without taking into account the environmental cost presents a classic case of the tragedy of the commons. problems caused by climate change and global warming affect all of us. as a country lacking in natural resources, singapore sees a critical need to promote sustainable development. singapore ’ s national research foundation has dedicated significant resources to facilitate research efforts and encourage commercial spin - offs. r & d initiatives have been complemented by both domestic and foreign investment in the areas of sustainable water and solar energy projects. some of you would have read about renewable energy corp from norway, which is building a euro 3 billion plant in singapore for the manufacturing of solar modules. by 2010, newater, our very own water recycling industry, will be able to meet 30 % of singapore ’ s water demand. singapore has also adopted a model to promote sustainable urban design for housing development, environmental management and transportation. for example, singapore is working with china on a project to help develop environmentally friendly townships via the singapore - tianjin eco - city project. access to funding for such projects is the key to the success of developing a sustainable model of urbanization and production of renewable energy. in this respect, i am pleased to note that singapore capital markets has already facilitated the funding of projects such as hyflux water treatment plants in china via a sgx listed business trust ipo completed last year. underlying all the initiatives i have just mentioned is the potential demand for environmentally sustainable solutions. the promise of such solutions, besides in offering economic opportunities, lie in their potential to address the rising challenges of urbanization, increasing energy prices and shortage of clean water. asian businesses should position themselves for the gradual shift towards greener living as such technologies are not only socially acceptable, but also socially demanded. corporate governance before i conclude, let me share one final thought. asian smes, in their bid to become top asian and global companies, should devote attention to corporate governance. a sound corporate governance structure will help to ensure proper management practices, robust internal processes, and prudent controls. in the long term, these practices will help foster a strong reputation and increase the franchise value of the company, paving the way for asian smes to expand into global markets. indeed, global competition will require companies to be held to such high standards, especially those demanded by institutional shareholders. closing to sum up, asia and asian businesses are poised for exciting times in an era of rising prosperity and growth. there will be both challenges and opportunities. one need not be daunted

, aims to quadruple solar energy deployment by 2025. this shift towards renewable energy means that traditional insurance solutions for fossil fuel - based power generation need to adapt to meet the risk financing needs of renewables, or a hybrid energy mix of renewables and fossil - fuel based energy generation. we see more insurers in singapore, including fm global, offering insurance covers for solar, onshore wind power generation and batteries, protecting against the risk of fire, natural hazards, and machinery breakdown. 6 fm global's investments into deepening its capabilities in singapore are well aligned with mas'financial industry transformation roadmap, or itm 2025, launched early last month. as a key risk financing centre for asia, we want insurers here to develop deep, data - driven capabilities in risk assessment, risk quantification, risk advisory, and across key risk areas such as climate, cyber, health, and pandemic. 7 the insurance industry in singapore will also need a deep talent pool to support its growth ambitions, increasingly comprising multi - disciplinary expertise, combining scientific, engineering, underwriting and business knowledge. fm global's recently established research unit will collaborate with local institutions such as the ntu's earth observatory, to share practical, scientific approaches to commercial property risk management. fm global is also partnering with local universities to offer internship programmes in sustainability and climate resilience. and under itm 2025, mas has also set aside s $ 100 million in grant funding over the next five years to support capacity building, new financing solutions, and talent development. 8 in conclusion, singapore's insurance industry is well positioned to support the region's growth and development through its strong risk management data and insights, ex - ante risk advisory and ex - post risk financing solutions, and stewardship of clients'business models to build resilience. the opening of the fm global centre adds to the already strong capabilities in singapore, and can bring even greater value to businesses in singapore and across asia. congratulations to fm global on the opening of the fm global centre, and i wish you every success. thank you. * * * 2 / 3 bis - central bankers'speeches 1 insurance business asia report, 23 dec 2021. https : / / www. insurancebusinessmag. com / asia / news / property / apac - property - market - pegged - at - us137 - 5 - billion - for - 2025320798