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Singapore, China Unveil Green Finance Taskforce

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBOC) have established the China-Singapore Green Finance Taskforce (GFTF) to deepen bilateral cooperation in green and transition finance. It will also facilitate greater public-private sector collaboration as Asia transitions to a low-carbon future, the two authorities said in a statement. The GFTF will establish three initial workstreams to focus on taxonomies and definitions; products and Instruments; and technology. It will be co-chaired by Gillian Tan, Chief Sustainability Officer at MAS, and Dr Ma Jun, Chair of the China Green Finance Committee. Last week, MAS launched a new ‘Finance for Net Zero Action Plan’, which includes a code of conduct for ESG ratings and data providers, grant schemes for transition bonds and loans, and ISSB-aligned disclosures, among other initiatives. GFTF members comprise senior representatives and sustainable finance experts from financial institutions and green FinTech companies from Singapore and China – including DBS, OCBC, UOB, SGX, Temasek, Ant Group, Bank of China, Bank of Chongqing and CICC, among others.

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