Singapore’s Ministry of Finance has announced the allocation of S$2.8b from its sovereign green bonds for the financial year 2024 to fund the Jurong Region Line (JRL) and Cross Island Line (CRL). This allocation is part of the Singapore Green Bond Report for FY2024, which outlines the environmental impact of these projects. The report, released on 29 September 2025, highlights the country’s commitment to sustainable development and climate targets.
The Singapore Government issued a new 30-year Green Singapore Government Securities (SGS) bond in June 2024, raising S$2.5b. Additionally, a 50-year Green SGS bond was re-opened in October 2024, adding S$1.5b. Both issuances were met with strong demand, with subscription rates of 2.4 and 1.6 times, respectively. The total green bond proceeds allocated in FY2024 amount to S$2.8b, with S$3.6b remaining unallocated, expected to be fully allocated by FY2026.
The development of the JRL and CRL aligns with the “Sustainable Living” pillar of the Singapore Green Plan 2030. Once operational, these rail lines are projected to save between 100,000 and 120,000 tonnes of CO2-equivalent annually, equivalent to removing 22,000 cars from the roads. The expansion is also expected to create approximately 1,500 jobs by 2030, enhancing connectivity and reducing travel times for commuters.
