Singapore Defends Climate Policy After Kempen ESG Exclusion
Singapore's dedication to climate action has been defended by its government after Van Lanschot Kempen NV decided to remove the country from its portfolios due to a failed environmental risk screening test, according to Bloomberg.
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The person who explored the Titanic has stated that there are two potential causes of the disaster that humans can possibly survive, but one cause cannot be avoided.
Kempen's efforts to include sustainability factors in its investment choices are admirable. However, we would like to invite Kempen to gain a deeper understanding of Singapore's unwavering dedication to sustainability, along with the concrete steps we have taken to achieve it. This message was conveyed by the collaborative statement from the National Climate Change Secretariat of Singapore, the Ministry of Sustainability and the Environment, the Ministry of Trade and Industry, and the National Parks Board.
Singapore acknowledges the challenges it faces in obtaining renewable energy sources. However, they remain unwavering in their pledge to shift towards a carbon-free electricity production. To make this vision a reality, Singapore will utilize solar energy, acquire renewable energy from external sources, and may explore using hydrogen as an alternative option.
Kempen is a financial management company that manages around $130 billion of clients' assets from its headquarters in the Netherlands. In 2020, they began using a test to evaluate sovereign bonds and state-backed entities. The outcomes of this test are mainly used to allocate portfolios for their pension clients. However, they can also have an impact on other groups of customers, as mentioned by Nikesh Patel, a top-level executive at Kempen.
It is certain that Kempen has not sold a significant number of assets due to their decision to exclude Singapore assets, according to Patel in a June 9 interview. Patel explained that Kempen's holdings in state-affiliated securities in Singapore were insignificant.
After the Singapore government made comments, Kempen's representative clarified that their policy is limited to mandates used by certain pension funds they manage where ESG criteria is more advanced. The policy specifically focuses on state-backed and sovereign debt. To create this policy, Kempen used a unique methodology that combines data from various academic institutions and non-governmental organizations.
Many people point to Singapore as a great example of economic success and it has an AAA credit rating from major rating agencies, something that the US and UK haven't been able to achieve. The Singaporean government has made a promise to achieve net zero emissions by the year 2050.
According to a study by BloombergNEF, Singapore has decreased its usage of renewable sources for generating electricity from 4.08% five years ago to a mere 2.68% in 2021. This shows that the country is lagging behind in implementing effective policies to transition towards sustainable energy sources compared to its peers. In contrast, Germany obtains over 40% of its electricity from renewable sources, while the US obtains approximately 20%.
The officials of the city-state mentioned that Singapore's percentage of alternative energy, specifically solar, has risen to 0.71% this year, up from 0.17% in 2016. However, BNEF considers waste-to-energy as a renewable energy source, which is different from Singapore's approach. Singapore's WTE plants process plastic waste, which the officials said might not count as renewable.
According to the statement, Singapore has a lower percentage of renewable sources compared to other nations primarily because of limited land availability. Nonetheless, the level of coal usage, which is known for causing severe pollution, is remarkably low at only 1.2%, a significant contrast to most other countries.
According to the group, Singapore has planned to increase its solar panel usage by four times in 2021 and achieve a solar energy share goal of 3% by 2030.
(Include Kempen's statement in the sixth paragraph.) In the sixth paragraph, Kempen made a comment regarding the topic at hand.
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