Sustainable Bond Grant Scheme (SBGS)

The Sustainable Bond Grant Scheme is an FSDF scheme from the Monetary Authority of Singapore that helps issuers cover the external review costs tied to green, social, sustainability, sustainability-linked, and transition bonds issued in Singapore. It is aimed at onshore and offshore companies and financial institutions, and it forms part of MAS's broader push to deepen sustainable debt issuance and market infrastructure. The scheme runs through 31 December 2028 and is open on a rolling basis. MAS reimburses 100% of eligible external review expenses, up to SGD 125,000 when the issuer meets the international disclosure-standard requirement, or SGD 100,000 otherwise. Qualifying issues must be at least SGD 200 million in size, or a programme of SGD 200 million with an initial tranche of at least SGD 20 million, and the bond must be listed on SGX's Sustainable Fixed Income Initiative. The issue must also be reviewed before and after issuance by Singapore-based external reviewers, and issuers can claim support for up to two instruments. This scheme rewards a disciplined issuance process more than a novel story. The clearest path is a sizeable bond that is already aligned to recognised principles, has the required Singapore review chain in place, and is ready to meet the size and listing conditions. Applicants that can show the external review work, the Singapore market link, and the disclosure standard fit will be the most credible.

Each grant below is a distinct funding opportunity with its own eligibility, scope, and deliverables.