The Monetary Authority of Singapore (MAS), Singapore’s central bank and integrated financial regulator, announced today the launch of a new sustainability group to steer sustainability efforts and expand the organization’s capabilities in the area. To lead the Group, MAS has appointed Dr Darian McBain as Chief Sustainability Officer.
The new group will coordinate MAS’ green finance and sustainability agenda to strengthen the financial sector’s resilience against environmental risks, develop a green finance ecosystem to support Asia’s transition to a low-carbon future, identify strategic green finance collaborations with regional and international counterparts, and reduce MAS’ carbon and environmental footprint.
McBain joins the new Sustainability Group after more than 20 years of experience in sustainability roles in different sectors. Most recently, she served as Chief Sustainability Officer in Thai Union Group, a leading seafood supplier conglomerate. McBain was also recently named as a United Nations Sustainable Development Goal Pioneer for the environmental initiatives she has led.
Singapore has emerged as a hub for companies looking to capitalize on the growing ESG and sustainable finance opportunities in the Asian market. Earlier this year, Moody’s Corporation announced a series of initiatives to expand its Singapore office aiming to spearhead ESG, following the establishment of its own ESG Solutions Group office in Singapore in February. In November 2020, consultancy Bain & Company announced the launch of its new Singapore-based Global Sustainability Innovation Center, aiming to help the firm’s corporate clients pursue the opportunities arising from the economic and societal potential of the green economy. In May, Deutsche Bank announced the launch of a new ESG Centre of Excellence (COE) in Singapore, focused on ESG transactions, new product development and advisory services in the growing Asian ESG market.
MAS recently supported the launch of LSEG’s new Singapore-based sustainable finance innovation unit.
McBain will also set the agenda for MAS’ Green Finance Steering Committee chaired by Ravi Menon, Managing Director, MAS. Menon, said:
“The formation of the Sustainability Group reflects MAS’ commitment to embed climate change and environmental sustainability across its roles as a financial regulator, as a promoter of the financial sector, and as an organisation. Green finance and climate resilience are growing areas of priority for MAS and we are pleased to have Darian join us and lead our efforts in these areas.”