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STACS Introduces Blockchain-Based ESGpedia to Power MAS’s Greenprint ESG Registry

To improve sustainability data quality and support more effective sustainable finance, Hashstacs Pte Ltd (STACS) is to launch its newly-developed ESGpedia registry platform.

ESGpedia is a single registry that aggregates, records and maintains the provenance of environmental, social and governance (ESG) certifications and data of companies across various sectors and global verified sources, utilising blockchain technology to ensure security and ease of access by different users.

Benjamin Soh, managing director at STACS
Benjamin Soh

“There’s a profound disconnect between the ESG data financial institutions and companies need, and what is available to them,” comments Benjamin Soh, managing director at STACS.

“First of its type, ESGpedia aggregates all ESG efforts, bridging the gap in ESG data and finance where there is no other such platform today.”

The service was introduced via a live showcase at the ‘Project Greenprint Industry Showcase’ event, which took place on 18 May and was organised by the Monetary Authority of Singapore (MAS), Singapore FinTech Association (SFA) and STACS.

ESGpedia will power the Greenprint ESG Registry, one of the four digital utility platforms housed under Project Greenprint, which MAS is developing in partnership with the industry.

ESGpedia aims to take data-driven financial decisions beyond the realm of traditional ESG data disclosures by providing ongoing data on projects as well as ESG certifications on a common, standardised registry.

This will enable the continuous monitoring of corporates’ sustainability progress and will integrate with data providers including data disclosure platforms, sectoral platforms and certification bodies.

With industry certifications being expensive and slow to attain due to highly manual processes and fragmented information, the registry also aims to level the playing field for corporates, especially SMEs without a dedicated ESG team, by making it easier for them to do ESG reporting and access sustainable financial services.

The ESGpedia registry is now launched with ready modules and APIs for integration, at a free tier, to encourage industry adoption. As of today, the registry hosts 168,100 certificates, covering 60,552 companies and 110,500 assets.

Dr Darian McBain, chief sustainability officer at MAS
Dr Darian McBain

Dr Darian McBain, chief sustainability officer at MAS, said: “The launch of the blockchain-based ESGpedia platform establishes a robust base for powering the Greenprint ESG Registry, combining STACS’ work on aggregating high-quality ESG data from multiple certification bodies and verified sources, with the ability for financial institutions, corporates and regulators to access this trusted data via a single source in accordance with their needs.

“In time, data housed in the Greenprint ESG Registry will form a central pillar that underpins the financial sector’s effective mobilisation of capital towards sustainable projects, as well as the accurate tracking and quantification of emission reductions, abatement levels, and other sustainability KPIs linked with these projects.”

ESGpedia serves financial institutions like banks, asset managers, investors, insurers, and exchanges, as well as non-financial institutions like corporates, service providers, and verifiers. Since November 2021, partners of STACS ESGpedia include Citi, Standard Chartered and DBS Bank; amongst others.

Anoushka Dua, ASEAN trade head at Citi, said: “Sustainability is at the heart of our corporate strategy, both in the way Citi conducts its business, and the client initiatives that we support. We are helping clients to finance socially and environmentally responsible trade and provide working capital for sustainable initiatives.

“Our sustainable solutions, from sustainable supply chain finance through to trade loans and agency solutions, are proven and in live operation, providing a robust, transparent way for clients to meet their sustainability ambitions.

“Our partnership with STACS and MAS on Project Greenprint is expected to amplify sustainable finance by leveraging standardised ESG data available through the ESG registry.”

Helge Muenkel, chief sustainability officer at DBS, added: “The lack of high-quality standardised ESG data on companies, especially in Asia, remains a key impediment to unlock capital at the speed and quantum needed for the region’s transition towards lower-carbon economies.

“The STACS’ ESGpedia registry platform aims to tackle this head-on by creating a trusted centralised data repository for banks and investors to track a company’s progress measured against a standardised set of sustainability metrics.

“This paves the way for more companies to access sustainable finance to advance their sustainability agendas and make measurable steps towards realising a net-zero future.”

Maisie Chong, head of transaction banking Singapore and head of trade and working capital ASEAN at Standard Chartered, concluded with: “Transparency and accountability are key to driving greater adoption of sustainable finance. STACS’s launch of its blockchain-enabled ESGpedia registry platform is a game-changer as it offers businesses verified and quality sustainability data that will be recognised by both MAS and global regulatory bodies.

“This development is aligned with Standard Chartered’s commitment to supporting a just transition by channelling capital to where it is needed most and leveraging our sustainable finance framework and comprehensive data-driven financing solutions to help our clients achieve their green KPIs.”

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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