widened beyond green bonds, with around half of the funds raised so far in 2021 expected to come from the issuance of sustainability, sustainability - linked bonds as well as transition bonds. fourth, an equity capital market with significant potential for growth. singapore ’ s public equity market has seen increased trading interest amid the covid - 19 pandemic. however, other exchanges in the region have grown even faster. sgx has traditionally had more active volumes in less volatile, income - generating investments, such as reits, compared to other growth - focused exchanges. this is a gap we are committed to bridging. an extensive consultation with market participants last year highlighted two key challenges : a perceived lack of institutional investor interest, and a dearth of high - growth companies listing in singapore. these are chicken - and - egg challenges. the public and private sectors have together come up with a slate of measures to enhance the ability of our equity market to better meet the needs of issuers and investors : strong co - investment support ; reduced listing costs and improved research coverage ; a new listing pathway ; and a platform for sustainable investments