In 2021, ABC Singapore Branch updated the “Sustainable Financing Framework” (“SFF”), incorporating both international and Chinese green and sustainable finance principles and standards. The Framework has been independently reviewed by both Sustainalytics and China Chengxin Green Finance Technology (Beijing) Ltd, respectively. ABC Singapore Branch is the first Chinese bank in Singapore to develop a sustainable framework that receives dual International and Chinese standard assessments.
In November 2022, ABC Singapore Branch successfully issued US$200 million SOFR based Green Club loan (“Green Loan”) pursuant to the SFF. The Branch utilized all the Green Loan proceeds towards eligible green and sustainable assets in China and overseas and provided cross-border green financing solutions to its customers. Recently, the branch engaged Sustainalytics, a leading global research provider in the fields of ESG, to review the assets funded and provide a post-issuance review as to whether the projects met the use of proceeds criteria and the reporting commitments outlined in the SFF.
In the post-issuance review report, Sustainalytics concluded that nothing has come to its attention that the reviewed projects do not conform with the use of proceeds criteria and reporting commitments in the SFF.