- 投资
- 2021年03月03 日
气候行动: 迫在眉睫
By 陈健铭
投资策略师
- 随着气候政策力度不断加强，且科技不断取得突破，全球去碳化趋势正在加速
- 随着欧洲可再生能源占比超过化石燃料，且全球成本迅速下降，可再生能源的多个关键门槛正不断被跨越
- 在占全球国内生产总值四分之三以上的国家中，可再生能源目前是新型大容量发电的最廉价能源
虽然今年仅过去两个月，但有明显的迹象表明，2021年将成为应对气候变化的关键一年。
目前三个事态发展相辅相成，且该等事态发展正在加速全球各国推行脱碳规划、战略和行动计划。
首先，决策层和行业领导者更加迫切地需要应对气候变化的威胁。人们日益认可应对气候变化十分紧迫，且这点获得最新的气候科学支持。人们承认存在气候变化威胁，而如果再不作为，最终将对经济和社区带来更大的损害。
2021年1月27日，美国总统拜登表示：「为应对这场气候危机，我们已经等待多时，而目前已经不能再等了。我们亲眼看到气候变化，我们亲身感受到气候变化，我们已亦意识到现在是时候采取行动」。
其次，全球气候行动议程与疫情后的政策目标明显一致，这要求政府投入大量资金以重建经济。
拜登总统称：「应对全球面临的生存威胁，与促进我们的经济增长和繁荣，两者应同时兼顾」。「我们将拨款投资于美国的清洁能源，于风能、太阳能和碳捕获领域提供数百万个工作岗位」。
第三，科技突破大幅降低了可再生能源和低碳替代品在各种经济应用中的成本。
企业：自我实现飞跃，否则将要被迫转型
随着全球走向低碳化，大多数经济部门的企业经营模式将面临重大颠覆。
气候政策力度不断加强并与新科技相相结合，这将低碳替代品推向广泛经济活动的前沿，并引爆消费行为快速转变。鉴于上述原因，部分经营模式可能迅速遭遇颠覆。
去年，尽管受到疫情的扰乱，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举措上的支出，仍创下5,010亿美元的新高。我们预计，未来几年这一数字将进一步增长。
图1：2020年，全球能源转型支出达到5,010亿美元的新高，我们预计这一数字将进一步上升
资料来源：BloombergNEF，《2021年能源转型投资趋势》。
附注：CCS = 碳捕获和储存。
随着主要经济体的可再生能源成本与化石能源持平，各领域的关键门槛正在被突破，而政策激励和更严格的监管正促使企业调整长期战略，以向全球脱碳大势看齐。
极端天气事件令气候问题更加紧迫
极端天气事件的发生频率不断上升。最近得克萨斯州发生有史以来最严重的寒冬，电网的关键部分遭到冻结，导致大面积停电，从而使数百万人断电或断水。该灾难事件提醒人们，相比于灾害发生前投资于气候适应和缓解措施，如果没有在基础设施和其他经济领域的气候抗御能力方面做好足够的工作，最终将产生巨额代价。
总统拜登的国内气候顾问吉娜‧麦卡锡在2021年2月20日表示：「目前发生的这类气候事件，我们早应预料并有所防范」。「我们即将面临相关极端天气事件和挑战，对此我们必须做好准备」。
根据美国国家海洋和大气管理局的数据，仅去年一年，美国已遭受22次天气和气候灾害，包括干旱、野火和恶劣风暴，每次灾害造成的损失超过10亿美元。去年的22次灾害次数，远超过此前在2011年和2017年的16次记录。
图2：2020年，美国天气和气候灾害的发生次数创下新高，造成的损失达到或超过10亿美元
资料来源：美国国家海洋和大气管理局；最新数据截至2021年2月25日
未来形势如何？深度脱碳、大规模投资和快速适应
根据气候行动追踪组织(Climate Action Tracker)的最新预测，按照目前的气温变化轨迹，到2100年全球气温将上升约2.6摄氏度，远远超过巴黎协定的1.5摄氏度的目标。这意味着，尽管世界各国政府迄今做出了相关承诺并取得了进展，但仍有许多问题亟待解决。
要在本世纪中实现世界经济的低碳化，以达到巴黎协定的气候目标，这需要进一步大幅削减所有经济活动的碳排放(包括发电、工业、交通和农业)。
这将意味着世界经济的运作方式将发生深度的结构性变化，并为企业带来重大颠覆和新的机遇。
根据全球金融市场协会(Global Financial Markets Association)于2020年12月公布的预测，如若促使世界经济快速脱碳，以到本世纪末将全球变暖幅度控制在1.5摄氏度以内，需要在未来30年内投资100万亿至150万亿美元，即平均每年投资3万亿至5万亿美元。
为应对来自决策层、投资者和消费者的压力，全球范围内越来越多的企业宣布进行重大战略转型，以使未来发展与向净零排放的转型相一致。
最近值得关注的例子包括：
- 通用汽车承诺到2040年在产品和营运方面实现碳中和，包括到2035年 仅销售 尾气零排放的汽车(2021年1月28日)。
- 福特汽车承诺在电动乘用车方面「全力以赴」，承诺到2030年在欧洲仅销售电动乘用车(2021年2月17日)。
- 石油巨头荷兰皇家壳牌承诺到2050年成为一家净零排放的能源企业， 并阐述了相关战略，此外亦确认公司的石油总产量在2019年见顶。荷兰皇家壳牌公司首席执行官本·范伯登表示：「我们必须为客户提供想要和需要的产品和服务，同时将对环境的影响降至最小」(2021年2月11日)。
我们预计在未来几个月内，类似的声明将成倍增加。总统拜登承诺到2050年实现经济碳中和，从中可见可再生资源电力需求有望急剧增长；为顺应该趋势，各个公用事业公司正在重新定位发展方向。
为在2050年之前实现整个欧盟经济低碳化，欧洲各国已整体开始相关工作
争夺气候霸权
对于清洁能源及相关技术方面的政府政策和投资，我们预计中国、美国和欧洲之间的地缘政治竞争，将日益成为主要驱动力。
中国在开发和普及清洁技术方面投下巨资，这可能会给美国施加压力，迫使其加大投资力度(图3)。
这种激烈的竞争将推动创新和增长，并进一步推动全球去碳化。
图3：随着中美两国争夺气候领导权，预计投资步伐将迅速加快
资料来源：BloombergNEF，《2021年能源转型投资趋势》。
附注：CCS = 碳捕获和储存。
我们预计，中国在即将召开的「两会」(通常在3月举行的中国最高决策层年度重要会议)上宣布更多关于发展低碳产业和清洁能源的举措，并收紧排放标准。
中国国家主席习近平去年9月曾承诺，中国的目标是在2030年前使碳排放达到峰值，并在2060年前实现碳中和。
在总统拜登与世界各国领导人于4月22日(地球日)举行的气候峰会之前，我们预计美国在重返巴黎协定后，将宣布新的脱碳承诺——亦称为一个国家的国家减排承诺(Nationally Determined Contribution(NDC))。
美国国家气候顾问吉娜‧麦卡锡承诺将宣布「美国能以最为进取的态度，积极实现国家减排承诺」，这表明美国新的减排承诺可能超过早前的承诺，即到2025年将减排量从2005年的水平增加26-28%。整体而言，我们预计在未来几个月内，美国将作出巨大努力，在全球应对气候变化的竞争中重新取得领先地位。
我们于早前的报告中曾强调，最近的调查显示，美国公众广泛支持政府采取更多的气候变化行动。绝大多数美国公众还认为，国家首要任务应该是发展风能和太阳能等替代能源，而不是扩大石油、煤炭和天然气的生产。
可再生能源成本下降，推动全球能源转型
近年来，可再生能源成本的快速下降，这大举推动清洁能源技术不断得到广泛采用。
国际能源署和经合组织核能署在2020年报告中称：「低碳发电技术的发电成本正在下降，并日益低于传统化石燃料发电的成本」。报告称，到2025年，陆上风电有望成为成本最低的发电来源。
Bloomberg NEF在2020年12月发布的另一份分析报告显示，目前在占世界人口三分之二以上、全球国内生产总值四分之三和电力需求90%的国家中，太阳能和风能已经是新型大容量发电的最廉价能源来源。
在拜登政府为加速脱碳而采取任何新举措之前，仅根据目前的政策来看，美国能源资讯管理局预测到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%，且主要为风能和太阳能。
美国能源资讯管理局预计，在2020年至2050年新增的约1,000吉瓦的发电量中，可再生能源发电将占到近60%(图4)。
图4：2020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》，美国能源资讯管理局
在欧洲，可再生能源发电比例在2020年首次超过化石燃料，成为欧盟有史以来最大的电力来源。可再生能源的发电比例从2019年的34.6%上升到38.2%，而化石燃料的比例则从2019年的39.5%下降到37.0%(图5)。
图5：受风能和太阳能增长的推动，可再生能源目前是欧盟的最大发电能源来源
资料来源：《2020年的欧洲电力板块》，Agora Energiewende and Ember(2021年)
风能和太阳能迅速增长，推动可再生能源增长，而煤炭发电急剧下降，导致化石能源发电比例下降(图6)。
图6：自2015年以来，欧盟的煤炭发电量下降近50%
资料来源：《2020年的欧洲电力板块》，Agora Energiewende and Ember(2021年)
在欧洲其他地区，挪威政府的政策将清洁技术的成本降低，并达到与化石燃料技术成本相若的水平，这或将导致企业和消费行为迅速转变。在政府的税收制度下，大多数电动汽车(EV)的购买成本比可比的汽油车更便宜，这使挪威拥有世界上最高的电动汽车普及率。去年全电动汽车占挪威所有新车销售的54.3%，创下新高，而2019年为42.4%。
新加坡政府亦正在努力，加速引爆电动汽车普及趋势。政府通过对新电动汽车提供税收优惠，并提高汽油税以抑制内燃机汽车的使用，从而缩小电动汽车与传统内燃机汽车之间的价格差。
碳排放的社会成本
我们预计在不久的将来，中国、美国和其他地区的决策层将碳排放定价纳入重要决策中，以逐步使全球经济活动与气候目标相一致。对此欧洲大部分地区已经建立了较为成熟的欧盟排放交易体系(ETS)。
2021年2月1日，中国推出了本国的排放交易体系，并覆盖全国2,225间电力企业，以努力在2030年前达到排放峰值，并在2060年前实现中国经济脱碳。该计划有望最终超越欧盟排放交易体系，并成为全球最大的排放交易体系。
美国总统拜登上任第一天即签署行政命令，成立温室气体社会成本机构间工作组(Interagency Working Group on the Social Cost of Greenhouse Gases)，不过该项命令鲜为人知。
该工作组成员包括财政部长珍妮特·耶伦、国家气候顾问吉娜·麦卡锡、环境保护局局长麦可·雷根和拜登内阁的其他主要成员。工作组的主要任务是更新「碳排放社会成本」，帮助美国联邦政府厘定关于评估污染的外部成本的环境法规和一系列其他政策。
美国政府根据奥巴马政府早前发布的指导意见，于2021年2月19日公布一则声明，将上述成本调整为2007年的价格水平，即每吨50美元左右。政府将于明年公布该项临时措施的全面审查结果，但调整后的价格已比特朗普政府每吨1-6美元的参考值大幅提高。
不久前经济学家尼古拉斯·斯特恩和约瑟夫·史迪格里兹发表的一篇学术论文认为，到2030年，需要将碳排放社会成本大幅提高到每吨100美元左右(按2007年价格计算)，才能使经济前景符合巴黎协定的气候目标。芝加哥大学的其他学者认为，价格需要进一步上调至125美元。
我们预计拜登政府明年将在审查后进一步评估碳排放社会成本，且我们预计这将在拜登应对气候变化的政府整体方针中成为一项重要政策工具。
整体而言，我们预计在未来几个月内，与气候相关的政治势头将进一步加大。在11月举行的联合国气候变化大会(UN Climate Change Conference)或第26次缔约国会议(COP26)之前，美国、中国和其他主要经济体将公布更多政策声明和承诺。
潜在受益者
由于预期全球低碳化将广泛开展且规模巨大，以及全球各国迅速发展但分布不均的气候政策，我们仍然倾向于多元化投资策略，增加配置受益于全球经济加速迈向碳中和的企业。
相关供应商包括供应用于空气净化系统的专用化学品、芯片或其他关键部件，以减少汽车和工厂碳排放的供应商；生产电动汽车电池的供应商；以及供应能够减少建筑或工厂设施浪费和提高能效的复杂自动化系统的供应商。
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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.
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.
