CriAT, together with MUFG, AIDF-NUS, iAPPS-FundON, jointly announce "GreenON"
Singapore, 9 November 2021 – MUFG Bank, Ltd. (MUFG), the Asian Institute of Digital Finance (AIDF), CriAT and iAPPS-FundON jointly announce their involvement in the development of “GreenON”, a digital service that aims to provide greater transparency and accountability of the sustainability efforts of companies within Asia’s food and agricultural sectors.
GreenON (http://www.greenon.io) is a first-ever digital service in Asia that adopts an evidence-based, data-driven approach to analyse the initiatives of food companies and agri-producers against their sustainability objectives. A “Bottomup Greenness” (BuG) score is then established and can be used to evaluate whether the project has met its environmental targets, leveraging data from the ground.
GreenON will interoperate with the Monetary Authority of Singapore’s (MAS) Project Greenprint platforms to consolidate and share data points to increase awareness of the food and agriculture sectors’ sustainability efforts and better mobilise investment into supporting the regional green ecosystem.
The introduction of a digital platform that provides timely and verifiable sectorspecific green data is important given the pressure placed on the environment by the burgeoning global demand for agricultural products, one of the factors causing encroachment into protected forests and peatland.
Whilst there has certainly been a growing commitment from corporations, investors and financial institutions (FIs) to support sustainable projects, the issue of sustainability reporting remains a challenge, making it difficult to accurately track and assess the progress of such initiatives and their impact on the environment.
With GreenON, investors and FIs will be able to better mobilise green capital and ensure that the funds deployed are having the desired effects in protecting the environment and mitigating deforestation, and corporates will be able to back their sustainability objectives with data from the field and simplify their projectlevel sustainability reporting.
Download the GreenON Press Release:
It's encouraging to see major financial institutions collaborating with academic research bodies like AIDF-NUS and tech firms to push sustainable financing forward. Initiatives like GreenON really highlight how crucial cross-sector partnerships are when developing actual framework tools for green loans and credit evaluation. I was researching similar collaborative models recently for a Case Study Writing Service Australia project, and it struck me how rare it is to see commercial banks like MUFG engage so directly with deep-tech research from the ground up. I do wonder, though, how easily smaller regional SMEs will be able to adapt to these digital green metrics compared to larger corporate borrowers who already have dedicated sustainability teams.
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