Singapore leads Asia in green equity exposure with STI gain

It surpassed the global average of 8.6%.

Singapore’s equity market is emerging as a leader in green economy exposure in Asia, with the Straits Times Index (STI) recording a green revenue share of 10.9% at the end of December 2024, according to FTSE Russell’s Global Investment Research team.

It surpassed the global average of 8.6% and outpaced major Asian markets, including China, Hong Kong, South Korea, Thailand, Malaysia, and India.

The STI’s green revenue share has more than doubled since 2016, when it stood at 4.2%.

As of end-2024, 18 of the 30 companies in the index reported green revenues, up from seven in 2016. The data is based on the LSEG Green Revenues model.

Lee Clements, head of Applied Sustainable Investment Research at FTSE Russell, said Singapore’s push into the green economy aligns with its long-term development goals, including the Singapore Green Plan 2030 and the adoption of the Singapore-Asia Taxonomy for Sustainable Finance in 2023.

Utilities firms such as Keppel Corporation and Sembcorp Industries are key contributors to the STI’s green revenue, with involvement in renewable energy infrastructure projects across Asia.

The real estate sector also plays a major role. Although it makes up 14.9% of the STI by market capitalisation, it contributes 70% of the index’s total green revenues, mainly due to sustainability initiatives in the built environment.

Globally, green revenues are mostly concentrated in the industrial, utilities, and technology sectors. In contrast, Singapore’s green revenue exposure is concentrated in real estate and utilities, reflecting the STI's sector composition.

Other notable contributors include Yangzijiang Shipbuilding and Seatrium, which are developing fuel-efficient vessels as part of Singapore’s broader effort to support green shipping.

In the agri-business sector, Wilmar International generates green revenue through its sustainable palm oil and biodiesel operations. Singtel and ST Engineering are also developing sustainable technologies for a range of industries.

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