Singapore Green Finance Centre



SGFC’s foundational and multi-disciplinary research draws on the respective strengths of Imperial and SMU in climate science, financial economics and sustainable investing. We develop strategies for policymakers and financial institutions to support Asia’s transition to a low-carbon future. Our research is co-created with the industry to ensure applicability and relevance, and covers three key themes:

The objective of the report is to offer investors a menu of investment options. A range of these exist; from ‘armchair investing’ in fixed income markets with little need for detailed understanding, to money directed at real assets where investors are tied in over time. We offer two case studies: one outlining different investment vehicles for mangrove investing and another proposing a biodiversity linked sustainability-linked bond (SLB) for a sovereign issuer. While these are very different in terms of their investment profile and impact on creating additional financial flows, they are all part of mainstreaming nature into the investment agenda.

Nature Investment as a Response to the Climate Crisis: Opportunities in Southeast AsiaPernille HoltedahlJun 2023ICL
ASEAN Renewables: Opportunities & ChallengesMili Fomicov, Michael Waldron, Matt Jenkins, Tanguy de BienassisMar 2023ICL
Are Markets Interested in Adapting to Climate? Insights From Singapore (White Paper)Stella Whittaker, Tran Bao Phuong NguyenFeb 2023ICL & SMU
Forestry-Backed Assets DesignEnrico Biffis, Giuseppe Brandi,
Lyndon (Yi Xian) Lee and Andrea Snavely
Jan 2023ICL
Responsible Hedge Funds (Academic Paper | Review of Finance, Volume 26, Issue 6, November 2022, Pages 1585–1633)Hao Liang, Lin Sun and Melvyn TeoNov 2022SMU
Financial Accounting For Carbon Finance: A New Standard For A New Paradigm (Policy Paper)

Financial Accounting For Carbon Finance: A New Standard For A New Paradigm (Factsheet)
Raúl Rosales, María Ángeles Pelaez, Karen Wang and Marwa ElnahassNov 2022ICL
The Just Transition Transaction (JTT) in Southeast AsiaBharat Gangwani (SMU), Gireesh Shrimali (University of Oxford, Stanford University) and Rajiv B Lall (SMU)Sep 2022SMU
Linkages Between GHG Emissions Scenarios, Temperature Rises & Physical Climate Risk Events in South East Asia (Briefing Note)Mandeep SinghAug 2022ICL
Business Ethics Issues in Finance: Challenges and Recommendations (Academic Paper | Forthcoming in Journal of Business Ethics (Editorial))Omrane Guedhami, Hao Liang and Greg ShailerJun 2022SMU
Principles of Index-based Country Level Climate Risk Assessment (Briefing Note)Abhi DesaiApr 2022ICL
Downscaling of Physical Risks for Climate Scenario Design (White Paper)Enrico Biffis and Shuai WangApr 2022ICL
Delegated Gender DiversityHao Liang and Cara VansteenkisteFeb 2022SMU
Outsourcing Climate ChangeRui Dai (UPenn), Rui Duan (WU), Hao Liang (SMU) and Lilian Ng (YorkU)Jan 2022SMU
Impact Measurement and Standards (White Paper)Angeline Chua, Hao Liang and Wanyi YangDec 2021SMU
Voluntary Carbon Markets in ASEAN: Challenges and Opportunities for Scaling UpRaúl C. Rosales (lead author), Priya Bellino, Marwa Elnahass, Harald L. Heubaum, Philip Lim, Paul Lemaistre, Kelly Siman and Sofie SjögerstenJul 2021ICL
Climate Change and the Future of Food Part 1: Risks to the Agriculture SectorAlexandre Koberle, Charles Donovan and Shivika MittalJul 2021ICL
Sustainable Behaviour: How Individuals Practice Sustainability in their Everyday LivesMarianna Kozintseva (Turning Point Macro, SKBI) and Alexey Gerasimovich (Knari Consulting)Jul 2021SMU
Integrated Optimization of Farmland Cultivation and Fertilizer Application: Implications for Farm Management and Food SecurityOnur Boyabatli, Lusheng Shao and Yangfang (Helen) ZhouJun 2021SMU
Impact Assessment and Measurement with Sustainable Development GoalsHao Liang, Dave Fernandez and Mikkel LarsenApr 2021SMU
Climate Change Concerns and Mortgage LendingTinghua Duan and Frank Weikai LiApr 2021SMU
Smart Charging of Electric Vehicles: An Innovative Business Model for Utility FirmsOwen Wu, Safak Yucel and Yangfang (Helen) ZhouApr 2021SMU
Marathon or Sprint? The Race for Green Capital in Emerging MarketsJonathan Amacker and Charles DonovanMar 2021ICL
Energy in Transition: Coal, Solar, and India’s Next DecadeAlexandre Kōberle, Shivika Mittal and Charles DonovanDec 2020ICL
Disaster Relief, Inc.Hao Liang and Cara VansteenkisteNov 2020SMU
Is Carbon Risk Priced in the Cross-section of Corporate Bond Returns?Tinghua Duan, Frank Weikai Li and Quan WenOct 2020SMU
Corporate Social Responsibility and Sustainable Finance: A Review of the LiteratureHao Liang, Luc RenneboogSep 2020SMU
Transition Finance: Managing Funding to Carbon-Intensive FirmsCharles Donovan, Milica Fomicov and Anastasiya OstrovnayaSep 2020ICL
The Global Sustainability Footprint of Sovereign Wealth FundsHao Liang and Luc RenneboogJun 2020SMU
DBS Impact Measurement Project: Technical ReviewHao Liang, Phuong Tran Bao Nguyen, Dave Fernandez and Jun Ho ParkMar 2020SMU
Economic and Environmental Implications of Biomass Commercialization in Agricultural ProcessingBin Li, Onur Boyabatli and Buket AvciFeb 2020SMU
Peer Effects of Corporate Social ResponsibilityJie Cao, Hao Liang and Xintong ZhanDec 2019SMU
Growing a Global Forest: Ant Financial, Alipay, and the Ant Forest

*Winner for Best Teaching Case at the Financial Times’ Inaugural Responsible Business Education Awards 2022
Ryan Merrill, Hannah H. Chang, Liang Hao, Lan Yang and Adina WongJun 2019SMU
Leviathan Inc. and Corporate Environmental EngagementPo-Hsuan Hsu, Hao Liang and Pedro P Matos Apr 2017 SMU
Ongoing & Upcoming Research
Biodiversity and Nature-Based Financial Risks & Opportunities in Asia
  • Joint research between Imperial and SMU
  • In partnership with Cambridge Institute for Sustainability Leadership (CISL)
  • Deliverable: Case study (exp. Q4 2022 and beyond)
Climate Risks Scenarios
  • In collaboration with Sustainable Tech Lab at Imperial X (nature-based solutions) and Leverhulme Wildfire Risk Centre at Imperial (wildfire risk)
  • Deliverable: Research report (exp. Q1 2023)
ESG Measurements and Standards
  • Extend the Impact-Weighted Accounts Framework (IWAF) focusing on applications and pilot studies of Asian organisations
  • Joint project on ‘Impact Measurement for Biodiversity Finance’ with Banking for Impact (BfI)
  • Deliverable: Research report (exp. Q2 2023 and beyond)
Bottom-up Transition Risk Scenarios
  • To develop Asia-specific climate transition scenarios, sectoral exposure and trajectories under different scenarios
  • Deliverable: Research report (exp. Q2 2023)