Together with MAS Project Greenprint, the objective of GreenON is to promote transparent sustainability reporting by providing timely and verifiable information to financiers so that they can make more informed decisions. By using Internet of Things (IoT) to collect real-time data on the ground and working with NGOs to audit green projects’ credentials, we can ensure that insights generated is relevant and accurate.
In the process of getting green loans, corporates will become more empowered with their green projects and transition faster to more sustainable practices with evidence on their green efforts. This will reduce the rate of deforestation in the long run, combatting global warming.
What problem are we trying to solve?
Deforestation is a serious issue in the agriculture sector that needs to be addressed urgently as it can worsen global warming. The increase in global demand for agricultural products over the years might cause more farming activities taking place in encroachment areas and peat lands, which act as a carbon sink in the ecosystem. With deforestation taking place at a rapid speed, our carbon sink is being destroyed at a faster rate than replanting of trees. Hence, global efforts are required to tackle the issue of deforestation and start taking measures to combat global warming.
With greater emphasis on sustainability and greening of operations, it is essential for a framework to be put in place to guide financiers and corporates in green financing. Currently, when these corporates need additional capital for green projects, financiers find it difficult to verify sustainability disclosures given by corporates, and are also unable to demonstrate impact of loans deployed.
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