International Cooperation for Sustainable Finance
Glasgow Financial Alliance for Net Zero (GFANZ) launched Asia Pacific Network in Singapore
8 June 2022
The GFANZ launched its regional network and advisory board for the Asia Pacific (APAC) region. Supported by MAS, the Singapore Exchange and Temasek, GFANZ’s Singapore office would enhance engagements and accelerate action within APAC, and provide regional insights, expertise, and perspectives to GFANZ’s work. At the launch event, MAS Managing Director Mr Ravi Menon, in his capacity as the Chairman of the GFANZ APAC Network Central Office, shared how the financial industry and regulators play a critical role in the journey to net zero.
Bank of England and Prudential Regulation Authority Climate and Capital Conference
20 October 2022
In his keynote speech at the Bank of England and Prudential Regulation Authority Climate and Capital Conference, MAS Executive Director (Insurance), Mr Daniel Wang, shared perspectives on environmental risks and climate risk assessment through the lens of an insurance regulator.
COP27
6 to 9 November 2022
At the launch of the Singapore Pavilion at COP27, MAS Managing Director Mr Ravi Menon spoke on the key themes of innovating decarbonisation technologies, mobilising transition finance, and developing sound carbon markets. Mr Menon also delivered two keynote speeches at the Singapore Pavilion Finance Day hosted by MAS, and the Network of Central Banks and Supervisors for Greening the Financial System’s (NGFS) COP27 Finance Day Event. He provided an overview of Singapore’s efforts in transition financing, and shared the NGFS’ work in the areas of blended finance, data and capacity building.
- Keynote speech by MAS Managing Director Mr Ravi Menon, “Net Zero - Act Now, Act Fast, Act Together”, delivered on 9 November 2022, at the COP27 Singapore Pavilion Finance Day
- Keynote remarks by MAS Managing Director Mr Ravi Menon, “How Central Banks and Supervisors are Helping to Green the Financial System”, delivered on 9 November 2022, at the NGFS COP27 Finance Day Event
- Speech by MAS Managing Director Mr Ravi Menon, “Singapore as Convenor, Catalyst and Contributor for Climate Action”, delivered on 6 November 2022, at COP27
COP15 Finance and Biodiversity Day
14 December 2022
At the COP15 Convention on Biological Diversity, MAS Managing Director Mr Ravi Menon spoke on how finance could be a powerful force for helping to bend the curve of nature degradation, and what was needed for effective transition finance for natural capital.
Sustainable Insurance Forum (SIF)
20 March 2023
MAS Executive Director (Insurance), Mr Daniel Wang, was appointed as Chairman of the SIF in March 2023. The SIF is a global network of insurance supervisors and regulators for collaborative action on sustainability issues. They work together to strengthen their understanding of and responses to sustainability issues facing the insurance sector. The SIF’s work includes research on emerging issues and knowledge-sharing on supervisory practices.
Singapore and China establish Green Finance Taskforce (GFTF) to strengthen collaboration in green and transition finance
21 April 2023
MAS and the People’s Bank of China (PBC) announced the establishment of the China-Singapore GFTF, to deepen bilateral cooperation in green and transition finance between Singapore and China and facilitate greater public-private sector collaboration to better meet Asia’s transition to a low carbon future. The GFTF will establish workstreams to focus on three priority areas: (i) taxonomies and definitions; (ii) products and instruments; and (iii) technology.
The Network of Central Banks and Supervisors for Greening the Financial System (NGFS) meets in Singapore to discuss greening the financial system
25 and 26 April 2023
The NGFS held a series of meetings in Singapore to discuss issues related to the assessment and management of climate-related financial risks and transition financing for a more sustainable economy. The meetings were chaired by MAS Managing Director and Chair of the NGFS, Mr Ravi Menon.
MAS collaborated with regulatory counterparts in global fora to deepen analysis and oversight of environmental risks
Ongoing
As an active member of the International Organization of Securities Commissions (IOSCO) Sustainable Finance Taskforce, MAS contributed to IOSCO’s response to the International Sustainability Standards Board (ISSB) consultation on draft standards for general sustainability requirements as well as climate.
International Association of Insurance Supervisors (IAIS)
Ongoing
As the Chair of the of the IAIS Climate Risk Steering Group, MAS steered and supported the IAIS’ ongoing review of the Insurance Core Principles guidance and its development of additional supervisory material to better incorporate climate related risks into insurers’ governance and operations. In 2022, MAS also supported the inclusion of climate data elements in the IAIS’ Global Monitoring Exercise to provide a global baseline of climate risk data for the global insurance sector, and contributed to the IAIS’ capacity building efforts on climate scenario analysis for more than 200 insurance supervisors.