Singapore seeks to upskill its sustainable finance professionals – Finance and Banking
Singapore: Singapore seeks to upskill its sustainable finance professionals
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In a further effort to help listed companies align their ESG information with other international standards and best practices, and to build on the ESG reporting landscape in Singapore, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) have identified 12 technical skills and competencies for professionals in the sustainable finance sector.
The Sustainable Finance Technical Skills and Competencies (SF TSC) are part of the IBF Competency Framework for Financial Services, which aims to provide vital information to enhance skills and train current and incoming talent in the banking, finance and finance sectors. asset management and insurance to strengthen their sustainability offerings. And services.
Institutions and professionals can use SF TSCs to help reduce the talent gap in the sector. Institutions can use the framework to design and develop training materials to meet current and anticipated skill demands. Individuals can use the framework as a guide for retraining, upskilling, or advancing in sustainability roles within the financial industry.
The SF TSCs cover 4 thematic knowledge topics and 8 functional knowledge topics.
SF Thematic TSCs seek to equip an individual with a broad understanding of sustainability issues. These include an understanding of:
- Climate change management – synthesize climate change and policy developments to help shape organizational strategy, policies, products and services
- Natural capital management – develop market research on natural capital to contribute to organizational strategies and policy development
- Management of carbon markets and decarbonization strategies – respond to current and projected carbon policies, market developments and decarbonization strategies to help clients achieve their net zero goals
- Application of taxonomies – shape and analyze strategies, policies, practices and business activities to align with major national, regional and international green taxonomies
Functional SF TSCs seek to equip professionals with particular skills to help them perform optimally in the sustainability sector. This includes acquiring knowledge about:
- Impact indicators, measurement and reporting – analysis, monitoring and reporting of impact indicators to lead organizations and clients in defining missions and impact objectives
- Evolution of the sustainability of the non-financial industry – synthesize market opportunities related to sustainability and the impact of non-financial industries on the financial sector
- Sustainable insurance and reinsurance solutions and applications – develop new and/or current sustainable (re)insurance solutions to help clients improve their sustainability performance
- Sustainable Investment Management – lead and implement strategies on sustainable investment concepts across the portfolio
- Structuring sustainable lending instruments – develop incentives to encourage the adoption of key sustainable lending instruments such as bonds, loans, project and trade finance, derivatives and blended finance
- Sustainability reports – develop accounting and reporting policies related to sustainable development to comply with regulatory requirements and international best practices
- Sustainability risk management – manage risks to help minimize negative impact on and by organizations
- Development of sustainable management – develop and implement an organization’s stewardship strategy to help achieve investment and sustainability goals
In addition to developing the SF TSCs, IBF will work closely with industry experts to develop training programs aligned with the SF TSCs. The IBF-Standards training program will cover up to 90% of training expenses for participants who enroll in IBF-accredited training programs.
The development of the SF TSCs and subsequent training programs for professionals is expected to help reinforce Singapore’s ever-increasing role as a hub for sustainable finance in the region.
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