China, Singapore, Partner to Scale Green Finance
The central banks of Singapore and China, the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC), announced the launch of the China-Singapore Green Finance Taskforce (GFTF), aimed at deepening cooperation on green and transition finance, and facilitating public-private collaboration to facilitate financing for Asia’s low carbon transition.
The GFTF is co-chaired by Gillian Tan, recently appointed as Chief Sustainability Officer of MAS, and Dr Ma Jun, Chair of the China Green Finance Committee, and is comprised of senior representatives and sustainable finance experts from financial institutions and green FinTech companies from Singapore and China.
Priority areas for cooperation for the new taskforce, aimed at scaling up green and transition financing flows, include Taxonomies and Definitions, Products and Instruments, and Technology. Initiatives announced under these initial workstreams include working to achieve interoperability between the Singapore and China taxonomies defining sustainable economic activities, and strengthening sustainability bond market connectivity – including issuances of and mutual access to green and transition bond products between China and Singapore.
Singapore-based Metaverse Green Exchange and the Beijing Green Exchange will also establish a technology-focused workstream aimed at facilitating sustainable finance adoption, including an initiative to pilot digital green bonds with carbon credits.
“We are pleased to deepen our collaboration in green and transition finance with the establishment of the GFTF. The GFTF provides a platform for knowledge exchange and will galvanise collaboration between public-private participants from China and Singapore on concrete initiatives that will catalyse capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”