Green Finance Framework

As part of our commitment to develop green and sustainable homes, HDB has developed a Green Finance Framework to finance the development of Eligible Green Projects. The framework was first published in February 2022 and last updated in June 2025.

The current framework has been reviewed by DNV Business Assurance Singapore Pte Ltd and is developed in accordance with the following:

Green Bond Principles (2021, with June 2022 Appendix 1) by the International Capital Market Association
ASEAN Green Bond Standards (2018) by the ASEAN Capital Markets Forum
Green Loan Principles (2025) by the Loan Market Association, Asia Pacific Loan Market Association and Loan Syndications & Trading Association
Singapore-Asia Taxonomy for Sustainable Finance (2023) by the Monetary Authority of Singapore

Green Finance Framework	Report
Green Finance Framework dated 6 June 2025	Report by DNV Business Assurance Singapore Pte Ltd
Green Finance Framework dated 13 January 2022	Report by Ernst & Young LLP

Green Finance Reports

Find out the allocation of HDB’s green bond proceeds towards Eligible Green Projects and the environmental impact of the projects in our Green Finance Report, and the Second Party Opinion Report by S&P Global Ratings.

Date	Green Finance Report	Second Party Opinion (SPO) Report
25 September 2025	FY 2024 Green Finance Report	SPO Report by S&P Global Ratings
16 September 2024	FY 2023 Green Finance Report	SPO Report by S&P Global Ratings
18 August 2023	FY 2022 Green Finance Report	SPO Report by S&P Global Ratings

Green Finance Framework and Reports