化石燃料に依存する成長が、アジア太平洋地域の喫緊の低炭素社会移行リスクにつながっています。ネットゼロ実現に向け、投資家、企業、そして規制当局は、経済成長と低炭素社会移行をそれぞれ見据える難しい舵取りを迫られています。域内のサステナブルファイナンス市場はここ数年で急速に拡大しており、低炭素社会移行に向けた資金調達ニーズは引き続き大きいとみられます。
弊社のクレジットアナリストやゲストスピーカーとのインタラクション
皆様のご質問をお寄せください。上部の“Live”のタブをクリックしていただくと、セミナー開催前あるいは開催当日の配信中にも質問を投稿いただけます。
あわせて、お客様のご意見もお聞かせください。 2023年に債券発行体に最も影響を及ぼすと考えられるESG関連の動向について、 こちらの投票 からご回答ください。
皆様のご参加を心よりお待ちしております。
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Agenda10.35JST11.10JST
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SpeakersHELGE MUENKEL Chief Sustainability Officer DBS Bank
Eric Nietsch, CFA Head of Sustainable Investing, Asia Manulife Investment Management
Yuki Yasui Managing Director, Asia Pacific Network Glasgow Financial Alliance for Net Zero (GFANZ)
Michael West Chief Executive Officer Moody's Ratings
Wendy Cheong ムーディーズ・インベスターズ・サービス マネージング・ディレクター - APAC リージョナルヘッド
Ray Tay Executive Director, Project & Infrastructure Finance Moody's Ratings
John Wang ムーディーズ・インベスターズ・サービス VP-シニア・アナリスト
Rahul Ghosh ムーディーズ・レーティングス マネージング・ディレクター - グローバル・サステナブル・ファイナンス＆エマージング・マーケッツ責任者
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Michael West is Chief Executive Officer of Moody’s Ratings.
Prior to his appointment in 2019, he held several leadership roles at Moody’s, including Managing Director – Head of Moody’s Ratings and Research from 2016 to 2019. He also served as Managing Director – Head of Global Structured Finance from 2014 to 2016 and Managing Director – Head of Global Corporate Finance from 2010 to 2014.
Earlier in his career, Michael led research strategy for Moody’s ratings businesses and before that led Corporate Finance for the EMEA region, European corporates and the EMEA leveraged finance business. Prior to joining Moody’s in 1998, Michael worked at Bank of America and HSBC in various credit roles.
Michael has a bachelor’s degree in politics with economics and is an Associate of the Chartered Institute of Bankers in the U.K.
Helge is the Chief Sustainability Officer at DBS. He is responsible for developing DBS’ overarching sustainability framework and driving ESG initiatives across the bank. He also chairs the DBS Sustainability Council, which comprises senior leaders across business and support units.
Prior to joining DBS, Helge was Head of Asia Pacific, Sustainable Finance and Global Capital Markets at ING, where he worked for 10 years. In this role, he successfully grew the bank's regional business of sustainability-related advisory services and sustainable finance transactions across products. He was also part of ING’s global Sustainable Finance and Capital Markets management teams as well as the bank’s global Sustainable Finance Quality Board. Before that, he spent more than 12 years in various roles at Deutsche Bank AG and UniCredit Group being based in different cities across Europe, the US and Asia Pacific.
He also represents DBS in several global and regional working groups such as the World Business Council for Sustainable Development, the Industry Advisory Panel of the ASEAN’s Joint Sustainable Finance Working Group and the MAS-convened Green Finance Industry Taskforce. He is also appointed as alternate director in Climate Impact X Pte Ltd, a Singapore based global carbon market and exchange.
Helge holds a Master’s Degree in Economics from Munich University (major in Developing Economics) as well as a postgraduate degree in sustainability from Cambridge University. He is also a CFA charter holder.
香港を拠点にMoody’s Investors Service (MIS)のManaging Director/Regional Head of Asia Pacificを務める。APACの先進国・新興国市場におけるMoody’s の成長戦略の策定・推進を行う。APACの上級幹部として、現地業務の統括、政策・規制対応の統制、Moody’s のグローバルな取り組みの推進などに従事する。域内の関連会社や合弁会社を統括し、Moody’s のローカル市場戦略を主導する。
業務執行取締役としてMoody’s のアジア事業の大部分を担い、国際的な事業展開を戦略的に率いてきた経験を発揮。また、Korea Investors Service, Inc、Malaysian Rating Corporation Berhad、ICRA Limitedなど、数多くのムーディーズ関連会社の非業務執行取締役も務める。
2010年にMoody’s AnalyticsにContent Strategyを担当するAssistant Directorとして入社。その後、香港やニューヨークの様々な事業部門で戦略やマネジメントを担う要職を務め、事業成長や市場でのインパクト拡大に従事する。Moody’s Investors ServiceのChief of Staff to the President、香港のMISのRepresentative Director、Senior Vice President/Head of APAC Strategy & Business Management、Moody’s AnalyticsのDirector/Senior Product Strategistなどを務めた。
Moody’s Women’s Business Resource GroupのGlobal Executive Sponsorでもある。また、34カ国で600以上の組織が参加する非営利団体で、インパクト投資推進に携わるAsian Venture Philanthropy Network (AVPN)の理事も務める。ASIFMAなどの外部団体で要職を務めるほか、Moody’s でもAsia Pacific Women’s BRGを設立するなどし、金融業界で働く女性を含むダイバーシティ向上に意欲的に取り組んでいる。
Moody’s入社以前は、香港のPrudential PLC、シンガポールのSingapore Telecomsなどで、戦略、営業、マーケティングを担当する要職を務めた。
シンガポール国立大学で東南アジア研究および政治学を専攻し、学士号を取得。
Based in Singapore, Eric is responsible for setting the ESG research, integration, and active ownership agenda in Asia. In his role, Eric leads a team to research and manage investment risks and opportunities related to the sustainability strategies of companies in the region. Eric also works with Asian based portfolio managers on evaluating ESG exposures at a portfolio level. His team also develops methodologies for dedicated sustainable funds and represents Manulife IM’s ESG capabilities among the regional investment community. He chairs the Physical Risk and Resilience Working Group of the Asia Investor Group on Climate Change (AIGCC) and is a member of the Investment Leaders Working Group of the Cambridge Institute for Sustainability Leadership (CISL).
Prior to joining Manulife Investment Management, Eric led the Sustainable Finance initiatives for Asia-Pacific at S&P Global where he helped to develop and launch the ESG Evaluation Framework. He worked closely with analysts across the region to evaluate ESG exposures in corporate and infrastructure entities. Before joining the Sustainable Finance team, he covered various sectors as a credit ratings analyst at S&P in both the United States and Asia. Preceding S&P, Eric worked on an equity portfolio at Barclay’s PLC in New York, and on the special situations desk of the boutique investment bank StormHarbour Partners LP.
Eric holds a Bachelor of Arts in psychology from Colgate University. He is a CFA charterholder and a member of the CFA Society of Singapore.
Yuki is the Director overseeing the Asia Pacific (APAC) Network for the Glasgow Financial Alliance for Net Zero (GFANZ) which was launched in June 2022. She is focused on bringing together the financial sector across developed and emerging APAC to accelerate an inclusive and just transition to a net-zero economy.
Prior to joining GFANZ, she was at the United Nations Environment Programme (UNEP) Finance Initiative for 20 years and leading its activities in Asia Pacific for the last four years. She has represented UNEP FI at all three major sustainability reporting initiatives, GRI, IIRC and SASB, at various points in time. Other projects include developing and running the UNEP FI online course on climate change for the finance sector and representation at Rio+20.
She is a qualified chartered accountant in the UK (ICAEW) and trained and worked at PricewaterhouseCoopers. She is currently based in Singapore and has worked in Bangkok, Geneva and London.
Yuki has a BSc honours degree in Economics from the London School of Economics and an MSc in Environmental Change and Management from the University of Oxford.
Ray Tay is an Executive Director and team leader for Moody’s Project and Infrastructure Finance team for South and South-East Asia. In this role, based in Singapore, he oversees the ratings team responsible for Moody’s extensive coverage across the project finance and infrastructure sectors, including transport infrastructure, power & utilities, and credit enhanced issuances.
Ray is also the Franchise Lead for Digital Infrastructure in the Asia Pacific region. This role sits across various rating groups and oversees our growing portfolio in this fast-moving infrastructure sector. Ray serves as a single point of contact for our analytical coverage of Data centers and other Digital Infrastructure in this region.
Ray is passionate about topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group.
In his role, John is involved in integrating ESG into Moody’s credit rating research and is the point person for Moody’s ESG outreach in the Asia-Pacific region. He is also responsible for publishing thematic and issuer-specific research on ESG risks relevant to credit analysis.
Prior to joining Moody’s, John was CEO of Visiondom ESG, an independent ESG consultancy in China, which helped institutional investors integrate ESG into their investment process. He also worked as an ESG specialist with Fidelity International’s Asia Stewardship and Sustainable Investing team, focusing on the Greater China and Oceania markets for five years. At Fidelity, he was closely involved in promoting ESG best practices in Asia and ESG integration, and had a special focus on corporate governance and carbon trading.
John holds a Bachelor of Science in Economics from Singapore Management University and is a CFA Charterholder.
Rahul Ghosh is Managing Director and Global Head of Sustainable Finance & Emerging Markets at Moody's Ratings. In this role, Rahul is responsible for Moody's Ratings' strategy to systematically integrate material sustainability and climate considerations into credit ratings. He also leads analytical teams that produce assessments on the credentials of sustainable debt (Second Party Opinions) and the strength of companies' carbon transition plans (Net Zero Assessments), as well as the credit rating agency’s thought leadership and market engagement on global emerging market credit.
Rahul regularly takes part in high-profile industry working groups, market briefings, external conferences and media engagements. He represents Moody's as a member of the Taskforce on Nature-related Financial Disclosures and the Transition Finance Council. He also represents Moody's on the Principles for Responsible Investment's advisory committee on credit ratings and the International Capital Market Association's Green and Social Bond Principles advisory council. He has presented on the impact of climate change on global credit markets at the 2025 and 2021 United Nations Climate Change Conferences in Belém (COP30) and Glasgow (COP26), and on sustainable finance trends at the International Finance Corporation's Global Debt Mobilization Conference.
Before his current position, Rahul previously worked in Moody's Credit Strategy & Research team where he was responsible for regional credit oversight and though leadership. Prior to joining Moody's in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and capital markets.
Rahul is the executive sponsor of Moody's UK Multicultural Business Resource Group. He holds a master's degree in economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
Rahul Ghosh is Managing Director and Global Head of Sustainable Finance & Emerging Markets at Moody's Ratings. In this role, Rahul is responsible for Moody's Ratings' strategy to systematically integrate material sustainability and climate considerations into credit ratings. He also leads analytical teams that produce assessments on the credentials of sustainable debt (Second Party Opinions) and the strength of companies' carbon transition plans (Net Zero Assessments), as well as the credit rating agency’s thought leadership and market engagement on global emerging market credit.
Rahul regularly takes part in high-profile industry working groups, market briefings, external conferences and media engagements. He represents Moody's as a member of the Taskforce on Nature-related Financial Disclosures and the Transition Finance Council. He also represents Moody's on the Principles for Responsible Investment's advisory committee on credit ratings and the International Capital Market Association's Green and Social Bond Principles advisory council. He has presented on the impact of climate change on global credit markets at the 2025 and 2021 United Nations Climate Change Conferences in Belém (COP30) and Glasgow (COP26), and on sustainable finance trends at the International Finance Corporation's Global Debt Mobilization Conference.
Before his current position, Rahul previously worked in Moody's Credit Strategy & Research team where he was responsible for regional credit oversight and though leadership. Prior to joining Moody's in 2013, Rahul was the Head of Asia at BMI Research (Fitch Solutions) in Singapore, leading a team of macroeconomists and industry specialists in analysing sovereign risk, sector performance and capital markets.
Rahul is the executive sponsor of Moody's UK Multicultural Business Resource Group. He holds a master's degree in economics from the University of Edinburgh and a Certificate in ESG Investing from the CFA Society of the UK.
Helge is the Chief Sustainability Officer at DBS. He is responsible for developing DBS’ overarching sustainability framework and driving ESG initiatives across the bank. He also chairs the DBS Sustainability Council, which comprises senior leaders across business and support units.
Prior to joining DBS, Helge was Head of Asia Pacific, Sustainable Finance and Global Capital Markets at ING, where he worked for 10 years. In this role, he successfully grew the bank's regional business of sustainability-related advisory services and sustainable finance transactions across products. He was also part of ING’s global Sustainable Finance and Capital Markets management teams as well as the bank’s global Sustainable Finance Quality Board. Before that, he spent more than 12 years in various roles at Deutsche Bank AG and UniCredit Group being based in different cities across Europe, the US and Asia Pacific.
He also represents DBS in several global and regional working groups such as the World Business Council for Sustainable Development, the Industry Advisory Panel of the ASEAN’s Joint Sustainable Finance Working Group and the MAS-convened Green Finance Industry Taskforce. He is also appointed as alternate director in Climate Impact X Pte Ltd, a Singapore based global carbon market and exchange.
Helge holds a Master’s Degree in Economics from Munich University (major in Developing Economics) as well as a postgraduate degree in sustainability from Cambridge University. He is also a CFA charter holder.
Based in Singapore, Eric is responsible for setting the ESG research, integration, and active ownership agenda in Asia. In his role, Eric leads a team to research and manage investment risks and opportunities related to the sustainability strategies of companies in the region. Eric also works with Asian based portfolio managers on evaluating ESG exposures at a portfolio level. His team also develops methodologies for dedicated sustainable funds and represents Manulife IM’s ESG capabilities among the regional investment community. He chairs the Physical Risk and Resilience Working Group of the Asia Investor Group on Climate Change (AIGCC) and is a member of the Investment Leaders Working Group of the Cambridge Institute for Sustainability Leadership (CISL).
Prior to joining Manulife Investment Management, Eric led the Sustainable Finance initiatives for Asia-Pacific at S&P Global where he helped to develop and launch the ESG Evaluation Framework. He worked closely with analysts across the region to evaluate ESG exposures in corporate and infrastructure entities. Before joining the Sustainable Finance team, he covered various sectors as a credit ratings analyst at S&P in both the United States and Asia. Preceding S&P, Eric worked on an equity portfolio at Barclay’s PLC in New York, and on the special situations desk of the boutique investment bank StormHarbour Partners LP.
Eric holds a Bachelor of Arts in psychology from Colgate University. He is a CFA charterholder and a member of the CFA Society of Singapore.
Yuki is the Director overseeing the Asia Pacific (APAC) Network for the Glasgow Financial Alliance for Net Zero (GFANZ) which was launched in June 2022. She is focused on bringing together the financial sector across developed and emerging APAC to accelerate an inclusive and just transition to a net-zero economy.
Prior to joining GFANZ, she was at the United Nations Environment Programme (UNEP) Finance Initiative for 20 years and leading its activities in Asia Pacific for the last four years. She has represented UNEP FI at all three major sustainability reporting initiatives, GRI, IIRC and SASB, at various points in time. Other projects include developing and running the UNEP FI online course on climate change for the finance sector and representation at Rio+20.
She is a qualified chartered accountant in the UK (ICAEW) and trained and worked at PricewaterhouseCoopers. She is currently based in Singapore and has worked in Bangkok, Geneva and London.
Yuki has a BSc honours degree in Economics from the London School of Economics and an MSc in Environmental Change and Management from the University of Oxford.
Michael West is Chief Executive Officer of Moody’s Ratings.
Prior to his appointment in 2019, he held several leadership roles at Moody’s, including Managing Director – Head of Moody’s Ratings and Research from 2016 to 2019. He also served as Managing Director – Head of Global Structured Finance from 2014 to 2016 and Managing Director – Head of Global Corporate Finance from 2010 to 2014.
Earlier in his career, Michael led research strategy for Moody’s ratings businesses and before that led Corporate Finance for the EMEA region, European corporates and the EMEA leveraged finance business. Prior to joining Moody’s in 1998, Michael worked at Bank of America and HSBC in various credit roles.
Michael has a bachelor’s degree in politics with economics and is an Associate of the Chartered Institute of Bankers in the U.K.
香港を拠点にMoody’s Investors Service (MIS)のManaging Director/Regional Head of Asia Pacificを務める。APACの先進国・新興国市場におけるMoody’s の成長戦略の策定・推進を行う。APACの上級幹部として、現地業務の統括、政策・規制対応の統制、Moody’s のグローバルな取り組みの推進などに従事する。域内の関連会社や合弁会社を統括し、Moody’s のローカル市場戦略を主導する。
業務執行取締役としてMoody’s のアジア事業の大部分を担い、国際的な事業展開を戦略的に率いてきた経験を発揮。また、Korea Investors Service, Inc、Malaysian Rating Corporation Berhad、ICRA Limitedなど、数多くのムーディーズ関連会社の非業務執行取締役も務める。
2010年にMoody’s AnalyticsにContent Strategyを担当するAssistant Directorとして入社。その後、香港やニューヨークの様々な事業部門で戦略やマネジメントを担う要職を務め、事業成長や市場でのインパクト拡大に従事する。Moody’s Investors ServiceのChief of Staff to the President、香港のMISのRepresentative Director、Senior Vice President/Head of APAC Strategy & Business Management、Moody’s AnalyticsのDirector/Senior Product Strategistなどを務めた。
Moody’s Women’s Business Resource GroupのGlobal Executive Sponsorでもある。また、34カ国で600以上の組織が参加する非営利団体で、インパクト投資推進に携わるAsian Venture Philanthropy Network (AVPN)の理事も務める。ASIFMAなどの外部団体で要職を務めるほか、Moody’s でもAsia Pacific Women’s BRGを設立するなどし、金融業界で働く女性を含むダイバーシティ向上に意欲的に取り組んでいる。
Moody’s入社以前は、香港のPrudential PLC、シンガポールのSingapore Telecomsなどで、戦略、営業、マーケティングを担当する要職を務めた。
シンガポール国立大学で東南アジア研究および政治学を専攻し、学士号を取得。
Ray Tay is an Executive Director and team leader for Moody’s Project and Infrastructure Finance team for South and South-East Asia. In this role, based in Singapore, he oversees the ratings team responsible for Moody’s extensive coverage across the project finance and infrastructure sectors, including transport infrastructure, power & utilities, and credit enhanced issuances.
Ray is also the Franchise Lead for Digital Infrastructure in the Asia Pacific region. This role sits across various rating groups and oversees our growing portfolio in this fast-moving infrastructure sector. Ray serves as a single point of contact for our analytical coverage of Data centers and other Digital Infrastructure in this region.
Ray is passionate about topics such as project bonds and the role of funding diversity and credit enhancement in bridging the infrastructure gap, particularly in emerging markets.
Before joining Moody’s in 2012, Ray was a Director with the Global Infrastructure & Projects Group in KPMG. Ray has also worked as a Senior Business Analyst with the Singapore Power Group.
シンガポールを拠点にMoody’s ESGのVice President/Senior Analystとして活躍。
Moody’sの信用格付リサーチへESGの要素を組み入れる取り組みに従事するほか、APACのMoody’s ESGのアウトリーチ活動で重要な役割を担う。また、信用分析に関連するESGリスクのテーマ別、発行体別のリサーチ発行の業務にも従事。
Moody’s入社以前は、中国の独立系ESGコンサルティング会社Visiondom ESGのCEOとして、投資プロセスへのESG要素組み入れについて機関投資家へのサポートを提供していた。Fidelity InternationalのAsia Stewardship and Sustainable Investingチームで5年にわたり、ESGスペシャリストとして大中華圏とオセアニア市場を中心に担当していた経験も有する。Fidelityでは、アジアのESGに関するベストプラクティスの推進やESGインテグレーションに従事し、特にコーポレートガバナンスや炭素取引を専門としていた。
シンガポール経営大学で学士取得。CFA協会認定証券アナリスト。
Rahul Ghoshは、ムーディーズ・レーティングスのマネージング・ディレクター兼グローバル・サステナブル・ファイナンス＆エマージング・マーケッツ責任者を務める。信用格付に重要なサステナビリティ要素および気候関連要素を体系的に組み込むための戦略を統括するほか、サステナブル債の適格性を評価するセカンド・パーティ・オピニオンや、企業のカーボン・トランジション計画の実効性を評価するネットゼロ評価を手掛ける分析チームを率いている。また、新興国クレジットに関するムーディーズの知見発信および市場エンゲージメントを統括している。
Rahulは、業界の主要なワーキンググループ、市場ブリーフィング、外部カンファレンス、メディア対応に定期的に参加している。ムーディーズの代表として、自然関連財務情報開示タスクフォース（TNFD）およびTransition Finance Councilのメンバーを務めるほか、責任投資原則（PRI）の信用格付アドバイザリー委員会および国際資本市場協会（ICMA）のグリーンボンド・ソーシャルボンド原則アドバイザリー・カウンシルでも活動している。2025年のCOP30（ブラジル・ベレン）および2021年のCOP26（英国・グラスゴー）では、気候変動が世界の信用市場に与える影響について講演したほか、国際金融公社（IFC）のGlobal Debt Mobilization Conferenceではサステナブル・ファイナンスの動向について講演している。
現職就任前は、ムーディーズのCredit Strategy & Researchチームに所属し、地域別のクレジット・オーバーサイトおよび知見発信を担当した。2013年にムーディーズへ入社する以前は、シンガポールを拠点とするBMI Research（Fitch Solutions）のアジア責任者を務め、マクロ経済アナリストおよび業界スペシャリストのチームを率いながら、ソブリンリスク、業界動向、資本市場の分析を統括した。
また、Rahulはムーディーズ英国のMulticultural Business Resource Groupのエグゼクティブ・スポンサーを務める。エディンバラ大学で経済学修士号を取得し、英国CFA協会（CFA Society of the UK）のESG Investing Certificateも保有する。