https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  8/13  14/10/2020  “Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Finan…  A study by UBS estimates that close to 40% of family oﬀices plan to allocate most of their portfolios sustainably in five years’ time. [8]  This trend will be bolstered with the transfer of wealth to the millennial generation. An estimated $ trillion is expected to change hands to the next generation by 2030. [9]  Several studies suggest that millennials desire to invest in companies with good ESG track records. [10] According to a survey by Morgan Stanley, 90% of millennial high net worth investors want to tailor their investments to their personal values. [11] As a leading wealth management hub in Asia, Singapore can play a strong role in wealth planning solutions that support sustainable development in Asia. MAS launched last year a Green Investments Programme under which we will place $ billion of our funds with asset managers with a strong green focus. The aim is to grow the pool of asset managers that are committed to deepen green finance activities and capabilities in Singapore. We have short-listed several asset managers with a view to appointing the successful applicants early next year. Singapore has also begun anchoring providers of verification, review and rating services.
***  [1] Oxford Smith School Briefing Paper, October 2018, Carbon Lock-in Curves and Southeast Asia https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  11/13  14/10/2020  “Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Finan…  [2] New Climate Economy 2018 Report [3] Oxford Smith School Working Paper, May 2020, Will COVID-19 fiscal recovery packages accelerate or  retard progress on climate change? [4] ‘Climate value at risk’ of global financial assets, Dietz, Bowen, Dixon and Gradwell (2016). [5] Perspectives for the Energy Transition, IEA and IRENA (2017). [6] ASEAN State of Market Report 2019 – Climate Bonds Initiative [7] Boston Consulting Group Global Wealth Report 2020 [8] UBS Global Family Oﬀice Report 2020 [9] Wealth-X, June 2019, A Generational Shi  : Family Wealth Transfer Report 2019  [10] Royal Bank of Canada Wealth Management and The Economist Intelligence Unit, 2019, Motivated  by more than money: Younger high-net-worth investors in Asia increasingly prioritise ethical investing; Ernst and Young, Sustainable Investing: The Millennial Investor [11] Morgan Stanley Institute for Sustainable Investing, 2019, Sustainable Signals: Individual Investor  Interest Driven by Impact, Conviction and Choice [12] Financial Times, November 2019, Artificial intelligence promises to enhance sustainable investing  https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  12/13