direction. i am pleased to announce two more developments on this front. first, moody ’ s corporation is building a comprehensive suite of esg resources out of singapore to spearhead its sustainable finance agenda in the asia - pacific. moody ’ s key initiatives in singapore include : an esg centre of excellence for investor outreach, engagement and training ; and an esg - focused innovation lab and technology accelerator to develop esg analytical solutions and assessment tools in partnership with local fintech firms. moody ’ s will also dedicate significant esg resources in singapore to : provide end - to - end sustainability solutions for companies and sovereigns ; and deepen esg insights in the asia - pacific for existing credit ratings and risk management frameworks. moody ’ s new esg efforts will help position singapore as a leading international centre for esg finance and investment. second, the sustainable finance institute asia ( sfia ) has established its headquarters in singapore. sfia, an independent research and capacity building institute, aims to support the implementation of sustainable finance policy initiatives in asia. sfia is partnering the investment community to develop an ai - driven esg information tool to harness qualitative data at scale to support investment decisions relating to asian assets. it is already in discussions with several asset managers and financial institutions on a proof of concept. sfia is a strong addition to singapore ’ s esg eco - system. conclusion the transition to a net - zero economy is the greatest collective endeavour humanity must undertake in the decades ahead. how capital is allocated to support this endeavour will be critical to the outcome. as owners and stewards of capital, you have a great responsibility – to direct investments to activities that promote sustainable development. together, let us make the future of capital green. 1 nature climate change, 2016, climate value at risk of global financial assets. 2 the economist intelligence unit, 2015, the cost of inaction : recognising the value at risk from climate change. 3 fidelity, 2020, putting sustainability to the test : esg outperformance amid volatility. 4 global sustainable investment alliance, 2019. 6 / 7 bis central bankers'speeches 5 cnbc, 2021, money invested in esg funds more than doubles in a year. 6 blackrock, 2020 global sustainable investing survey. 7 wealth - x, 2019, a generational shift : family wealth transfer report. 8 financial times, 2018, asia ’ s young rich and the challenge for private banks. 9 morgan stanley institute for

. we will do this in two ways : as the platform for developing green financing solutions customised for asia ; and 2 / 7 bis central bankers'speeches as the channel through which global capital is directed at meeting asia ’ s transition needs. there are three areas where we need to intensify efforts : broaden the range of green financing solutions and markets ; improve the consistency and transparency of esg reporting and disclosure ; and build knowledge and capabilities in sustainable finance. broaden green financing solutions and markets let me begin with broadening green financing solutions and markets. i will highlight three strategies that singapore is focusing on. first, facilitate the issuance of more established green financing instruments, such as green bonds and green loans. bonds and loans are a familiar and key source of financing for corporates of all sizes. green, sustainability, and sustainability - linked bonds and loans enable corporates to raise financing as they take up green projects, invest in green assets, or move towards more sustainable business practices. mas is supporting corporates in singapore and in asia to issue green, sustainability and sustainability - linked bonds and loans. mas introduced a grant scheme in 2017 to help corporates defray the costs of issuing green, social, sustainability and sustainability - linked bonds aligned with international standards. last year, mas introduced a similar scheme for green and sustainability - linked loans, the first of its kind in the world. the outcomes from these efforts have been encouraging. despite the pandemic, green and sustainability - linked loan issuances in singapore grew by 65 % last year. some s $ 3. 5 billion of green, social and sustainability bonds were issued in 2020, bringing total issuance in singapore to s $ 10. 9 billion. these loans and bonds have supported many meaningful outcomes – such as renewable energy, green buildings, sustainable water and wastewater treatment. the singapore government will start issuing green bonds to finance major sustainability projects, including green public infrastructure. this should help to deepen market liquidity for green bonds, and attract green issuers, capital, and investors to singapore. second, promote innovative disaster risk insurance products to strengthen climate risk resilience in asia. singapore has gained good traction as an asian domicile for insurance - linked securities – innovative instruments that securitise and transfer peak risks such as catastrophe risks to capital markets. a total of 10 such insurance - linked securities have been launched in singapore. they cover a range of natural catastrophes across asia and australia, including earthquake and typhoon