- 投资
- 2021年05月17 日
全球升级气候治理承诺
By 陈健铭
投資策略师
- 美国旨在成为全球气候领袖，承诺到2030年将碳排放减半
- 中国的绿色债券融资排除了化石燃料，计划今年推出中欧绿色金融共同分类法标准
- 欧盟就气候法和一系列新的配套法规达成协议
2021年4月22日（地球日），美国总统拜登承诺到2030年，美国将在2005年的基础上减排50-52% ，这是美国应对气候变化承诺的最新进展。
这一目标扩大了奥巴马政府早先承诺的到2025年减排26-28%的目标，这意味着美国在未来十年内将大幅加快脱碳步伐，使美国经济能够在2050年实现净零排放。美国还承诺将每年向发展中国家提供的气候融资增加一倍 ，以帮助减少碳排放。
一个国家气候工作组正在制定一项国家气候战略，将于今年晚些时候发布。与本行观点一致，拜登将倾尽政府之力来应对气候变化，将气候政策融入美国财政、国家安全和外交政策。
包括财政部长耶伦 (Janet Yellen) 和美国国务卿布林肯 (Antony Blinken) 在内的美国高级官员承诺，将引导公共投资，并制定相关政策，以支持美国向净零排放转型。
正如本行早些时候所强调的，中美两国在新技术优势方面的激烈竞争，将是未来几年驱动政府政策和清洁能源及相关技术投资的关键因素。
“如果我们不能主导可再生能源革命，那么美国很难在与中国的长期战略竞争中取胜。现在，我们落后一步。”布林肯在2021年4月19日的一次演讲中说：“中国现在是太阳能电池板、风力发电机、电池和电动汽车领域的最大生产国和出口国。”“我们将把气候危机作为外交政策和国家安全的重心。”
包括日本、加拿大和巴西在内的其他数国也在拜登主持的地球日气候峰会上宣布升级减排目标，增加了自2015年《巴黎协定》以来加强减排承诺的国家数量。
除了最新的减排目标，其他各大经济体的关键政策发展也正在形成，这将在未来几年改变世界经济格局。在地球日气候峰会上，中国国家主席习近平表示，中国将在2026年至2030年开始逐步取缔煤炭使用，以此作为减少温室气体排放的任务之一。去年，习主席承诺，中国碳排放将在2030年见顶，2060年将实现碳中和。
2021年4月21日，中国政府发布了一份可通过发行绿色债券融资的最新经济活动目录——“绿色债券支持项目目录”. 新目录将煤炭和其他化石燃料（甚至是“清洁利用”此类燃料）完全排除在绿色活动之外，这清楚地表明中国的政策意图，即引导绿色债券筹集资金投入低碳项目，减少对化石燃料的投资，以支持经济活动转型。
中国人民银行行长易纲2021年3月21日表示，中国正努力动员“大规模绿色投资”，同时将绿色金融作为今年和未来五年的优先工作事项。易纲表示，中国人民银行计划建立强制信息披露制度，要求所有金融机构和企业遵循统一的信息披露标准，今年还将与欧盟合作，统一这两个市场的绿色分类标准。
欧洲方面，政府领导人目前已就《欧洲气候法》达成原则性协议，目标是到2030年将温室气体净排放量从1990年的水平削减55%或更多，并在2050年实现零净排放。
欧盟还正式通过了绿色经济活动分类体系的第一部分——《欧盟可持续金融分类气候授权法案》，引入了筛选标准，以界定对适应和缓解气候变化作出重大贡献的经济活动。欧盟现行的其他主要法规包括“企业可持续发展报告指令” (CSRD) ，以确保企业提供的可持续发展信息一致且具可比性。
正如本行早前强调的，我们认为这些发展趋势是整个欧洲政策的一个重大转变，将逐步重塑整个欧洲的经济活动和全球资本配置。特别是新规要求欧盟地区的资产管理公司和投资公司整合详细的标准，以筛选对气候变化积极成果做出贡献的经济活动，这可能会迫使世界各地的公司加强气候风险管理的披露程度，扩大可持续性相关活动业绩，否则将失去融资渠道。
能源转型驱动脱碳
本行预计，大部分短期脱碳工作将集中于减少发电过程中的碳排放量，以及实现其他行业（如汽车及交通运输行业）的电气化转型。越来越多的企业为这种能源转型做好准备。
去年尽管疫情影响严重，但全球在可再生能源、供暖和运输电气化以及其他能源转型上的支出仍创下5,010亿美元新高。本行预计，未来几年这一数字将进一步增长。
Bloomberg NEF于2020年12月发布的一份分析报告显示，全球使用太阳能和风能发电的国家占世界人口的三分之二以上，占全球国内生产总值四分之三和90%的电力需求，这两种能源是目前进行新型大容量发电最廉价的能源。
早在拜登政府为加速脱碳而采取行动之前，美国能源信息管理局就预测，到2050年可再生能源在美国发电结构中的比例将从2020年的21%翻倍至42%，其中主要为风能和太阳能发电。
图表1：2020年至2050年，可再生能源发电预计将占美国新增发电量的近60%
资料来源：《2021年年度能源展望》，美国能源信息管理局
美国电力行业到2035年实现全面脱碳是拜登政府2050年实现经济碳中和的关键性战略支柱。美国国家环境保护局 (US Environmental Protection Agency) 的数据显示，1990-2019年间，发电占美国温室气体排放量的比例最大 (31%) 。
图表2：自1990年以来，发电占美国温室气体排放量的比例最大(31%)
资料来源：美国国家环境保护局。
注：图表显示了1990年至2019年间美国按源划分的温室气体排放量和碳汇量（负值），单位为百万吨二氧化碳当量。所有电力排放都归为“发电”一类，因此“住宅”和“商业”等其他行业只显示非电力源，如燃油供暖或天然气供暖。
未来仍需加大投入力度
据气候行动追踪组织于2021年5月发表的最新预测，按照目前的发展趋势，即使在4月份气候峰会上作出最新承诺，全球气温到2100年仍将上升约2.4°C，远高于《巴黎协定》1.5°C的目标。
最新预测显示，如果不采取更有力的行动，世界经济将遭重创。根据再保险公司瑞士再保险 (Swiss Re)发表的一项最新研究，按照目前的发展路径，到本世纪中叶，全球GDP或因气候变化损失近10%。
放眼全球，不远的将来可能发生的灾难性气候变化将对各大政府及行业领袖产生越来越大的影响。
2021年3月发布的一份报告显示，在全球2000家头部上市公司中，超五分之一 (21%) 的公司已承诺降低碳排放量至净零水平。
相较于其他温室气体，二氧化碳是致使全球变暖的主因，因此需重点减少其排放量。
图表3：二氧化碳是导致地球气候变暖的主要因素
资料来源：美国国家环境保护局。
注：该图表展示了自1750年以来地球大气中因温室气体浓度的变化而引起的辐射强度（净变暖影响）。在垂直右轴上，辐射强度已转换为年度温室气体指数，1990年设定为1.0。
拜登近期公布的美国就业计划包括6000多亿美元气候相关拟支出以及其他加速美国经济脱碳的措施，包括取消化石燃料行业的税收优惠，同时加大可再生能源的税收激励力度。
图表4：拜登的美国就业计划包括超6000亿美元的支出，用于提高气候适应能力，推动美国经济脱碳
资料来源：《白宫关于美国就业计划的声明》；2021年3月31日发布
美国能源部最近也提出到2030年将太阳能发电成本削减60%的目标。
整体而言，本行预计目前气候相关的强大政治势头将在未来几个月持续。在11月举行的联合国气候变化大会 (COP26) 召开之前，中美和其他各大经济体将公布更多政策声明和承诺。
随着全球政府继续加强应对气候变化威胁的政策力度，企业和投资者面临的新风险和新机遇也正在涌现，包括可再生能源以及碳捕获和储存等脱碳技术方面的投资机会。
其他一些不太显著但同样能够提供长期资产增长的投资机会包括，间接涉及制造业、交通运输业、建筑业和城市设计等持续脱碳行业的公司。其中包括空气净化系统中的专用化学品、芯片或其他关键部件的供应商。这些产品用于减少汽车和工厂碳排放，生产电动汽车电池，完善复杂自动化系统以减少建筑或工厂设施浪费并提高能效。
总的来说，全球努力寻求适应气候变化的可持续发展道路，通过减排和加强适应能力，可能促使全社会发生大范围的重大转变。若企业对这些变化的风险预测和调整进度缓慢，将可能逐渐被投资者淘汰，更甚者，其运营模式或将被颠覆；那些成功适应变化的企业将从重塑的经济格局中受益，拥有更可持续的商业前景，且更有可能获得成功。
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Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
This product may only be offered: (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); and (ii) in Singapore, to Accredited Investors (as defined under the Securities and Futures Act) and (iii) in the Dubai International Financial Center to Professional Clients (as defined under the Dubai Financial Services Authority rules) only. No other person should act on the contents of this document.
This product may involve derivatives. Do NOT invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.
Please carefully read and make sure that you understand all Risk Disclosures, Selling Restrictions, and Disclaimers. This document must be read together with the relevant Prospectus & Offering Documents &/or Key Fact Statement.
Disclaimer
This document is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”), is for information purposes only, and is not, by itself, intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. It is not an offer or a solicitation to deal in any of the investment products referred to herein or to enter into any legal relations, nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. Customers should exercise caution in relation to any potential investment. Customers should independently evaluate each investment product and consider the suitability of such investment product, taking into account customer’s own specific investment objectives, investment experience, financial situation and/or particular needs. Customers will need to decide on their own as to whether or not the contents of this document are suitable for them. If a customer is in doubt about the contents of this document and/or the suitability of any investment products mentioned in this document for the customer, the customer should obtain independent financial, legal and/or tax advice from its professional advisers as necessary, before proceeding to make any investments.
The Bank, its Affiliates and their respective employees are not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. Any such client is responsible for consulting his/her own independent advisor as to the tax, accounting and legal consequences associated with his/her investments/transactions based on the client’s particular circumstances.
This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere.
This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.
Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by the Bank for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document. Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your local representative directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.
While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank and its Affiliates to be reliable, neither the Bank nor its Affiliates has independently verified the accuracy of such source(s). The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.
The Bank and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein.
The author of this document may have discussed the information contained therein with others within or outside the Bank and the author and/or such other Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers of the Bank may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests. The persons providing the information to you may receive commissions, fees, rebates or other non-monetary benefits from any counterparty, broker, agent or another affiliate of the OCBC Group or any other party in respect of any trades or transactions effected for you including in relation to the investments referred to herein.
Bank of Singapore Limited is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch, is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. Bank of Singapore Limited, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. Bank of Singapore Limited forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.
Bank of Singapore Limited adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.
Past performance is not always indicative of likely or future results. The value of any investment or income may go down as well as up. All investments involve an element of risk, including capital loss. Customers who are interested to invest in such investment products should read the risk disclosures and governing terms and conditions that are set out in the relevant offering documents.
Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.
Applicable to clients booked and/or managed in the Dubai International Financial Center (DIFC) only: The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC.
Cross-Border Marketing
Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. This document is for information only and is not intended for anyone other than the recipient. It has not been reviewed by any regulatory authority in Hong Kong. It is not by itself an offer or a solicitation to deal in any of the financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products. It does not have regard to the specific investment objectives, financial situation, investment experience and the particular needs of any recipient or Investor. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: This document and information herein is made available by Bank of Singapore Limited, which is not licensed or registered under the Financial Institutions Law (Law No. 20/2016) or other Myanmar legislation to carry on, nor do they purport to carry on, any regulated activity in Myanmar. The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 4/1974), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. Taiwan: The provision of the information and the offer of the service concerned herewith have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant laws and regulations of Taiwan and may not be provided or offered in Taiwan or in circumstances which requires a prior registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to provide the information and to offer the service in Taiwan. Thailand: Please note that neither Bank of Singapore Limited nor any other entities in the Bank of Singapore Limited’s group maintains any licences, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified herein approved or registered in Thailand. Interests in the relevant securities or products may not be offered or sold within Thailand. The attached information has been provided at your request for informational purposes only and shall not be copied or redistributed to any other person without the prior consent of Bank of Singapore Limited or its relevant entities and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Bank of Singapore Limited or any other entities in Bank of Singapore Limited’s group in Thailand. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
