Sustainable and Green Finance Institute (SGFIN)

𝗦𝗚𝗙𝗜𝗡 𝗣𝘂𝗯𝗹𝗶𝘀𝗵𝗲𝘀 𝗡𝗲𝘄 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵: "𝗜𝗺𝗽𝗿𝗼𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗜𝗻𝘁𝗲𝗴𝗿𝗶𝘁𝘆 𝗼𝗳 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗗𝗮𝘁𝗮: 𝗥𝗲𝘃𝗶𝗲𝘄𝗶𝗻𝗴 𝗘𝗻𝘃𝗶𝗿𝗼𝗻𝗺𝗲𝗻𝘁𝗮𝗹 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲 𝗼𝗳 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗗𝗮𝘁𝗮 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝗿𝘀"   Sustainable and Green Finance Institute (SGFIN) has released its latest whitepaper alongside the 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗗𝗮𝘁𝗮 𝗛𝘂𝗯.    This research initiative delves into critical issues surrounding the accuracy and transparency of sustainability data available from information intermediaries.    𝗜𝗺𝗽𝗿𝗼𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗜𝗻𝘁𝗲𝗴𝗿𝗶𝘁𝘆 𝗼𝗳 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗗𝗮𝘁𝗮: This study highlights the need to strengthen the foundations of sustainability data to better serve investors and policymakers. This study reveals substantial discrepancies in the foundational sustainability data items (e.g., GHG Scopes 1 and 2) available on intermediaries’ platforms.    𝗞𝗲𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: • Fundamental discrepancies in sustainability metrics on data platforms arise from variations in data handling procedures, particularly regarding corporate restatements, and differing definitions of indicators. • These discrepancies potentially contribute to the significant variations in ESG scores from different intermediaries, in addition to variations in (proprietary) assessment methodologies.  • These discrepancies raise concerns about sustainability risk assessments, potentially hindering efficient asset pricing and allocation, delaying efforts to address critical global environmental challenges. • There is an urgent need for greater accuracy, transparency, and alignment in sustainability reporting and data processing.   𝗧𝗼 𝗹𝗲𝗮𝗿𝗻 𝗺𝗼𝗿𝗲, 𝘃𝗶𝘀𝗶𝘁: https://lnkd.in/gVpnQFAt     The 𝗦𝗚𝗙𝗜𝗡 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗗𝗮𝘁𝗮 𝗛𝘂𝗯: To develop the whitepaper above, SGFIN compiled sustainability metrics for publicly listed firms across ASEAN, covering Bursa Malaysia, HNX/HOSE, IDX, PSE, SET, and SGX. The database contains metrics extracted directly from corporate sustainability and annual reports, offering a reliable alternative to (and a benchmark for assessing) sustainability data provided by intermediaries.    Aiming to support stakeholders in accessing reliable and actionable sustainability data, SGFIN is providing this resource to the public (for free!) on SGFIN Sustainability Data Hub. Currently, only a limited set of metrics is publicly available and we will increase the data availability in the future based on the demand from stakeholders.    Access the hub : https://lnkd.in/gHAvRGYv   The whitepaper was written by Saranraj Rajindran, Tifanny Hendratama, and Prof. Johan Sulaeman, and the data initiative is supported by SGFIN team and student research assistants.     #SustainabilityData #SustainableFinance #SGFIN #ESG #CorporateSustainability #DataIntegrity

SGFIN Director Associate Professor Johan Sulaeman was invited to moderate another panel discussion in 𝟮𝟬𝟮𝟰 𝗚𝗥𝗘𝗦𝗕 𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲 on 27 Nov 2024. The panel discussed how different stakeholders have been using sustainable finance (SF) products in light of massive financing needs to transition to a more circular economy. Joining Prof Johan were Szue Hann TAN, MBA, MArch, Head of Sustainability (Real Estate) of Keppel Ltd.; Yvonne Soh, CEO of Singapore Green Building Council (SGBC); Corrado Forcellati, Director of Client Sustainability Strategies, APAC, of Paia FROM CBRE; and Jasper Wong, Head of Real Estate & Hospitality, Construction and Infrastructure of UOB’s Sector Solutions Group.   Below are the highlights from the discussion:   1. SF tools have been evolving with the emerging different needs The panel observed a growing diversity of SF tools across Asia, emphasising the role of transition finance in bridging the gap between current practices and full decarbonisation. Jasper saw the evidence in the variety of UOB’s SF product offerings (e.g., eco-loans, SAGE program for SMEs, and sustainable building materials initiatives). Adding to this point, Hann shared Keppel’s approach of scaling the use of SF tools by first targeting low-hanging fruits before moving on to more granular solutions which require bigger financing.   2. Robust certification and clear taxonomy are key elements in the ecosystem of SF tools From the perspective of building certification, Yvonne remarked that transparency and assurance of sustainability performance are essential to encourage the certification and use of sustainability-linked loans in green building development. Corrado further highlighted the importance of consistent taxonomy to level the playing field among market players. Having a clear taxonomy would help developers align with existing standards and allow equal access to SF products for all stakeholders.   3. The future of SF tools: retrofitting and technological advancement? Towards the end, the panel focused on retrofitting and technological improvement as potential drivers for more sustainable pathways in Asia. Retrofitting has a lower capital requirement and shorter timeframe while preserving embodied carbon compared to constructing a new building. Moreover, investments in green technology (e.g., measurement and verification of carbon emissions) can improve effectiveness and resilience of buildings, thus improving their sustainability performance in the long run. As such, directing the SF products into these two aspects may be necessary in a market that demands more for brown discounts than green premiums.   Prof Johan closed the panel with two takeaways: that resilience is key amid climate change and taxonomy is crucial as a common language to engage other stakeholders (e.g., lenders, tenants).   (post contributed by Jefferson -, Research Associate at NUS SGFIN)

𝗦𝗚𝗙𝗜𝗡 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗡𝗨𝗦 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗦𝗰𝗵𝗼𝗼𝗹 𝘄𝗲𝗿𝗲 𝗱𝗲𝗹𝗶𝗴𝗵𝘁𝗲𝗱 𝘁𝗼 𝘄𝗲𝗹𝗰𝗼𝗺𝗲 𝗮 𝘃𝗶𝘀𝗶𝘁𝗶𝗻𝗴 𝗱𝗲𝗹𝗲𝗴𝗮𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 Foreign Trade University (𝗙𝗧𝗨) 𝗼𝗳 𝗩𝗶𝗲𝘁𝗻𝗮𝗺, one of the nation’s leading universities, established in 1960. An engaging discussion was held with the FTU delegation introducing their vision and potential opportunities in the area of sustainable and green finance education and research. SGFIN researchers gave an overview of emerging insights in the areas of corporate sustainability disclosures and reporting, net-zero commitments of listed firms, and impact valuation applied to the areas of energy transition, and the real estate sector. Discussion followed on the importance of exploring collaboration in research with a shared objective to expand the uptake of sustainable financing solutions in the region. Focus then turned towards education initiatives. SGFIN first introduced our Masters of Sustainable and Green Finance programme, as well as the various professional and executive education offerings we offer. The NUS Business School MSc Programmes Office then introduced the range of taught postgraduate programmes currently on offer. A productive session together – we thank the FTU delegation for the opportunity to meet together and look forward to exploring future collaboration together! The FTU delegation included: Associate Professor, 𝗗𝗿 𝗡𝗴𝘂𝘆𝗲𝗻 𝗫𝘂𝗮𝗻 𝗠𝗶𝗻𝗵 – Director, Foreign Trade University, Ho Chi Minh City Campus; Associate Professor, 𝗗𝗿 𝗣𝗵𝗮𝗺 𝗛𝘂𝗻𝗴 𝗖𝘂𝗼𝗻𝗴 – Manager, Research and International Affairs Department; 𝗗𝗿 𝗟𝗲 𝗚𝗶𝗮𝗻𝗴 𝗡𝗮𝗺 – Manager, Communication and External Relations Department; and 𝗗𝗿 𝗡𝗴𝘂𝘆𝗲𝗻 𝗧𝗵𝗶 𝗠𝗶𝗻𝗵 𝗛𝗮 – Manager, International Education Department. Our thanks to the various NUS colleagues supporting this meeting including: Sumit Agarwal, Johan Sulaeman, Zhang Weina, David Broadstock, Jai Arya, Aaron Goh, 𝗠𝗲𝗹𝗮𝗻𝗶𝗲 𝗡𝗴, Pamela L., and Yunmin Liow. (Post contributed by Dr David Broadstock, Senior Research Fellow at SGFIN)

𝗦𝗚𝗙𝗜𝗡 𝗥𝗲𝗹𝗲𝗮𝘀𝗲𝘀 𝗦𝗰𝗼𝗿𝗶𝗻𝗴 𝗠𝗲𝘁𝗵𝗼𝗱𝗼𝗹𝗼𝗴𝘆 𝘁𝗼 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝗖𝗮𝗿𝗯𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁𝗶𝗻𝗴 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀 Amidst this pivotal juncture for carbon markets in COP29, @SGFIN releases a draft of its latest whitepaper – “𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 𝗮𝗻𝗱 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗻𝗴 𝗖𝗮𝗿𝗯𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀” - and would like to request for comments from participants active in the carbon credit space. Carbon credit markets are crucial for the reallocation of financial capital to projects that facilitate decarbonisation, particularly bringing additional projects that would not have existed otherwise into life. The integrity of a carbon credit’s quality – that 1 credit is equivalent to 1 metric tonne of emission reduction – provides the source of confidence in the market. To safeguard this integrity, the role of framework setters such as Verra, Gold Standard, American Carbon Registry, and many others in ensuring real and additional projects has never been of more paramount importance. The research team at SGFIN comprising 𝗗𝗲𝘀𝗺𝗼𝗻𝗱 𝗧𝗮𝘆, Michael Alexander, Ahmed Syalabi Seet, and Johan Sulaeman has identified 9 𝗰𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀 that a high-quality framework should exhibit. Each principle is supported by ‘𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹’ and ‘𝗕𝗲𝗻𝗲𝗳𝗶𝗰𝗶𝗮𝗹’ 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 that will ensure and facilitate the generation of high-quality carbon credits to be traded globally. As case studies, the team has developed an interim methodology to 𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝗲𝘅𝗶𝘀𝘁𝗶𝗻𝗴 𝗳𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀 -- Verra’s Verified Carbon Standard, Gold Standard, and American Carbon Registry’s Standard -- based on their fulfilment rate of the requirements set forth in this whitepaper. The team noted that these frameworks still require further improvements and fine-tuning to advance global high-integrity carbon markets. This evaluation has become more critical with current certifications such as ICAO’s CORSIA and ICVCM’s Core Carbon Principles providing eligibility labels based on these frameworks. Our proposed principles and evaluation methodology would support project owners and investors to understand that despite their seemingly identical eligibility, the quality of two eligible frameworks might not be the same. Frameworks may have differing features and stringency which may lead to variation in carbon credit quality and eventual market prices. The need to improve these frameworks has become even more critical with the recent ambitious developments in Article 6's carbon market and global ecosystem. View the Whitepaper here: https://lnkd.in/g8CfbFsM Share your thoughts with us: sgfin@nus.edu.sg [We welcome constructive comments that can be incorporated into the final version of the whitepaper to be released in early 2025.] (Post contributed by Michael Alexander, Research Analyst at SGFIN)

This week we had the pleasure of Prof. Alminas Žaldokas of NUS Business School sharing his latest research titled "ESG Shocks in Global Supply Chains" during our SGFIN Research Seminar. His presentation shed light on how environmental and social (E&S) incidents within supply chains are transforming trade relationships, investor perspectives, and supplier actions:   🔹 The ESG-Driven Shift: When suppliers face E&S incidents, U.S. companies often respond with "discipline by exit"—reducing or ending trade—to derisk their exposure, thus encouraging suppliers to adopt better ESG practices, especially when investor pressure is involved. 🔹 Investor and Consumer Impact: ESG-conscious investors play a key role in prompting companies to reassess suppliers. While consumer boycotts have limited effects, realignments in supplier relationships closely follow investor priorities, underscoring the financial market's influence on sustainable business practices. 🔹 Regulatory Landscape: Public companies face unique pressures to meet ESG standards, with regulations like the EU Corporate Sustainability Due Diligence Directive encouraging self-regulation and indirectly impacting foreign suppliers. This highlights the growing reach of regulatory frameworks across borders.   Prof. Alminas' research highlights a transformative moment in sustainable finance, where regulatory changes, investor expectations, and corporate actions converge to drive real change in global supply chains.    Thank you, Prof. Alminas, for the enriching experience and valuable insights! Sumit Agarwal Johan Sulaeman Zhang Weina (Post contributed by Ahmed Syalabi Seet, Research Associate at NUS SGFIN)

We are excited to see the National University of Singapore join the ARCS Community, and especially delighted to have Prof Johan Sulaeman on the Steering Committee!

We were pleased to welcome Associate Professor Yu Qin from the Department of Real Estate at the NUS Business School, as the speaker in our ongoing research seminar series for MSc students in Sustainable and Green Finance program. She presented her recent joint research with Li An and Yinghao Pan on the causal effect of extrapolative beliefs on financial decision-making, using evidence from residential solar photovoltaic financing in China.   Prof Qin began by introducing one of the most prevalent biases in human decision-making: extrapolative expectations, where individuals tend to overly rely on recent trends to form their expectations. She then explained why residential solar photovoltaic financing offers a unique and advantageous platform for analyzing the causal effects of expectation biases on household decisions, particularly in overcoming identification challenges related to 1) distinguishing between expectations and preferences and 2) assessing the rationality of agents' expectation formation. Specifically, the researchers creatively used variations in sunshine duration—which solar panels rely on to generate electricity and varies randomly after controlling for regional and seasonal variations—as a proxy for fluctuations in expected future cash flows generated from solar panels. This approach allows them to study how expectation biases can casually affect borrowers' decisions on monthly solar loan repayments.   The paper documents that sunshine duration in the week right before the repayment date is negatively associated with the delinquency probability, after controlling for other weather variables and high-dimensional fixed effects and shows that such effect decays over time. This evidence supports the mechanism that households exhibit extrapolative expectations when forecasting future solar electricity production and thus cash flows generated from solar panels. This study also presents further evidence to rule out alternative explanations for the sunshine effect, including liquidity constraints, wealth effects, mood, and projection bias. Moreover, using borrower survey data and back-of-the-envelope calculation, it further confirms that those households are indeed influenced by extrapolative expectation biases in their forecasting. We appreciate Prof Qin for giving our MSc students a taste of academic research on sustainable finance through this seminar and guiding them through her research process. Her presentation offered the students plenty of food for thought!   The presented paper, titled “Extrapolative Beliefs and Financial Decisions: Causal Evidence from Renewable Energy Financing”, is available on SSRN. Sumit Agarwal Johan Sulaeman Zhang Weina (Post contributed by Dr Wang Haoxu, Research Fellow at NUS SGFIN)

This week, we were hosted by Alakesh Dutta from the National University of Singapore College of Design and Engineering for a guided tour of the NUS SDE4 building, Singapore’s first new-built net-zero energy building.   Tapping into his personal experience as part of the SDE4's team of architects, Alakesh shared the innovative design principles applied to meet the challenging energy efficiency and budget constraints, as well as thermal comfort and natural landscape preservation requirements.   SDE4 deployed one of Singapore's first hybrid ventilation systems. This system supplies pre-cooled fresh air to maintain an indoor temperature of about 26° and augments this with elevated air speed using ceiling fans. Together, the system provides an indoor air environment that is both comfortable and healthy. It also substantially reduces the energy required by the building. SDE4 also maximizes its self-shading through an inverted pyramid form, façade screens on the east and west, and greenery, most of which was intentionally preserved during construction. These innovative design features collectively contribute to the building's energy efficiency. The role of producing the required energy within site is performed by arrays of PV panels placed on the over-sailing roof.    These examples offered our students a deeper understanding of the necessity for contextualized architectural design customized for tropical climates and meeting nature and energy preservation goals—a case in point for how design can address both climate mitigation and climate adaptation needs. #netzero #energyneutral #solarenergy #greenbuildings Sumit Agarwal Johan Sulaeman Zhang Weina

We would like to congratulate SGFIN’s advisory board member 𝗣𝗿𝗼𝗳𝗲𝘀𝘀𝗼𝗿 𝗕𝗮𝗺𝗯𝗮𝗻𝗴 𝗕𝗿𝗼𝗱𝗷𝗼𝗻𝗲𝗴𝗼𝗿𝗼, on his appointment as the 𝗣𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁𝗶𝗮𝗹 𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗔𝗱𝘃𝗶𝘀𝗼𝗿 𝗳𝗼𝗿 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗔𝗳𝗳𝗮𝗶𝗿𝘀 𝗮𝗻𝗱 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁 in the new Indonesian Presidential administration. This is an outstanding recognition of his expertise, leadership, and dedication to making a significant contribution to Indonesia and the region.   Professor Bambang has been an invaluable part of our advisory board, providing insights that have helped shape our strategic direction. We are confident that his experience and expertise will greatly support the president’s duties.   We wish him success in this important role and are looking forward to continuing our collaboration in developing a more sustainable society in Southeast Asia.   Congratulations again Prof Bambang!   #PresidentialSpecialAdvisors #SGFIN #Leadership #BambangBrodjonegoro 

𝗦𝗚𝗙𝗜𝗡’𝘀 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗥𝗲𝗽𝗼𝗿𝘁 𝗼𝗻 “𝗝𝘂𝘀𝘁 𝗧𝗿𝗮𝗻𝘀𝗶𝘁𝗶𝗼𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 & 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗘𝗮𝗿𝗹𝘆 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝗜𝗻𝗱𝗼𝗻𝗲𝘀𝗶𝗮’𝘀 𝗖𝗼𝗮𝗹-𝗙𝗶𝗿𝗲𝗱 𝗣𝗼𝘄𝗲𝗿 𝗣𝗹𝗮𝗻𝘁𝘀 Sustainable and Green Finance Institute (SGFIN) has collaborated with CGS International Securities Singapore to produce its second Industry Report focused on the challenges and opportunities faced in achieving early retirement of Indonesia’s coal-fired power plants in a just manner. The report delves into the complex and important challenge of accelerating the retirement and phase out of coal energy in Indonesia, where coal remains prevalent, and coal plants are relatively young compared to the West. At the same time, the (levelized) cost of renewable energy remains well above the international average. The report focuses on a critical issue in making the transition happen: 𝙒𝙝𝙖𝙩 𝙞𝙨 𝙩𝙝𝙚 𝙜𝙖𝙥 𝙗𝙚𝙩𝙬𝙚𝙚𝙣 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙣𝙜 𝙘𝙤𝙢𝙢𝙞𝙩𝙩𝙚𝙙 𝙪𝙣𝙙𝙚𝙧 𝙩𝙝𝙚 𝙅𝙪𝙨𝙩 𝙀𝙣𝙚𝙧𝙜𝙮 𝙏𝙧𝙖𝙣𝙨𝙞𝙩𝙞𝙤𝙣 𝙋𝙖𝙧𝙩𝙣𝙚𝙧𝙨𝙝𝙞𝙥 (𝙅𝙀𝙏𝙋) 𝙖𝙣𝙙 𝙩𝙝𝙚 𝙖𝙘𝙩𝙪𝙖𝙡 𝙘𝙤𝙨𝙩𝙨 𝙞𝙣𝙫𝙤𝙡𝙫𝙚𝙙 𝙬𝙞𝙩𝙝 𝙚𝙖𝙧𝙡𝙮 𝙙𝙚𝙘𝙤𝙢𝙢𝙞𝙨𝙨𝙞𝙤𝙣𝙞𝙣𝙜 𝙤𝙛 𝙘𝙤𝙖𝙡 𝙖𝙣𝙙 𝙞𝙣𝙨𝙩𝙖𝙡𝙡𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙧𝙚𝙥𝙡𝙖𝙘𝙚𝙢𝙚𝙣𝙩 𝙧𝙚𝙣𝙚𝙬𝙖𝙗𝙡𝙚 𝙚𝙣𝙚𝙧𝙜𝙮 𝙘𝙖𝙥𝙖𝙘𝙞𝙩𝙮? The research team present a carefully developed analysis within important findings. 𝗧𝗼𝗽 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀: • Affordability of renewable energy is the major bottleneck for accelerating coal retirement, with renewable energy in Indonesia being 3-4 times more costly than global benchmarks. • There is a considerable financing gap to be overcome. The total funding available for the early retirement of the two coal plants, US$300 million for Cirebon-1 and US$851 million for Pelabuhan Ratu, is insufficient compared to the grand financing needs (US$653 million and US$740 million respectively). • Efforts to raise the average auction carbon price in Indonesia to be closer to international averages will help achieve early retirement of coal power. • The environmental and social value created from the two JETP projects were also presented in the report. https://lnkd.in/g2UNvUjJ The contributors of this report include SGFIN’s Research Associate Yannis Yuan, Deputy Director Assoc Prof Zhang Weina, Director Assoc Prof Johan Sulaeman, MSGF students Luluk Kurrata Aini, Kirine Floria Budianto, Maura Finessa Winayo and Yan Jie, Head of Sustainability Kevin W F Lee from CGS International Securities Singapore, and Research Analyst Jacquelin H. with CGS International Sekuritas Indonesia. (Post contributed by Dr David Broadstock, Senior Research Fellow at SGFIN) #SGFIN, #justtransition, #energytransition, #jetp, #blendedfinance, #coalretirement, #Indonesia