Developing a Vibrant Green Finance Ecosystem
The Green Finance Industry Taskforce (GFIT) launched several initiatives to accelerate green finance in Singapore through improving disclosures and fostering green finance solutions
19 May 2021
GFIT issued a detailed implementation guide for climate-related disclosures by financial institutions (FIs); a framework to help banks assess eligible green trade finance transactions; and a white paper on scaling green finance in the real estate, infrastructure, fund management and transition sectors. GFIT had earlier issued a Phase 1 taxonomy for public consultation, which set out environmental objectives, focus sectors, and a traffic light system framework. Work on developing more granular criteria, including metrics and thresholds to help operationalise the classification system is ongoing.
Green Finance Industry Taskforce (GFIT) consults on second version of Green and Transition Taxonomy
12 May 2022
GFIT published for public consultation detailed thresholds and criteria for economic activities in the energy, transport, and real estate sectors. This builds on GFIT’s earlier proposed taxonomy in January 2021. It also incorporates a user guide for financial institutions and companies to apply the taxonomy.
GFIT published for public consultation detailed thresholds and criteria for economic activities in the energy, transport, and real estate sectors. This builds on GFIT’s earlier proposed taxonomy in January 2021. It also incorporates a user guide for financial institutions and companies to apply the taxonomy.
Establishment of the Sustainable and Green Finance Institute (SGFIN) to drive green finance education and research
9 September 2021
The SGFIN, established by the National University of Singapore in September 2021, addresses research gaps on real economy sustainability topics such as corporate impact measurement and assessment frameworks, and provides capability building training programmes for university students and business practitioners across a range of disciplines and industries. Supported by MAS, SGFIN will provide thought leadership and shape sustainability outcomes and policymaking across the real economy and financial sector.
Climate Impact X (CIX) completes first-of-a-kind portfolio auction of voluntary nature-based carbon credits with leading global companies
1 November 2021
CIX is a joint venture between DBS Bank, Standard Chartered, SGX and Temasek. Forged from Singapore’s Emerging Stronger Taskforce Sustainability Alliance for Action and supported by MAS, CIX is a global marketplace and exchange for high-quality carbon credits.
In November 2021, CIX piloted an auction of a portfolio of eight high-quality nature-based carbon credits projects, and the pilot auction cleared 170,000 carbon credits and was supported by 19 buyers across various industries. In March 2022, CIX launched Project Marketplace and started a pilot with Carbonplace, a new carbon credit settlement platform developed by seven banks.
Institute for Banking and Finance Singapore (IBF) and MAS set out 12 Technical Skills and Competencies in Sustainable Finance
9 February 2022
MAS and IBF set out 12 Sustainable Finance Technical Skills and Competencies (SF TSCs) under the IBF's Skills Framework for Financial Services. The SF TSCs cover a range of functional knowledge (e.g. sustainability risk management, sustainability reporting, sustainable investment management) and thematic (e.g. climate change policy developments, natural capital, green taxonomies) topics. The SF TSCs will provide information on competencies needed for occupations and job roles in sustainable finance, career pathways, and training programmes for skills upgrading and mastery.
MAS and IBF set out 12 Sustainable Finance Technical Skills and Competencies (SF TSCs) under the IBF's Skills Framework for Financial Services. The SF TSCs cover a range of functional knowledge (e.g. sustainability risk management, sustainability reporting, sustainable investment management) and thematic (e.g. climate change policy developments, natural capital, green taxonomies) topics. The SF TSCs will provide information on competencies needed for occupations and job roles in sustainable finance, career pathways, and training programmes for skills upgrading and mastery.