There is also scope to recycle capital by taking loans off the balance sheets of commercial banks and multilateral development banks and structuring them in a form that could be subscribed by institutional investors, insurance companies, and sovereign wealth funds. Several blended finance models have been piloted. But they need to be substantially scaled up to channel the extra $ trillion in financing needed for the net zero transition. Singapore is building a comprehensive ecosystem for green and transition finance to facilitate Asia’s net zero journey. We are building capabilities in environmental risk management in the financial sector through climate stress tests. We are providing grants to defray the costs of issuing green and sustainability-linked loans and bonds. We are supporting industry efforts to build the infrastructure for a liquid and transparent voluntary carbon credit market in Asia. 7/9  BIS central bankers' speeches  We are deploying technology to address data challenges, such as through an ESG registry to maintain provenance of green certifications and an ESG disclosure platform to allow listed companies to upload corporate sustainability data in a structured and efficient manner. SUSTAINABLE LIFESTYLE The fifth and last key to achieving net zero: a sustainable lifestyle. While many of the changes necessary to mitigate climate change are in the realm of public policies, business practices, financial decisions, and technological advances, people will also need to make lifestyle adjustments.
According to an IPCC study, everyday behavioural changes by people which reduce demand for energy – such as adjusting temperature settings in buildings and reducing air travel – can cumulatively lead to substantial reductions in carbon emissions. People across the world are increasingly concerned about climate change and want to do something about it. Climate change is inspiring people to step up to a higher cause, to take collective action for the common good of our planet. Singaporeans too are becoming more environmentally conscious. According to a 2020 study by the Institute of Policy Studies, 61% of Singaporeans surveyed felt that protecting the environment should be prioritised even if it results in slower economic growth and some loss of jobs. More individuals are taking climate-friendly actions, motivated by a desire to preserve a liveable world for future generations. There are many things we can do as individuals to minimise our impact on the climate. We can do energy audits of our homes to identify ways to be more energy efficient. We can reduce food and plastic waste. We can become a zero-waste nation and a circular economy, where we use less resources and re-cycle resources. We can eat lower in the food chain and shift towards more plant-based protein. University of Oxford researchers have found that reducing meat and dairy products from our diet can help to shrink our carbon footprint from food by up to 73%. We can drive less and take public transport more.