At a glance
Programme detail
Summary
Agency
Monetary Authority of Singapore (MAS)
Status
Open
Applicants
Qualifying corporate and financial institution bond issuers
Support
100% of eligible sustainability-review costs
Award ceiling
Up to S$125,000 with qualifying enhanced disclosures; S$100,000 otherwise
Instrument limit
Maximum two instruments
Scheme end
31 December 2028
What does it support?
The scheme supports qualifying independent external assessment and assurance for sustainable or transition bond issuance. Activities may include relevant reviews, ratings, taxonomy assessments and reporting associated with the bond's sustainability credentials.
Who can apply?
Companies and financial institutions issuing qualifying bonds must meet the scheme's issuance and sustainability conditions. Local-shareholding conditions remain to be confirmed. Eligibility depends on the issuer and instrument rather than a sustainability label alone.
How does the support work?
MAS can reimburse 100% of qualifying sustainability-review costs within the applicable ceiling. The cap is S$125,000 where the qualifying enhanced-disclosure conditions are met, or S$100,000 otherwise, with a maximum of two instruments.
What expenditure can qualify?
The cost base consists of qualifying third-party sustainability reviews, ratings, taxonomy assessment and related reporting. Ordinary issuance expenditure or spending of bond proceeds should not be assumed to fall within this defined review-cost support.
Key conditions
- The issuance threshold is generally S$200 million, or the transaction must qualify through the applicable bond-programme route.
- Meet the recognised sustainability criteria and independent-review requirements.
- Confirm whether the enhanced-disclosure ceiling applies.
- Observe the two-instrument limit and Singapore issuance requirements.
Timing and application process
The scheme end is 31 December 2028. Contact MAS through [email protected] and confirm transaction eligibility. The application timing is within three months of issuance.
Important programme distinctions
The grant's 100% rate applies to an eligible review-cost base within a capped award. It is not 100% funding of the bond transaction, the principal raised or the assets financed. Loan-related sustainability expenditure is addressed through a separate scheme.