WongPartnership, a leading provider of legal services in ASEAN, China and the Middle East, today unveils its Sustainability & Responsible Business Practice, jointly headed by partners Quak Fi Ling and Tiong Teck Wee.
Under the new multidisciplinary practice, the Firm will draw on its combined expertise, experience, and award-winning work across various practice areas including corporate and financial services, litigation and dispute resolution, corporate governance and compliance, and more.
“Over the past decade, WongPartnership has been working with our clients on a broad range of environmental, social, and governance (ESG) issues across various practice areas. With the growing global clarion call for more sustainable economic growth and development to mitigate the impact of climate change, our clients see an increasing need for advice on ESG issues. We have therefore combined our expertise and experience across the Firm to serve these needs,” said Ng Wai King, Managing Partner, WongPartnership. “The new multidisciplinary Sustainability & Responsible Business Practice crystallises the best of the work that the Firm has done over the past ten years into one comprehensive and integrated suite of legal solutions. With this, we aim to better serve our clients and their needs.”
The new practice will focus on three strategic areas within each of which the Firm has demonstrated a proven track record.
Sustainable Finance: WongPartnership is experienced in structuring, documenting and advising on various types of sustainable and green financing solutions, including green financial instruments such as green loans, sustainability-linked bonds, and green bonds.
Responsible Investment: WongPartnership has been involved in the execution of prominent green investments and projects across the region such as solar facilities, wind farms, electric vehicle market, waste management and other infrastructure projects.
Responsible Business & Governance: Specialist teams from across the Firm offer clients a coordinated, cross-disciplinary solution to manage their ESG risks, provide advisory services and governance, investigation and litigation support across a broad range of issues.
Some of the Firm’s notable work in this area include:
Acting in a proposed joint venture in relation to the launch, establishment and operation of Climate Impact X (CIX). CIX is a new sustainability initiative born out of Singapore’s Emerging Stronger Taskforce’s Alliance for Action (AfA) on Sustainability which aims to position Singapore as a hub for carbon-related services and nature-based solutions.
UOB’s first dual tranche sustainability bond offering that raised US$1.5 billion. The US dollar-denominated issuance is the first sustainability bond offering from Singapore and the first dual tranche senior and Tier 2 instrument in sustainability format globally from a bank issuer.
A joint investment by a global investment firm and ABC World Asia, an Asia-focused impact investing private equity fund, in solar energy system developer and operator Sunseap Group, Singapore's largest and most established clean energy solutions provider.
Advising a US-based company that develops plant-based substitutes for meat products in its launch into the Singapore market.
The launch of WongPartnership’s Sustainability & Responsible Business practice comes as ESG issues are reaching a tipping point worldwide. Global initiatives such as the United Nations Sustainable Development Goals (SDG) and the Paris Agreement have taken centre stage as the world continues to battle from the effects of climate change. Businesses have acknowledged that not only do ESG factors have a direct impact on their bottom line, they also have implications and costs on brand reputation. As a result, an increasing number of companies across a variety of industries have committed to net zero emissions and carbon neutral goals.
In Singapore, climate action has also risen to the top of the government agenda. Prime Minister Lee Hsien Loong has called climate change “an urgent and existential threat” and earlier this year launched the expansive Singapore Green Plan 2030, which includes ambitious goals such as establishing Singapore as a leading centre for Green Finance in Asia, becoming a leading carbon trading and services hub.
“Traditionally, sustainability and financial success have been regarded as opposing goals. But today, there is a body of evidence that points to the contrary,” said Fi Ling. “The global paradigm shift on ESG issues has never been more apparent, as organisations are now more cognisant of the business case for sustainability. We have been working closely with our clients as they build resilient business strategies which embrace sustainability and explore new business and financing opportunities in a rapidly changing legal and regulatory environment.”
In the wake of this momentum, many organisations are working to incorporate ESG considerations into their day-to-day decision making as they figure out a long-term strategy to evolve in line with the global call for net zero. The challenges that these organisations face in their efforts range from securing green and sustainability-linked financing, supply chain risks and ESG disclosures and reporting, to designing and implementing carbon offset programs and managing stakeholder activism.
“This is where we come in. ESG issues are dynamic and the challenges constantly evolving. We view the Sustainability & Responsible Business Practice as an ongoing journey with our clients, as we navigate the next phase of the green economy together,” said Teck Wee. “With our proven track record and the synergies created by the new practice, we believe that we are well positioned to continue to act as a steadfast partner to our clients in structuring, documenting, and advising them on sustainable and responsible business practices and transactions, as they drive towards their sustainability goals.”
For more information on WongPartnership’s Sustainability & Responsible Business Practice, please visit the link here: https://www.wongpartnership.com/practices/sustainability-amp-responsible-business.
For media enquiries, please contact:
Chief Operating Officer
DID: +65 6416 8095
Associate Director – Marketing & Communications
DID: +65 6416 8066