- 投资
- 2021年06月21 日
实现净零排放 任重而道远
By 陈健铭
投资策略师
- 全球对碳排放实施更严格的定价标准，以使经济发展与净零排放目标步调一致
- 中国的碳排放交易体系计划于本月上线，这将推动全球在明确碳污染成本方面向前迈进一步
- 欧盟准备宣布对部分进口商品征收碳税
最近的事态发展表明，全球正在不可避免地逐步增加碳排放成本，以加速全球经济的脱碳进程。
将碳污染的成本纳入商业和投资决策，将为促进全球经济活动与气候目标步调一致提供急需的推动力。
新加坡金融管理局局长孟文能 (Ravi Menon) 于2021年5月20日就新成立的碳交易所Climate Impact X（主要通过基于自然的解决方案交易碳信用）发表演讲时表示：“长期以来，世界都没有对碳排放付出过代价，而这一直在稳步地破坏我们的环境，如今已造成了严重的气候威胁。合理的碳定价对于制定适当的减排激励措施而言至关重要。”
根据世界银行的数据（图表1），目前全球共有60多项碳定价举措，覆盖全球温室气体排放量的约21.5%。
价格从低于0.10美元/吨（波兰）到最高137美元/吨（瑞典）不等，但由于涉及的经济部门不同、具体豁免措施和其他政策调整等多种因素，因此很难对各国的价格差异进行比较。
新加坡自2019年起就开始征收每吨5新加坡元的碳税；政府正在审核2023年后的征税水平和发展轨迹，并预计将在明年的预算案中公布结果（请参见新加坡2021年预算案——携手同心，越战越勇）。
图表1：全球已有64项碳定价举措正在实施或计划实施，覆盖21.5%的年度温室气体排放量，还有更多方案正待发现
资料来源：世界银行，截至2021年6月20日的最新数据。
注：排放交易体系 (ETS) 。一旦立法正式通过并明确正式的计划实施日期，则该碳定价举措将被视为“计划实施”。
近年来，随着政府逐步感受到气候变化带来的生存威胁和应对气候变化的迫切性，此类举措的数量迅速增加（图表2）。
中国将在6月底上线备受期待的全国排放交易体系 (ETS) ，该体系将覆盖2225家电力公司，这将成为中国为碳排放于2030年前见顶，2060年实现经济脱碳作出的努力的一部分。一旦实施，该体系将成为全球最大的排放交易体系，覆盖中国约40%的温室气体排放量。
图表2：全球对碳排放实施更严格的定价标准，以使经济发展与净零目标步调一致
资料来源：世界银行。注：排放交易体系 (ETS) 。仅显示推出或取消的排放交易体系或碳税。每项碳定价举措的覆盖范围是根据全球大气研究排放数据库 (EDGAR) 5.0版数据（包括生物燃料排放），按1990-2015年年度全球温室气体排放量的份额表示。
中国国家电视台CCTV的新闻报道，中国还成立了一个由高级官员组成的工作组，负责监督和协调全国范围内的工作，以在2060年之前实现净零排放目标。
该工作组的首次会议于去年5月末举行，由韩正副总理主持，他是中国共产党最高领导层组成的七人政治局常委之一。他强调，中国应寻求全球气候治理的“最大公约数”，携手国际社会共同保护好地球家园。
习近平主席在4月份举行的地球日气候峰会上表示，中国将从2026-2030年开始逐步淘汰煤炭使用，作为减少温室气体排放的举措之一。
中国近期还更新了可通过发行绿色债券融资的经济活动目录，其中完全排除了煤炭和其他化石燃料，明确表明中国的政策意图，计划引导资金流向从化石燃料转向低碳项目。
根据清华大学气候变化与可持续发展研究院的一项研究，预计中国需要超过100万亿元人民币在2020-2050年期间投入新能源基础设施建设，才可能按时实现《巴黎协定》中的1.5°C目标。
全球碳排放定价
最新的事态发展还表明，越晚实施碳定价计划的国家，将越难进入主要出口市场，或所需成本将更高。
欧盟准备对部分进口商品征收碳税，或出台“碳边界调整机制”，因为这类商品不像欧盟内部生产的商品已含类似的碳成本。
据报道，可能将针对进口钢铁、水泥和铝征收碳边境税。受影响的企业可能需按照2005年推出的欧盟排放交易体系现行的价格购买碳信用，目前的现货价格约为每吨50欧元。
这与本行的长期观点一致，即欧盟对脱碳实施强有力的政策支持将对欧洲乃至世界产生重大影响，为全球企业创造新的风险和机遇。
美国方面，拜登总统成立了一个由其内阁高级成员组成的工作组，包括财政部部长珍妮特·耶伦，国家气候顾问吉娜·麦卡西和国家环境保护局局长迈克尔·雷根，负责更新“碳排放社会成本”，美国联邦政府根据碳排放社会成本来确定环境法规和其他一系列需要评估外部污染成本的政策。
根据奥巴马政府较早前发布的指导意见，2021年2月19日的一份声明将2007年的碳排放社会成本指标大幅提升至接近每吨50美元，显著高于特朗普政府的每吨1- 6美元。
本行预计拜登政府明年将在全面审查后进一步上调对碳排放社会成本的评估，这将成为拜登应对气候变化的“全政府”方针中一项重要的政策工具。
经济学家尼古拉斯·斯特恩和约瑟夫·史迪格里兹近期发表的一篇学术论文指出，到2030年，需要将碳排放社会成本大幅提升至每吨约100美元（按2007年价格计算），才能使美国未来的经济道路符合巴黎协定的气候目标。而芝加哥大学的另外一些学者则认为，实现这一目标起码需要进一步上调碳排放社会成本至每吨125美元。
随着这些举措不断增加，本行预计碳排放定价将成为全球决策制定过程中的重要组成部分，加上主要经济体的其他关键政策发展，均将在未来几年重塑世界经济。
实现净零排放，任重而道远
国际能源署 (IEA) 在其2021年5月发布的最新报告中表示：“实现净零排放任重而道远：若要朝这一目标稳步前进，需要利用所有可用的清洁高效能源技术迅速进行大规模部署。”该报告提供了详细的实施细则，以在2050年前实现能源和工业净零排放。
国际能源署报告中的一项重要提议是，从今年开始不应再批准开发新的石油和天然气田或煤矿，而能源投资的年投资额应从目前的约2.3万亿美元增加一倍以上，到2030年达5万亿美元，重点投资清洁能源和赋能基础设施。
根据气候行动追踪组织 (Climate Action Tracker) 2021年5月发布的最新预测，按照目前的气温变化轨迹，到2100年全球气温仍将上升约2.4摄氏度，远高于巴黎协定1.5摄氏度的目标。
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。
七国集团发达国家经济体—美国、加拿大、法国、德国、意大利、日本和英国最近承诺在2021年底前停止对煤炭项目的国际投资，并在2025年之前逐步取消“低效化石燃料”补贴。该集团还承诺在2030年前将总体排放量从2010年的水平减少一半，并在2050年前实现净零排放量。
更多举措正加紧实施，以实现绿色转型
全球其他各大政府也更加关注气候变化，并利用其现有的政策手段支持世界经济向低碳转型。
中国人民银行行长易纲于2021年6月10日表示：“绿色转型的工作是明确化石碳排放的隐含成本并对其加以限制。这将要求排放者为增加的碳排放量支付费用，并通过合理定价使现有的排放权交易成为可能。这样做，即可补偿减排国家，又可让排放者付出代价。”
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。此外，中国人民银行还对金融机构进行气候风险压力测试，同时密切监控这些机构在绿色转型方面的进展。
6月2日至4日，在由国际清算银行主办的“绿天鹅”线上会议中，欧洲央行行长克里斯蒂娜·拉加德指出，即使在目前的任务范围内，各国央行也必须将气候变化风险纳入考量，因为：
- 气候变化预计将增加经济的不稳定性，从而增加了决策者理解和衡量通胀问题的难度；以及
- 如果管理不当，气候变化可能会导致金融市场不稳定，损害货币政策的传导作用。
本行预计未来几个月，联合国气候变化大会 (COP26) 在11月举行之前，全球将会公布更多政策和承诺。
图表3：在2021年11月举行的关键气候峰会之前，更多国家已升级脱碳承诺
资料来源：气候行动追踪组织。
注：国家自主贡献 (NDC) ，《巴黎协定》下各国作出的脱碳承诺。
新机遇涌现
本行仍然认为，寻求可持续、具气候韧性的发展道路，以及全球作出的减少气候变化威胁的努力，将在未来几年推动全球经济发生广泛而重大的变化。
随着世界各地政府积极响应应对气候变化威胁的号召，可能成功适应这些变化的企业将在重塑经济格局的过程中受益。
企业和投资者正迎来各种新涌现的机遇，包括碳捕获和储存等脱碳技术以及可再生能源方面的机会。
其他一些行业同样能够提供长期资产增值，拥有这类卓越投资机会的行业包括，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。
随着未来几年低碳经济转型加快，本行看到全球经济各个领域将涌现更多的投资机会
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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.
