Overview
MAS integrates environmental and climate considerations across its key functions:
- In its role as central bank and integrated financial regulator, MAS collaborates with financial institutions to enhance the financial sector’s resilience to environmental and climate-related risks.
- As a developer of Singapore’s financial centre, MAS fosters the growth of sustainable finance markets and solutions to accelerate Asia’s sustainable development.
- In managing Singapore’s official foreign reserves, MAS incorporates climate-related risks and opportunities into its investment strategies.
- MAS also actively works to reduce its own carbon footprint in support of Singapore’s national climate commitments.
Despite global headwinds affecting climate action, Southeast Asia’s sustainable finance market has shown strong resilience. In 2024, sustainable finance proceeds raised from bonds and loans in the region reached record highs, with growth outpacing that of other regions.
At the same time, the region’s low carbon transition continues to present significant economic opportunities. The International Energy Agency expects renewable energy to supply more than half of Asia’s increased electricity demand by 2035. It is also estimated that close to S$1.1 trillion will be needed to drive the deployment of renewable energy and develop the infrastructure and solutions to support growth in Southeast Asian economies in a sustainable and resilient manner.
As a sustainable finance centre, Singapore is well-placed to support the region’s transition:
- Singapore is ASEAN’s largest market for green, social, sustainability and sustainability-linked (“GSSSL”) bonds and loans, accounting for more than half of the market. In 2024, GSSSL loans originated from Singapore reached a yearly high for the seventh consecutive year, with over S$48 billion issued.
- To build workforce capabilities, MAS supported the launch of the Jobs Transformation Map for Sustainable Finance in April 2024. Since its launch, at least 4,100 financial sector professionals across more than 100 financial institutions have been trained in sustainable finance through Institute of Banking and Finance (IBF)-accredited or recognised courses. To date, IBF has also issued more than 8,200 Skills Badges to individuals.
- The Singapore-Asia Taxonomy for Sustainable Finance (SAT) has seen strong adoption. As of March 2025, a sizeable proportion of Singapore’s three local banks’ portfolio already adhere to the SAT thresholds. Other users of the SAT include public agencies, global banks and asset managers as well as local and international corporates.
MAS remains committed to partnering closely with industry stakeholders, as well as regional and global partners, to develop Singapore’s sustainable finance ecosystem and encourage the development of innovative solutions to scale the financing needed for the region’s transition. These include blended finance initiatives, and the use of high-integrity transition credits to support the early retirement of coal-fired power plants and their replacement with cleaner energy.
More details of MAS’ sustainability efforts can be found in MAS’ Sustainability Report 2024/2025.