CNA Explains: Why must travellers declare S,000 cash when entering or leaving Singapore?

SINGAPORE: Ten people were recently nabbed&nbsp, at Changi Airport for failing to declare that they were bringing in over S$ 20, 000 ( US$ 14, 720 ) in cash into Singapore.

Since May, all guests have had to&nbsp, make for statements online&nbsp, and within 72 hrs of arriving at or departing Singapore’s gates.

Why is it necessary to consider massive amounts of cash?

One analyst pointed to the “anonymity” offered by money and the “obvious attractiveness” for those engaged in illegal actions.

The Center for Banking and Finance Law’s director, Associate Professor Sandra Booysen, said,” The larger the sum of money involved, the properly the more cautious it is.

” We have more effective and secure way of keeping money and making payments today.”

The Singapore University of Social Sciences ‘ head of the public safety and security program, Associate Professor Razwana Begum Abdul Rahim, told CNA that declarations aid in the monitoring of suspicious money flows and ensure that the funds are n’t being used for illegal purposes.

These include wealth fraud, violence financing, scams and tax avoidance.

Mr Rajan Supramaniam, top criminal lawyer at Regent Law, gave an example of a situation he handled some years ago, where a feminine buyer had received over S$ 100, 000 as part of substance purchases.

The funds had been moved to her in Singapore from a Kuala Lumpur bill. She decided to leave the money and travel to Johor Bahru to take it that with her.

She was later imprisoned and charged with money fraud.

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‘Hysterical’: The women calling out doctors’ gaslighting

4 days ago

By Hannah RitchieBBC News, Sydney

Heidi Metcalf Heidi Metcalf Heidi Metcalf

There’s a ram, or more particularly a minute, that came to define Heidi Metcalf’s following birth.

It was n’t saying goodbye to her husband and baby before being wheeled into an operating room or the heart attack she thought she was having while she lay there on the table.

It was when a man doctor “ripped the uterus” out of her system, without word or warning.

A caregiver, Ms Metcalf knows the intervention- while greatly unpleasant- was needed. She was n’t force it out effortlessly, which was causing potentially dangerous bleeding.

But she had n’t” seen or met this man before”, and she ca n’t get past the fact that her consent, during one of the most traumatic experiences of her life, “meant so little”.

” It felt like a contravention because I needed to feel connected to what was happening to my system rather than just a passive observer.”

After the federal government assembled a team of experts to combat what it refers to as “medical misogyny,” Ms. Metcalf is one of the dozens of American women who have come forth to share their stories.

A remarkable two- thirds of females in the country have so far been the subject of sex bias or discrimination in care.

And some say it is taking place when they’re at their most resilient, such as during close investigations, or like Ms Metcalf, while in labour. Other people report having their anguish dismissed or extremely misdiagnosed.

For this article, the BBC spoke with six people. They shared experiences of being called “anxious”, “pushy” or perhaps “hysterical” while seeking care for a range of severe symptoms.

Additionally, they said they thought their anguish was always taken more seriously by the people in their lives.

‘ I just do n’t feel safe’

Nadiah Akbar was once told by a physician in Singapore that the extreme exhaustion she was experiencing was a result of the” pressure” of being a busy family. Eventually, it would be determined that it was thyroid cancer.

Nadiah Akbar Nadiah Akbar Nadiah Akbar

Years later, at a Melbourne doctor, employees discovered a pass drive in her back and a cartilage tear in her hip socket while she was in remission and had immigrated to Australia.

Rather, they suggested the terrible pain may be linked to “depression” or being “overtired”. Ms. Akbar was forced to pay for two pricey MRI images out of bag so that she could be taken seriously.

” ‘ Oh, it’s little.’ I’ve heard that speech so many times… She claims that hearing that is “disgusting as a human being.”

” It takes a lot of energy for you to maintain advocating for yourself, and that’s the piece that’s worrying- a lot of people really stop”.

After years of having symtoms of what would later be confirmed as a traumatic brain injury dismissed, Laura has requested that her name be changed.

” I do n’t get healthcare without my partner with me, that’s a blanket rule”, she says, explaining that she feels her concerns are taken “more seriously” when voiced by a man.

” I just do n’t feel safe, engaging with the system, because when you’re young and you’re told over and over that something is all in your head, it’s easy to believe it”.

Both people say they are coming ahead to share their experiences in order to capitalize on the promise of change right now, like so many others across the nation.

The national committee tasked with examining these issues, led by associate health secretary Ged Kearney, says its work will be guided by their stories, along with those of many others who are at risk in First Nations, LGBTQ , and immigrant communities.

Her group’s responsibilities are extensive, and extensive areas of focus have already been identified.

However, it’s not easy to find a way to untangle gender inequality in medicine, and Australia’s efforts may include far-reaching effects as other countries look to changes.

Ged Kearney Ged Kearney with her daughter and granddaughterGed Kearney

‘ A one- sizing- fits- all strategy’

The issue is not simply that “everyone in care has some predetermined plan against women,” Ms. Kearny claims.

Instead, it’s that because it was “delivered by and designed for” males for centuries, discrimination has been woven into the fabric of contemporary treatments.

Women’s wellness- by contrast – was generally rooted in misconception and harmful gender stereotypes.

” Hysteria”, a today- former health name, was a capture- all diagnosis for females presenting with an array of symptoms, meaning their pain was attributed to psychological causes, rather than natural ones.

However, some people claim that they still experience gaslit, disbeliever, and patronization in clinical settings now.

And the issue is made worse by a lack of diversification in medical research.

According to Professor Robyn Norton, a public health expert, more than 70 % of members in early-stage clinical trials are also white men, whereas adult cells and animals are used as normal in the facility.

The outcomes are then applied to women, transgender, trans and female- different people, causing issues when it comes to their care, analysis and how their symptoms are understood, Prof Norton says.

She describes it as a “one- dimension- fits- all, adult- oriented” approach to healthcare that has created big knowledge gaps.

The Novo Nordisk Foundation Center for Protein Research conducted an analysis in 2019 that found that, among the 770 diseases they studied, women were diagnosed later than men, with an average lag of four years, using data from the entire Danish population.

In Australia, research from the University of Sydney in 2018 discovered that women who were hospitalized for a serious heart attack were half as likely as men to receive appropriate care and that they died twice as quickly six months after discharge.

Scientists have warned that a further roadblock is the persistent underinvestment in women’s health issues.

Endometriosis is cited as a significant example. There is no cure, and it typically takes seven years for patients to be diagnosed, despite having an impact on roughly 10 % of reproductive-age women and girls worldwide.

Despite growing evidence that it’s a medical fallacy, a recent study found that 89 % of Australian women were still receiving advice from health professionals that pregnancy would relieve their symptoms.

According to experts, such disparities are being observed and investigated globally, with nations comparing notes on possible solutions.

The UK, for one, recently announced measures aimed at closing the “gender health gap” in its system. Additionally, First Lady Jill Biden has spearheaded an initiative to improve funding and research into women’s health in the US.

Bonney Corbin/Australian Women's Health Alliance Bonney CorbinBonney Corbin/Australian Women’s Health Alliance

According to Ms. Kearny, Australia is already advancing.

Her government has established 22 endometriosis and pelvic pain clinics in the past 12 months to enhance care and diagnosis.

In order to increase universal access to reproductive healthcare, the nation’s drug regulator removed restrictions on the prescribing and dispensing of medical abortion pills.

And at a new research facility Prof. Norton is leading, researchers will soon be able to examine how prevalent diseases are present in female, intersex, and gender diverse populations.

She believes that the work of her team will” catalyze the kind of change that could lead to Australia becoming a leader in this area.”

There’s also been some investment in women’s health in the latest national budget. Almost A$ 100m ($ 66m, £52m ) has been set aside for things like reducing the out- of- pocket costs associated with gynaecological conditions, as well as studies into menopause, pregnancy loss and fertility. All of these issues have historically received little funding.

However, while supporters like Bonney Corbin, the chair of Australia’s Women’s Health Alliance and a member of the council, have praised the cash injection, they claim it is insufficient and that state governments should step up as well.

More than just funding breast and uterine health issues, a gender perspective on healthcare is important. We need to look at women’s bodies on the whole”, she explains.

In the coming months, Ms Kearney’s advisory body will release its first set of major reform recommendations.

She claims that it has no intention of promoting “tick-box” measures that tinker around the edges.

Instead, she claims the long-term objective is to” create a blueprint to build a healthcare system that actually works for everyone.”

Despite the assistant health minister’s involvement at this point, Ms. Corbin says, whether the advice will lead to lasting change is still a question.

If it does n’t though, she hints that there could be public backlash.

” We’ve mobilized a lot of women in this process – now we need to take action.”

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Afghanistan: Talks with the Taliban – no women allowed

According to officials, two weeks of talks between the international community and the Armenian Taliban have been fruitful.

Since they seized power three years ago, the Taliban, whose government no land recognizes, were the first to attend the meetings in Doha.

At the Taliban administration’s conviction, no civil society representatives were in the area with the Taliban leaders, meaning no girls from Afghanistan were included, prompting condemnation from rights organizations and activists.

On Tuesday, UN representatives met with Armenian civil society organizations informally.

Has Afghanistan’s situation changed in recent days as diplomats and journalists have fled the sprawling air-conditioned ballrooms in the Qatari money?

There were no great announcements, no large advances, no solutions- but finally none were expected- from the organisers or participants. Otherwise, the Taliban authorities and diplomats seemed slowly and cautiously optimistic.

The voice was “respectful”, “engaged”, “frank”, according to different officials the BBC spoke to. The most frequent word was” this is a process”.

There were no agreements gained, nor vows won from the Taliban group, led by director Zabihullah Mujahid. I inquired about what the Taliban government may provide.

” When we go ahead we will see what they]the international community ] want and what we can do based on Sharia law”, he told us. ” We will not discuss it with anyone who is against Sharia laws.” Whatever is permitted by Sharia, we may resolve it. We will see where it will get us and how far we will improve as it goes along. It is a process that will continue.

The private sector and counter-narcotics were the two matters on the plan, which were more straightforward to discuss than issues like women’s roles or human rights.

The Taliban continued to hold onto their position that this was an inner issue in the end.

” We do n’t want to discuss these sorts of issues between other countries. We did find a solution for it up home”, said Zabihullah Mujahid.

When the BBC told him there had been no options for nearly three years, he responded,” We are no ignoring it, we are working on it.” Sharia law is helping us find a way to solve it.

The UN itself referred to Afghanistan’s current state as “gender apartheid,” in which cases include those where women and girls are unable to attend secondary school, visit gardens or gyms, or carry specific jobs.

” It is not just an inner concern and we have made that clear to them”, said Rosemary DiCarlo, the UN’s lead in these deals.

She cited the various agreements that Afghanistan signed prior to the Taliban’s annexation in August 2021 that included animal rights.

” It does n’t matter if the government changes, they are still party to those”.

” I think they are ready to talk about some of these things ]women’s rights ], but they are not ready to move”, Tomas Niklasson, special envoy of the European Union for Afghanistan, told the BBC.

” I am cheerful that things will change on children’s rights, but I’m not sure about the time view”.

What made him enthusiastic?

” I’m surprised to see the endurance Afghans still use to resist,” he said, adding after a moment. ” Promise is not always a logical thing”.

Although some chose to ban it and none of those who attended did not want to speak to the media, the UN did arrange for a separate appointment to take place on Tuesday with civil society protesters.

Some nations, including China and Russia, chose not to attend the conference, according to the list of guests provided by the UN. The UN informed us that various ambassadors who were n’t present had plans for travel.

Although many of the places that attended now met the Taliban bilaterally and told the BBC that that would remain, there is no set time for the next meeting of this kind. All the officers we spoke to believed that more discussion and interaction would have taken place in the upcoming times.

After almost three years of the Taliban government in power, the ambassadors we met agreed that much would change in Afghanistan without an effort to engage, at least in the areas with some overlap.

” We felt we had to begin somewhere”, Ms DiCarlo said in Tuesday’s closing media event.

Where does these discussions lead, remains to be seen.

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Hathras: Dozens killed in stampede at religious event in India

At least 27 people, mostly women, have been killed in northern India in a stampede at a religious gathering, officials have said.

The incident took place at a satsang (a Hindu religious event) in Hathras district in Uttar Pradesh state, a senior police official said.

The victims include 23 women and three children, he said, adding that the bodies were yet to be identified.

It’s not clear yet what led to the stampede.

A video shared by news agency PTI showed the wounded being brought to a hospital for treatment.

This is a developing story and will be updated

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Convicted foreigners deported to countries based on where their passports allow them to enter: Sun Xueling

SINGAPORE: Foreigners who have been convicted of offences in Singapore and are to be deported can indicate which country they would like to be deported to, said Minister of State for Home Affairs and for Social and Family Development Sun Xueling on Tuesday (Jul 2).

But it is not a case of the offenders saying “I choose and therefore I will be sent there”, said Ms Sun in response to a parliamentary question by Ms Sylvia Lim (WP-Aljunied).

“There needs to be an assessment by the ministry as to whether or not the individual can be admissible to the country, based on the travel document that he or she holds,” she explained.

Ms Lim had asked about the considerations taken into account when deciding which countries convicted foreigners get deported to after serving their sentences, and how the considerations applied to the offenders involved in the recent billion-dollar money laundering case.

In response, Ms Sun had said: “Such foreigners can go to any country to which their passport or travel document allows them to go. This applies similarly to the convicted foreigners in the S$3 billion (US$2.21 billion) money laundering case.”

The case, which involved 10 foreigners and assets such as hard cash, luxury properties, branded goods, cryptocurrency and alcohol, thrust the issue of money laundering into the spotlight in Singapore.

As of the end of June, eight of the 10 had been deported.

Su Baolin, Su Haijin, Su Wenqiang, Wang Baosen, Zhang Ruijin, Chen Qingyuan and Lin Baoying were all deported to Cambodia while Vang Shuiming was deported to Japan.

They are barred from re-entering Singapore.

Law Minister K Shanmugam previously said in an interview that offenders who complete their sentences can be deported to wherever the passports they hold allow them to go.

BILLION-DOLLAR CASE CONVICTS

On Tuesday, Ms Lim also asked if the Immigration and Checkpoints Authority (ICA) has a default guideline under which convicted foreigners are typically deported to the countries they belong to.

“From my past experience, it is quite normal for foreigners to be sent back to their home countries,” said Ms Lim, who works in the legal sector.

In response, Ms Sun said that those examples cited by Ms Lim could be cases where the subject did not hold multiple passports, and therefore the only country they could be deported to was their home country. “In this case, the 10 subjects hold multiple passports,” she noted.

Ms Lim also asked why those who are not Cambodian nationals were also deported to the country. Based on publicly available information, three of the seven sent there do not hold Cambodian passports, she said.

Ms Sun later acknowledged this, and said that the priority was to quickly and effectively deport the convicted foreigners.

EXTRADITION TREATIES

Noting that five of the offenders are wanted in China and also hold Chinese passports, Ms Lim asked why they were not sent there and whether the extradition treaty between Cambodia and China played a part in Cambodia being chosen as their destination.

“Whether or not there was an extradition treaty between Cambodia and China was not part of the decision-making process that the ministry undertook,” said Ms Sun.

She said that for convicted foreigners with multiple passports, the ministry will have to decide which country they have the greatest likelihood of being admissible to, and then make an assessment before deporting them.

“We don’t want a situation where we try to deport an individual and actually the country to which we are deporting the individual to does not accept the individual,” she said.

Ms Lim also specifically asked Ms Sun about how much weight the offenders have in deciding their deportation destinations.

“Is she saying that the offenders have a right to indicate which jurisdiction they would like to be deported to? Because she used the word ‘chose’, so I’d like her to clarify that,” she asked.

She later repeated her question on the issue of choice, asking if offenders can “choose where to be deported to” and if the government accedes to these choices.

In response, Ms Sun said: “I think you’re using the term ‘choice’ rather loosely.”

Ms Lim also asked if other governments had indicated to the Singapore authorities that those convicted in the billion-dollar money laundering case will face investigations into related offences upon being sent back to their home countries.

Minister of State for Law and Transport Murali Pillai noted in response that Ms Lim’s question is about extradition, rather than deportation.

“Extradition will only take place when there is an extradition treaty in force, and a valid request has been made under the treaty. There are no extradition proceedings here,” said Mr Murali.

“In the absence of extradition, the position is that after conviction and serving of sentence, the offenders will be required to leave Singapore,” he said.

“What happens to them in those countries or in their countries of nationality is not within our control.”

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Investments from GIC ‘not the solution’ to shake up Singapore’s stock market: Chee Hong Tat

SINGAPORE: Directing Singapore sovereign wealth fund GIC to invest in locally-listed firms is “not the solution” to improve the attractiveness of the local equity market, said Transport Minister Chee Hong Tat on Tuesday (Jul 2).

“Doing so will compromise our objectives of setting up GIC, which is not beneficial for Singapore and Singaporeans,” he said, adding that the government would continue to seek more “sustainable” approaches.

Mr Chee, who is also Second Minister for Finance, was responding to a parliamentary question from Member of Parliament Liang Eng Hwa (PAP-Bukit Panjang) on whether the government would consider a suggestion from some industry players for GIC to allocate part of its investments to securities listed on the Singapore Exchange (SGX).

GIC – one of the three investment entities managing Singapore’s reserves – is the government’s fund manager. It does not own the assets it manages and as a rule, it does not invest in Singapore.

The suggestion that GIC should expand its portfolio to include the Singapore market gained traction after a recent report by the Financial Times.

The report on May 5 said the SGX and other government agencies are studying proposals from a venture and private capital association that include allowing pension and sovereign money to be invested in the stock market.

This is not the first time that this has been mooted. The Singapore Business Federation proposed having GIC use Central Provident Fund (CPF) monies to invest in the Singapore stock market as early as 2016. 

Earlier this year, the Society of Remisiers (Singapore) also made a similar recommendation as a way to shake up the struggling local stock market, which has seen subdued trading volumes and delistings frequently outnumbering listings.

Last year, for example, there were 25 delistings and just six initial public offerings (IPOs).

This contrasts with the SGX’s regional peers. In 2023, there were 79 IPOs in the Indonesia Stock Exchange, while bourses in Malaysia and Thailand welcomed 32 and 40 listings, respectively, according to a report by Deloitte.

Several Singapore companies have also opted to list overseas in recent years, such as property tech firm Ohmyhome, which made its debut on the Nasdaq last year. More recently, cancer diagnostics firm Mirxes refiled its draft prospectus in May for an IPO in Hong Kong.

“SHOULD NOT DIRECT OR INTERFERE” WITH GIC’S INVESTMENT DECISIONS: CHEE

In his reply, Mr Chee said GIC’s mandate is to preserve and enhance the international purchasing power of Singapore’s reserves, especially for crisis needs.

This means that GIC’s investment decisions must “aim to achieve good long-term returns for Singapore”.

“GIC must, therefore, continue to make professional investment decisions, and the government should not direct or interfere with GIC’s investment decisions,” said the minister.

He added that under current arrangements, the sovereign wealth fund can “invest in appropriate Singapore companies if these companies have a global footprint and generate good returns for GIC’s portfolio”.

A “more sustainable way” to develop the local equity market is to groom and develop a pipeline of good companies to list on the SGX, Mr Chee said.

One initiative is through establishing funds, such as the Anchor Fund @ 65 introduced in 2022, that support growth enterprises and prepare them for IPOs in Singapore. 

“These funds have invested in nine companies to date and they are working closely with the portfolio companies to prepare them for IPO on the SGX,” said Mr Chee.

The government also has various schemes in place to help more SGX-listed companies expand overseas and become more attractive to global investors.

“The government remains open to new ideas and measures to improve our equity market and support business growth. We will continue to work with industry stakeholders on this goal,” Mr Chee told the House.

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Pakistan will continue attacks on Afghanistan – minister

Pakistan will continue to launch attacks against Afghanistan as part of a new military operation aimed at countering terrorism, the country’s defence minister has told the BBC.

Khawaja Asif said the aerial strikes were targeting groups which Pakistan accuses to targeting security forces and civilians.

Previously, senior officials in Pakistan had only admitted to one such strike on the neighbouring country, in March of this year.

The Taliban government in Afghanistan describes the strikes as violations of its sovereignty.

“It’s correct that we have been carrying out operations in Afghanistan, and we will continue to do so. We won’t serve them with cake and pastries. If attacked, we’ll attack back,” Mr Asif told BBC Urdu.

He also dismissed fears over the legality of the strikes, saying Pakistan does not inform the Taliban of impending attacks.

He said: “This would eliminate the element of surprise. Why should we tell them, ‘get ready, we are coming’?”

The Taliban said the statement was “irresponsible”, warning Pakistan that cross-border attacks would have “consequences”.

Tensions have been rising between Pakistan and Afghanistan since the Taliban took control of the country in 2021. Pakistan alleges that a faction of the Taliban, the Pakistani Taliban or TTP, has sanctuaries in Afghanistan.

“Afghanistan has been reluctant to take action against the TTP, despite our requests to let them not use Afghan soil to attack Pakistan,” Mr Asif said.

Pakistan has recently announced a renewed military operation, Resolve for Stability” in English, aimed at curbing escalating violence and terrorist attacks. It will mainly focus on groups acting within Pakistan.

Critics, and even some sources within the government, have suggested the new operation was launched following pressure from Beijing, concerned about the safety of its 29,000 citizens in Pakistan, 2,500 of whom are working on China Pakistan Economic Corridor projects, part of Beijing’s Belt and Road Initiative.

Five Chinese engineers were killed when a suicide bomber rammed a vehicle into a convoy of Chinese engineers working on a hydropower project in northwest Pakistan in March 2024.

Pakistan’s military previously alleged the attack was planned in neighbouring Afghanistan, and that the bomber was also an Afghan national.

Mr Asif denied that the most recent military operations had been due to pressure from China. But he said the operations would address security threats to Chinese projects and nationals in Pakistan.

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Israel: Mother of rescued hostage Noa Argamani dies

The mother of rescued Israeli hostage Noa Argamani has died, three weeks after her daughter was freed in a dramatic raid after being held for eight months by Hamas in Gaza.

Liora Argamani, who was born in China, had suffered from brain cancer. She was 61.

Liora released a video in December, pleading with Hamas to release her daughter, saying: “I don’t know how long I have left. I wish for the chance to see my Noa at home.”

Noa was rescued on 8 June, when Israeli commandos raided an apartment where she was being held in Nuseirat refugee camp in central Gaza. Three other hostages were rescued from a nearby apartment at the same time.

An image of Noa being dragged away in terror on the back of a motorcycle by Hamas gunmen became one of the most widely recognised pictures of Hamas’s attack on Israel on 7 October 2023.

Some 251 people – Israelis and foreign nationals – were taken hostage when Hamas burst through the border in the unprecedented attack in which about 1,200 people were killed.

The Hostages and Missing Families Forum – a collective of relatives and friends of people taken hostage on 7 October – said it “bows its head” at the news of Liora’s passing.

On Saturday night, a video message from Noa in which she spoke publicly for the first time since her rescue was played at a protest in Tel Aviv calling for the release of the remaining hostages.

“As an only child to my parents, and a mother suffering from a terminal illness, my biggest concern in captivity was for my parents,” she said.

“It’s a great privilege to be here after 246 days in Hamas captivity, to be beside my mother after eight months of uncertainty.”

Hamas and allied armed groups are still believed to be holding 120 hostages, including Noa’s boyfriend Avinatan Or, who was taken alongside her. At least 42 of the hostages are presumed by Israeli authorities to be dead.

The others have been released, rescued or their bodies recovered.

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Sustainable transformation: making transition finance stick | FinanceAsia

The Asia Pacific region is currently facing a significant gap in the race to fund decarbonisation – estimated at $US1.1 trillion by the International Monetary Fund (IMF).

However, this is not the only problem for a region whose coal-fired economies represent around half of global emissions, according to the International Energy Agency.

China alone accounts for 35% of global CO2 emissions, the agency says.

Speakers at the Sustainable Finance Asia Forum 2024 said that regulators will need to rebalance sustainable investment priorities – placing more emphasis on adaptation rather than mitigation – if the region’s most heavily polluting emerging economies are to meet their carbon zero targets.

Debanik Basu, the head of responsible investment and stewardship APAC at APG Asset Management, told a panel on harnessing transition finance for sustainable transformation that investment in mitigation (reducing greenhouse emissions at source) now represented the majority of transition funding.

He said the often more complicated task of climate adaptation – the need to change systems, behaviours and whole economies – was receiving scant attention.

“Currently the region is getting around $300 billion in transition finance so there’s a massive gap that needs to be addressed,” he told the conference. “Even within the small portion of finance that we are getting, more than 80 per cent of the funds are moving towards mitigation.

“Consensus estimates suggest that ideally it should be 50/50 between mitigation and adaptation.”

He said the other critical problem was that aspects of climate finance were not well understood and appreciated by the market overall, in particular within the agriculture and forestry segment.

“When you look at the NDCs (Nationally Determined Contribution) put out by a lot of countries, there are specific targets around climate change, but there aren’t explicit targets around forestry and agriculture,” he said.

“And even when there are targets, there is no clear roadmap. What all this means is that the institutional capacity is lacking. There are gaps in infrastructure and there are gaps in knowledge.

“As an investor, conversations with companies around biodiversity are at a very nascent stage.”

A question of taxonomies

Kristina Anguelova, senior advisor and consultant on green finance strategy APAC at the World Wildlife Fund, told the conference that regulation was moving in the right direction, guided by hubs such as Singapore and Hong Kong.

She added that the unofficial rivalry between Hong Kong and Singapore in terms of developing regulatory taxonomies was having a positive effect on the transition finance landscape in the region.

“I think the competition between Singapore and Hong Kong in this case is a good thing because it’s advancing regulation in the region quite a bit,” she said. “The Singapore Asia Taxonomy lays out transition taxonomy criteria across eight sectors.”

While the regulation is tailored to Singapore, she said she believed it would lay foundations for others to follow.

“It’s so important as a regulatory piece because it can serve as an incentive for investors to start to scale transition finance comfortably and confidently without the loopholes and the risks of potentially being accused of greenwashing,” she said.

In terms of biodiversity, she highlighted the nascent stage of biodiversity finance compared to climate finance, discussing the need for capacity building, regulatory clarity, and financial instruments to support nature-based solutions.

A case in point, she said, is the International Sustainability Standards Board (ISSB) which is developing standards aimed at developing a high-quality, comprehensive global baseline of sustainability disclosures focussed on the needs of investors and the financial markets.

“On biodiversity, I think we’re moving a bit slowly, but we’re getting there. Obviously coming from a science-based NGO, efforts can never be fast enough,” she said. “But the good news is that the ISSB will also be integrating the TNFD or the Task Force for Nature-related Financial Disclosures soon.

“Those jurisdictions that have adopted or committed to the ISSB will also be adopting those nature regulations.”

The challenge as always, she added, was that regulators had to strike a balance between mitigating financial risk and overregulating such that it slowed economic development.

Blended solutions

Building capacity, both speakers argued, would be critical to transition finance solutions to climate change and that new instruments, particularly in blended finance, were likely to be leading the charge.

“We are seeing beyond transition bonds to different types of instruments that are designed to go into blended finance structures such as transition credits which are based on the assumption that we can get carbon savings out of early retirement of coal-fired power plants,” Anguelova said.

One avenue that was currently being explored in a number of jurisdictions was concessionary capital: i.e. loans, grants, or equity investments provided on more favourable terms than those available in the market.

These terms could include lower interest rates, longer repayment periods, grace periods, or partial guarantees.

Of these instruments, Basu said, guarantees were evolving as one of the methods currently being pursued in several markets.

“What we are also seeing is that, apart from concessionary capital, a lot of public institutions are more comfortable with providing guarantees instead of direct capital because that then keeps the overall cost of capital down,” Basu said.

“It might be at a very nascent stage – and it is difficult to say if this is going to be the future – but it is developing,” he said.


¬ Haymarket Media Limited. All rights reserved.

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