Deputy Prime Minister and Minister of Trade and Industry, Yan Jinyong, who is the Chairman of the HKMA, said in his report that global climate action is facing multifaceted challenges of geopolitical changes, increased trade and economic uncertainty, and many institutions withdraw from and reassess the plan.
The upgrade of the Chiller Plant at the Currency House has caused the HKMA scope 2 emissions to drop by 9.1% year-on-year. The authorities have also implemented three carbon reductions in scope as planned, including official aviation travel and currency outsourcing operations. Among them, the carbon emissions of monetary outsourcing operations decreased by 36.4% year-on-year.According to international standards, scope one emission refers to direct emissions, such as combustion fuel; scope two refers to indirect emissions caused by purchased energy. The three scopes cover indirect emissions generated in the supply chain and related activities, including transportation and waste disposal.
"Despite these adverse factors, Singapore still looks at sustainable development in a long-term perspective and is committed to effective climate action. Our country submitted an enhanced version of the Nationally Determined Contribution for 2035 earlier this year, reaffirming the goal of achieving net zero emissions by 2050 and consolidating Singapore's strategy to develop a competitive low-carbon economy, promote green investment and innovation."
The HKMA said that carbon emission reduction measures will continue to be implemented within the next three to five years, including the transformation of air conditioning into mixed refrigeration, natural or mechanical ventilation, and continue to encourage the public to use applicable banknotes.
The report also shows that the total amount of green, social, sustainable and transformation (GSSSL) loans initiated by Singapore in 2024 have increased for the seventh consecutive year, exceeding 48 billion yuan, an increase of nearly 10% over the previous year. GSSSL bond issuance volume rebounded driven by improved interest rate environment.During the 2025 Lunar New Year Festival, the circulation volume of Fit note increased by 38% compared with last year to 16.2 million units, reducing emissions of about 517 metric tons of carbon dioxide equivalent (tCO2e), which is equivalent to the annual electricity consumption of 280 four-bedroom HDB units.
The Monetary Authority of Singapore (MAS) released this data on Wednesday (July 9) the Sustainable Development Report for the 2024/25 fiscal year ended March this year. In addition, the HKMA itself has reduced its total emissions in fiscal 2024 by about 31% compared with fiscal 2018.