Singapore, China form Green Finance Taskforce

They will focus on taxonomies and definitions, products and instruments, and technology.

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) unveiled the establishment of the China-Singapore Green Finance Taskforce (GFTF) to reinforce bilateral cooperation in green and transition finance.

In a statement, MAS said the partnership also aims to facilitate collaboration between the public and private sectors for the transition to a low-carbon future.

The GFTF fill focus on three priority areas namely taxonomies and definitions, products and instruments, and technology.

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For taxonomies and definitions, the banks will collaborate under the International Platform on Sustainable Finance (IPSF) to achieve interoperability between the Singapore and China taxonomies and will enhance the use of the IPSF’s Common Ground Taxonomy. They also plan to deepen their understanding of transition activities.

Singapore Exchange and China International Capital Corporation will also establish a workstream to reinforce a sustainability bond market connectivity between the two markets which include the issuances of and mutual access to green and transition bond products.

To focus on technology, the Metaverse Green Exchange and Beijing Green Exchange will set up a workstream that will rely on technology to facilitate sustainable finance adoption, including the piloting of digital green bonds with carbon credits.