MAS, IBF list 12 skills and competencies needed in sustainable finance

It covers four thematic and right functional knowledge topics.

The Institute of Banking and Finance Singapore (IBF) and the Monetary Authority of Singapore (MAS) listed 12 technical skills and competencies needed by individuals seeking roles in sustainable finance.

The Sustainable Finance Technical Skills and Competencies (SF TSCs) cover four thematic topics and eight functional knowledge topics.

The former includes climate change policy developments, natural capital, green taxonomies, carbon markets and decarbonisation strategies; whilst the latter covers how sustainability is applied across major functions in the financial sector, such as sustainability risk management, sustainability reporting, sustainable investment management, and sustainable insurance and reinsurance solutions.

The SF TSCs will be reviewed periodically.

MAS and IBF strongly encouraged financial institutions to design their training programs around the 12 SF TSCs.

Banks, asset managers and insurers, on the other hand, can be flexible in which SF TSCs they will adopt.

“I encourage all financial institutions to use them as a benchmark to achieve excellence in sustainable finance skills and talent development,” Leong Sing Chiong, deputy managing director (Markets and Development), MAS, said.

Meanwhile, IBF will curate training programmes with industry members and onboard training providers whose curriculum is aligned with the SF TSCs.

“Participants who enrol in IBF-accredited training programmes can defray up to 90% of training expenses under the IBF-Standards Training Scheme grant,” MAS said.