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.
Mr Ravi Menon, Managing Director, MAS, spoke on the opportunities in using carbon markets to support the transition to a low carbon future, and Singapore’s vision to be a carbon services and trading hub in Asia.
The Green Finance Industry Taskforce (GFIT), convened by MAS, launched today several initiatives to accelerate green finance in Singapore through improving disclosures and fostering green solutions.
Mr Ravi Menon, Managing Director, MAS, spoke on sustainable finance, the transition to a low carbon future, and MAS' efforts to enable an orderly and inclusive transition.
Ms Jacqueline Loh, Deputy Managing Director (Corporate Development), shared on how central banks should embrace and lead financial sector innovation, and channel these capabilities towards improving sustainability and enhancing cross-border payments.
Mr Ravi Menon, Managing Director, MAS, spoke on the need to broaden the range of green financing solutions and markets; improve the consistency and transparency of ESG reporting and disclosure; and build knowledge and capabilities in sustainable finance.