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Singapore Green Bond Report for Financial Year 2025: S$25.8 billion of public sector green bonds issued across four green categories as at 31 March 2026

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Green Bond Framework

21 September 2026

The Ministry of Finance (MOF) released the Singapore Green Bond Report for Financial Year (FY) 2025 today. As at 31 March 2026, the public sector has issued a total of S$25.8 billion of green bonds including the green bonds issued by Statutory Boards^[1] across four green categories: clean transportation, green buildings, waste management, and sustainable water and wastewater management. Singapore remains on track to meet its public sector green bond issuance target of S$35 billion by 2030. The breakdown of the green bonds issued to date can be found in Table 1.

Table 1: Singapore Public Sector Green Bonds issued as at 31 March 2026

Issuer	Issuance *(S$ billion)*	Green Category
Singapore Government/ Monetary Authority of Singapore (“MAS”)^[a]	12.0	Clean Transportation
Housing & Development Board (“HDB”)^[b]	10.5	Green Buildings
National Environment Agency (“NEA”)^[c]	1.7	Waste Management
Public Utilities Board (“PUB”)^[d]	1.6	Sustainable Water and Wastewater Management
Total	25.8
^[a]As the agent of the Singapore Government empowered by the Government Securities (Debt Market and Investment) Act and the Significant Infrastructure Government Loan Act (“SINGA”), MAS undertakes the issuance and management of securities on behalf of the Government. ^[b]HDB’s Green Finance Framework and relevant materials can be found at: https://www.hdb.gov.sg/hdb-pulse/reports/green-finance-framework-and-reports (opens in new tab) ^[c]NEA’s Green Bond Framework and relevant materials can be found at: https://www.nea.gov.sg/corporate-functions/resources/medium-term-note-programme (opens in new tab) ^[d]PUB’s Green Financing Framework and relevant materials can be found at: https://www.pub.gov.sg/public/waterloop/sustainability/green-financing-framework (opens in new tab).

The FY2025 Report^[2] details the allocation of proceeds from Singapore’s sovereign green bonds in FY2025 under the Singapore Green Bond Framework^[3] and the expected environmental impact of the financed projects: Jurong Region Line (JRL) and Cross Island Line (CRL)^[4]. A limited assurance engagement has been conducted by PricewaterhouseCoopers LLP in respect of the allocation of proceeds for the FY ended 31 March 2026.

Issuance and Allocation

The Singapore Government reopened the 30-year Green Singapore Government Securities (SGS) (Infrastructure) bond (i.e. second tranche of “Jun-54”) via auction in May 2025, with an issuance size of S$1.8 billion, and the 50-year Green SGS (Infrastructure) bond (i.e. fourth tranche of “Aug-72”) via auction in October 2025, with an issuance size of S$1.0 billion. Both issuances drew strong market demand that allowed the Government to issue at the top end of the targeted size range, with overall subscription rates of 1.84 and 1.74 times respectively.
In FY2025, S$3.7 billion of green bond proceeds were allocated to finance the expansion of the electric rail network in Singapore, namely JRL and CRL. The remaining S$2.7 billion of unallocated proceeds are expected to be fully allocated to the JRL and CRL by the end of FY2026. The allocation figures can be found in Table 2.

Table 2: Allocation of Green SGS (Infrastructure) Bonds [5]

Green SGS (Infrastructure) Bonds	Issuance Size (S$ billion)	Proceeds allocated up to FY2024 (S$ billion)	Proceeds allocated in FY2025 (S$ billion)	Total allocated proceeds as at 31 March 2026 (S$ billion)	Total unallocated proceeds as at 31 March 2026 (S$ billion)
First tranche of Aug-72 (issued in August 2022)	2.4	2.4 (Fully allocated)	Not applicable	2.4 (Fully allocated)	0
Second tranche of Aug-72 (reopened in September 2023)	2.8	2.8 (Fully allocated)	Not applicable	2.8 (Fully allocated)	0
First tranche of Jun-54 (issued in June 2024)	2.5	0.4	2.1	2.5 (Fully allocated)	0
Third tranche of Aug-72 (reopened in October 2024)	1.5	0	1.5	1.5 (Fully allocated)	0
Second tranche of Jun-54 (reopened in May 2025)	1.8	Not applicable	0.1	0.1	1.7
Fourth tranche of Aug-72 (reopened in October 2025)	1.0	Not applicable	0	0	1.0
Total	12.0	5.6	3.7^[6]	9.3	2.7

Impact

The development of JRL and CRL supports the “Sustainable Living” pillar of the Singapore Green Plan 2030, which will enable us to achieve our ambition of significantly reducing land transport emissions from the 2016 peak. It will also contribute meaningfully to our national goal of achieving net zero emissions by 2050.
The JRL and CRL will have a combined estimated impact of avoiding between 100,000 and 120,000 tonnes of CO2-equivalent (i.e. greenhouse gas (“GHG”)) project emissions annually. This represents an 81% reduction in GHG emissions compared to the baseline scenario and would be equivalent to taking at least 22,000 Internal Combustion Engine cars off Singapore’s roads.
The green bond proceeds allocated to the JRL and CRL (i.e. S$9.3 billion as at 31 March 2026) are expected to have a financed impact of between 16,121 and 24,081 tonnes of GHG emissions avoided annually. Every S$1 million of allocated Green SGS (Infrastructure) bond proceeds therefore contributes to the avoidance of between 1.7 and 2.6 tonnes of GHG emissions annually.
The full FY2025 Report can be found at go.gov.sg/sgbreportfy25 (opens in new tab).

[1] Statutory Boards (i.e. NEA, HDB and PUB) publish their green bond reports in accordance with their respective frameworks. The details can be found on their websites.
[2] The FY2025 Report has been streamlined. Details on Singapore’s Climate Commitments and the Singapore Green Bond Framework, which were in previous editions of the annual report, remain available on MOF’s website at https://www.mof.gov.sg/policies/fiscal/green-bonds/ (opens in new tab) and updated as needed.
[3] Proceeds are allocated in accordance with the framework governing each respective bond issuance. As such, proceeds from bonds issued before 2025 fall under the Jun-22 Framework, while those from bonds issued in 2025 or later fall under the Jan-25 Framework. Refer to Table 2 for a detailed breakdown of bond proceeds allocated in FY2025.
[4] The JRL and CRL qualify for borrowings under the Significant Infrastructure Government Loan Act 2021 and meet eligibility criteria for the “Clean Transportation” Use of Proceeds category under the Singapore Green Bond Framework.
[5] Allocation figures presented in billion are rounded to one decimal place. Please refer to the FY2025 Report for the exact figures.
[6] PricewaterhouseCoopers LLP has conducted a limited assurance engagement on the allocation of proceeds for the financial year ended 31 March 2026 raised through the issuance of the Green SGS (Infrastructure) bonds. The assurance report can be found in Section 5 of the FY2025 Report.