Overview
A well designed taxonomy will set out the environmental objectives, sectors and activities that are in scope. Metrics and thresholds that set out how activities can be classified as green or transition to their level of alignment with the environmental objectives will provide clear guidance to financial institutions. This further supports the provision of transition finance to the broader economy, and facilitate the move towards a cleaner and greener economy.
MAS' Efforts in Taxonomy
We are contributing to local and regional taxonomy efforts and global initiatives to improve the compatibility of taxonomy frameworks. Compared to other taxonomies, a key feature of the Green Finance Industry Taskforce taxonomy is that it encompasses transition activities that allow for a progressive shift towards greater sustainability while taking into account starting positions and supporting inclusive economic and social development.
Green Finance Industry Taskforce (GFIT)
Singapore
The Green Finance Industry Taskforce (GFIT), convened by the Monetary Authority of Singapore (MAS) establishes and proposes taxonomy for Singapore-based financial institutions by identifying activities that can be considered green or transitioning towards green.
ASEAN Taxonomy for Sustainable Finance
ASEAN
Developing an ASEAN Taxonomy for Sustainable Finance with our regional counterparts for the banking, insurance and capital markets sectors.
International Platform on Sustainable Finance (IPSF)
International
Working with the International Platform on Sustainable Finance (IPSF) to develop a Common Ground Taxonomy that aims to enhance the comparability and interoperability of taxonomies globally .
G20 Sustainable Finance Working Group (SFWG)
International
Participating in the G20 Sustainable Finance Working Group (SFWG) to improve coordination on taxonomies across countries and markets.
What's New
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"ASEAN, Alternative Energy, and Artificial Intelligence" - Keynote Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at 61st ACI World Congress on 21 September 2023
Mr Ravi Menon, Managing Director of MAS, spoke on three dominant investment themes in Asia-Pacific in the next decade: ASEAN, Alternative Energy and Artificial Intelligence.
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UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
The 8th UK-Singapore Financial Dialogue facilitated a useful exchange of views, and identified opportunities for further collaboration on joint projects, in priority areas such as sustainable finance and FinTech and innovation.
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MAS and SGX Group to collaborate with the Climate Data Steering Committee to strengthen global access to climate transition-related data
The CDSC-MAS-SGX collaboration will aim to synergise across MAS Project Greenprint’s ESGenome disclosure portal and the CDSC’s Net-Zero Data Public Utility (NZDPU) global repository of climate transition-related data. It will allow companies that report into ESGenome to transmit to the NZDPU their data on Scope 1, 2 and 3 greenhouse gas emissions.
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Panel Discussion with Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Point Zero Forum on 26 June 2023
At the Point Zero Forum 2023, Mr Ravi Menon, Managing Director, MAS, spoke on the panel titled "Data for Net Zero: Views from the Climate Data Steering Committee".
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UNDP, GLEIF and MAS to embark on Project Savannah to digitise basic ESG Credentials for MSMEs
The United Nations Development Programme, Global Legal Entity Identifier Foundation and MAS have signed a Statement of Intent to embark on a collaborative initiative to develop digital Environmental, Social and Governance (ESG) credentials for micro, small and medium-sized enterprises worldwide.