Singapore Defends Climate Policy After Kempen ESG Exclusion
- Singapore joins Russia, China and Saudi on ESG exclusions list
- Government says it’s ramping up reliance on solar power
The government of Singapore has defended its commitment to climate action following a decision by Van Lanschot Kempen NV to exclude the country from portfolios, after it failed an updated ESG test used by the wealth manager to screen for environmental risks.
“While it is laudable that Kempen has incorporated sustainability considerations in its investment decisions, we invite Kempen to learn more of Singapore’s firm commitments and concrete actions on sustainability,” 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 wrote in a joint statement.