The Financial Authority of Singapore (MAS) and the Folks’s Financial institution of China (PBC) are advancing their cooperation in inexperienced and transition finance.
This announcement follows the 2nd China-Singapore Inexperienced Finance Taskforce (GFTF) assembly held on 20 Could 2024.
The GFTF, established in 2023, focuses on scaling up inexperienced and transition financing flows between Singapore, China, and the area.
The newest assembly highlighted progress in a number of key areas. MAS and PBC purpose to align the Singapore Asia Taxonomy (SAT) with the Worldwide Platform on Sustainable Finance’s Frequent Floor Taxonomy (CGT) by year-end, facilitating cross-border issuance of CGT-aligned inexperienced financing bonds and loans.
An business capacity-building session on transition taxonomies was additionally performed to reinforce understanding of transition actions in each international locations.
Moreover, the Singapore Trade and China Worldwide Capital Company are collaborating on a Inexperienced Hall to help inexperienced financing flows, with an preliminary concentrate on inexperienced panda bond issuances.
MAS is offering grant help for this initiative. CapitaLand Funding issued the primary sustainability-linked panda bond underneath the Inexperienced Hall, anticipated to pave the way in which for extra such financings.
Within the space of know-how, Metaverse Inexperienced Trade and Beijing Inexperienced Trade are growing a carbon accounting and decarbonisation score platform.
This platform will mixture Chinese language corporates’ carbon emissions knowledge to help in structuring inexperienced financing options. The feasibility of aligning the decarbonisation score methodology with the CGT and SAT can be being studied.
The assembly additionally mentioned rising areas of pursuits, together with nature and biodiversity, ESG knowledge mannequin interoperability, and the usage of AI and knowledge analytics via Greenprint (Gprnt) and Mission NovA! to facilitate the gathering, accessing and harnessing of high-quality ESG knowledge to drive inexperienced and transition efforts.
Gillian Tan
Gillian Tan, MAS’ Assistant Managing Director (Improvement and Worldwide) and Chief Sustainability Officer, who co-chairs the GFTF stated on the assembly,
“The GFTF is a key platform for China and Singapore to collectively develop concrete and significant initiatives to advance inexperienced finance cooperation.
The big selection of deliverables introduced immediately is testomony to the robust collaboration between MAS, PBC and business companions from each international locations and our shared ambition to mobilise the financing required for an efficient transition to web zero within the area.”
