Focus areas and schemes to develop Singapore as a global hub for sustainable finance.
Sustainable finance is the practice of integrating environmental, social and governance (ESG) criteria into financial services to bring about sustainable development outcomes, including mitigating and adapting to the adverse effects of climate change.
Singapore's financial sector can play a useful role in catalysing sustainable and green finance in the region. MAS is taking active steps to promote sustainable financing in our financial sector, including engaging financial institutions to consider ESG criteria in decision making processes, support the adoption of industry standards and guidelines, encourage industry-led capacity building efforts, develop the green bond market in Singapore and collaborate with local stakeholders and international counterparts to distill best practices.
Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat, highlighted that asset and wealth management is a core part of the financial services sector and underpins Singapore's position as a global financial node. He also announced the launch of the Sustainable Finance Technical Skills and Competencies by MAS and the Institute of Banking and Finance.
MAS will partner the industry to pilot four digital platforms under Project Greenprint, to address the financial sector’s needs for good data on sustainability.
At the Green Horizon Summit@COP26, Mr Ravi Menon, Managing Director of MAS, highlighted three areas to get right to catalyse green finance – clear taxonomies; innovative solutions to unlock and catalyse multiple sources of financing; and supervision of how financial institutions are managing their climate-related risks.
At the inaugural Singapore Sustainable Investing and Financing Conference, Mr Lawrence Wong, Minister for Finance and Deputy Chairman, MAS spoke on three initiatives to expand Singapore's green finance ecosystem - carbon credits markets, sustainable finance solutions and products, and building new capabilities.
Mr Ravi Menon, Managing Director, MAS, spoke on issues relating to data – which is a critical foundation for the green economy architecture the world needs to build.