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Singapore’s National Environment Agency’s SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on the National Environment Agency’s (NEA) Green Bond Framework. The Framework has been designed to govern the issuance of NEA’s Green Bonds. The net proceeds of the Bonds will exclusively finance or refinance, in part or in full, projects falling under one Green Project Category “Sustainable waste management”. Of note, all of the Eligible Green Projects will potentially contribute to Singapore’s Zero Waste Masterplan and its targets in waste reduction by 2030.

We assigned a Second Party Opinion (SPO) on the sustainability credentials and management of the Framework. V.E is of the opinion that this Framework is aligned with the four core components of the Green Bond Principles 2018 and best practices identified by VE.

We express a robust assurance on the contribution of the Eligible Green Projects to sustainability. The potential positive Impact of the Eligible Green Projects on environmental objectives is considered to be robust. NEA’s identification and management of the environmental and social risks associated with the Eligible Green Projects are also considered robust.

The National Environment Agency (NEA) is classified under the Specific Purpose Banks & Agencies Asia Pacific sector in VE’s universe. NEA is a statutory board formed on July 1st 2002 under the Ministry of Sustainability and Environment (“MSE”) (renamed from Ministry of Environment and Water Resources (“MEWR”) with effect from July 27th 2020) in Singapore. For waste management, NEA plans, develops and administers Singapore’s solid waste management systems. This includes licensing and regulatory functions to ensure that waste is properly collected, treated and disposed of.

V.E has produced more than 380 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.

Click here to view V.E’s SPO on the National Environment Agency’s Green Bond Framework.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at



Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000

Media inquiries:

Tim Whatmough
+33 (153) 303-385

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