Artificial intelligence 2023 Country Rankings: Top 5

4. Singapore

Kaggle AI Index: 3 

Tortoise AI Index: 6

Average Rank: 4.5

A Singapore-led consortium has launched the project NovA! to combat greenwashing concerns in financing. The AI tool will access nationwide data on green buildings, helping banks in issuing sustainability-linked loans (SLLs) in the real estate sector by identifying projects and monitoring their performance against sustainability targets. Developed by Singapore’s central bank and industry players, NovA! focuses on SLLs due to their popularity in the city-state. Collaborating with the Building and Construction Authority, the AI utility integrates Super Low Energy Building data, enabling better benchmarking and setting ambitious key performance indicators for borrowers. The tool aims to enhance transparency and prevent greenwashing, providing a valuable tool for sustainable financing.