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Asia has emerged as the largest source of emissions globally and Southeast Asia is also one of the most at-risk regions. Addressing climate change is therefore a matter of particular urgency for ASEAN and its companies. However, it has been estimated the region will need to raise capital of over US$50 billion over the next few years to fund the green transition.[1] With Singapore as a leading investment and financial hub in Asia, banks in Singapore, can and arguably should go beyond financing activities that are already aligned with a green economy to also finance the real-economy activities that are not yet aligned but are in transition to becoming so aligned. This update offers an overview of the increasing imperative for climate transition planning for corporates, and how banks can responsibly navigate the challenges and pitfalls of financing the transition.

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WRITTEN BY

Shook Lin & Bok
For further information, please contact:

Dr Joseph Chun – Partner, Shook Lin & Bok
joseph.chun@shooklin.com

Qualifications / Education:

Advocate & Solicitor, Singapore, 1992
Solicitor, England and Wales, 1999
LLB (Hons), National University of Singapore, 1991
PhD in Laws, University College London, 2003

Dr Joseph Chun is a partner in the Environmental, Social and Governance practice. He is concurrently an adjunct associate professor and a member of the Asia-Pacific Centre for Environmental Law (APCEL) at the Faculty of Law in the National University of Singapore (NUS), where he teaches environmental law.

He has written widely on the subject, including a co-authored textbook on Singapore Environmental Law (publication in 2019). He also regularly works with green civil society groups on advocacy projects, and serves on the Animal Welfare and Ethics Committee of Wildlife Reserves Singapore. Prior to re-joining the Firm, Joseph worked as an in-house counsel in Singapore Airlines, an assistant professor and a senior research fellow at NUS, and a partner in the corporate real estate practice at the Firm.ExperienceHis principal focus areas are:

  • Working with clients on compliance with environmental regulations and standards;
  • Working with clients to identify and manage environmental issues in business transactions;
  • Working with clients to identify and evaluate environmental issues in business reporting and disclosures;
  • Supporting business transactions with environment-related due diligence;
  • Supporting environment-related dispute resolution;/li>
  • Conducting in-house environmental law compliance workshops for clients; and
  • Rendering advice on environmental issues.

Dr Chun has also been advising on ESG risk mitigation and liability management (including directors’ and management’s responsibilities), due diligence as well as green finance and sustainability linked finance.

Publications

He has authored/co-authored widely on the subject, including:

  • “New Developments in Singapore’s ESG Investment Regulatory Landscape” (IFLR, 2022);
  • “Environmental Law and Practice in Singapore: Overview” (Practical Law – Thomson Reuters, 2021);
  • “A Closer Look at Singapore’s Mandatory Corporate ESG Disclosures and Associated Legal Risks” (IFLR, 2021);
  • “Legal Opinion on Directors’ Responsibilities and Climate Change under Singapore Law” (Commonwealth Climate and Law Initiative, 2021);
  • “Transition Financing – A Stocktake of the Emerging ‘Regulatory’ Landscape” (Shook Lin & Bok LLP, 2020);
  • “MAS Proposes Guidelines for Environmental Risk Management by FIs” (Shook Lin & Bok LLP, 2020);
  • “Social Financing in a Time of Pandemic Turmoil” (Shook Lin & Bok LLP, 2020);
  • “Transition Bonds: Financing for a Greener Shade of Brown” (Shook Lin & Bok LLP, 2020);
  • “Financing the Circular Economy – Why, What & How” (Shook Lin & Bok LLP, 2019);
  • “Giving our Buildings a Greener Lease of Life” (Shook Lin & Bok LLP, 2019);
  •  Environmental Law in Singapore (Academy Publishing, 2019);
  • “The Resource Sustainability Bill – Are We Going in Circles?” (Shook Lin & Bok LLP, 2019);
  • “The Proposed EU Green Bond Standard – a Sign of Things to Come?” (Shook Lin & Bok LLP, 2019);
  • “Transits and Imports of Rosewood under the Endangered Species (Import and Export) Act: A Thorny Judgement” (Shook Lin & Bok LLP, 2019);
  • “Green Financing — The State of Play in Singapore” (Shook Lin & Bok LLP, 2019);
  • “Sustainability Linked Loan Principles – Another step forward for Green Financing” (Shook Lin & Bok LLP, 2019);
  • “An Overview of the Carbon Pricing Regime in Singapore” (Shook Lin & Bok LLP, 2019)

Speaking Engagements

He has also given numerous talks on ESG risk mitigation and liabilities management, including:

  • Speaker at 2021 Asia-Pacific ESG Masterclass organised by Lexology, December 2021
  • “ESG Business Opportunities in Singapore” at Singapore-China Two-Way Investment Forum organised by Suzhou Industrial Park Administrative Committee, Economic Development Board and Enterprise Singapore, October 2021
  • “Can Board of Directors be Held Responsible for Contributing to Climate Change?” Fireside Chat at CIMB Cooler Earth Summit 2021, September 2021
  • “What is Transition Finance?” workshop jointly organised by Shook Lin & Bok LLP & Sustainalytics, May 2021;
  • “Regulations on Packaging, Food and E-waste” webinar organised by Paia Consulting, May 2020;
  • “Sustainable Financing – A Primer” at the Climate Change Law Executive Programme organised jointly by the Asia-Pacific Centre for Environmental Law and Energy Studies Institute at the National University of Singapore, March 2020;
  • “Green & Sustainability-Linked Finance – Why, What & How?” at workshop jointly organised by Shook Lin & Bok LLP & Sustainalytics, supported by APLMA, July 2019;
  • “How can governments and corporations in China and ASEAN work together to promote green finance?” at FutureChina Global Forum, organised by Business China, June 2019;
  • “Industry Perspectives Roundtable: What is the State of Green Finance Today?” at APLMA Green & Sustainable Finance Conference organised by APLMA, June 2019

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