Strategy
Overview
The financial sector plays a critical role to support Asia’s transition to climate-resilient future. MAS has supported the development of the sustainable finance ecosystem in Singapore, comprising financial institutions, ancillary service providers, academia, standard setting bodies and international organisations. These stakeholders will catalyse the co-creation of innovative financing solutions, raise capabilities and skills, and enhance corporates’ adoption of sustainability practices.
Accelerate Transition Finance through Solutions & Markets
Financing Asia's Transition - Partnership (FAST-P)
At the 29th United Nations Climate Change Conference (COP 29) in November 2024, FAST-P established a new Industrial Transformation infrastructure debt programme (ITP), in addition to the Energy Transition Acceleration Finance (ETAF) partnership and Green Investments partnership (GIP) announced the previous year at COP28. The ITP will provide debt financing to private sector borrowers seeking to decarbonise their businesses, including projects in the following sectors: (i) hard to abate sectors, (ii) technology solutions for the low-carbon transformation, and (iii) industrial opportunities.
At the Financing Asia’s Transition (FAST) Conference 2025, MAS Managing Director (MD) Chia Der Jiun announced that a dedicated FAST-P office has been set up to facilitate the deployment of up to US$500 million of concessional capital from the Singapore Government, alongside capital from other partners. The FAST-P office will work closely with asset managers, banks, and commercial and concessional investors to promote innovative blended finance solutions for sustainable infrastructure in the region.
- MAS media release, published on 12 November 2024, on Singapore committing US$500 million in matching concessional funding to support decarbonisation in Asia
- Joint MAS-BlackRock-IFC media release, published on 12 November 2024, on the collaboration to unlock investment opportunities in decarbonisation in Asia
- Joint MAS-EFA media release, published on 3 December 2024, on Australia and Singapore collaborating to support sustainable infrastructure and decarbonisation in Southeast Asia
- "Staying the Course for Asia's Transition to a Climate-Resilient Future" - Opening Address by Mr Chia Der Jiun, Managing Director, Monetary Authority of Singapore, at the FAST Conference 2025 on 7 May 2025
Transition Credits
TRACTION’s interim report sets out key learnings from TRACTION members as well as experts involved in coal transition and carbon markets in three areas:
- Supporting the Generation of High-Integrity Transition Credits: Clearly defined and rigorous standards are critical to ensuring quality, trust and confidence in transition credits. Across existing guidance and methodologies, there are four common high-integrity attributes:
- Demonstration of additionality
- Ensuring permanent reduction of emissions and avoiding emissions leakage
- Robust verification and monitoring of emissions reductions
- Contributions to Just Transition and Sustainable Development Goals
- Enabling Transaction Scalability: The report lays out the different risk factors that feature in transition credits transactions and suggests possible terms, structures and solutions to mitigate such risks.
- Bolstering Buyers’ Confidence and Trust: The motivations and requirements of the different classes of buyers, across the compliance, voluntary and investment segments, differ. TRACTION will build on these insights to develop specific approaches to meet the requirements of each buyer segment, with the aim of building robust and sustainable demand for transition credits.
- Transition Credits Coalition (TRACTION) Interim Report on the Application of Transition Credits for Accelerated Coal Retirement
- MAS Media Release, published 14 November 2024, on The Transition Credits Coalition (TRACTION) Outlines Integrity, Scalability and Demand Considerations in Utilising Transition Credits to Accelerate the Early Retirement of Coal-fired Power Plants
Multi-Jurisdiction Common Ground Taxonomy (M-CGT) to enhance interoperability of taxonomies across EU, China and Singapore
At COP29 in November 2024, the International Platform on Sustainable Finance (IPSF) published the Multi-Jurisdiction Common Ground Taxonomy (M-CGT), a comparison of the sustainable finance taxonomies of China, the EU and Singapore. Developed by MAS, the People’s Bank of China, and the European Union Directorate-General for Financial Stability, Financial Services and Capital Markets Union (FISMA), the M-CGT enables financial institutions, corporates and investors to identify and assess activities within the scope of M-CGT that could be classified as green activities in China, the EU and Singapore. This, in turn, allows bond issuers or fund managers in these jurisdictions to offer green bonds or green funds which align with the M-CGT criteria to be distributed across the respective M-CGT markets.
ASEAN Taxonomy
MAS is a board member of the ASEAN Taxonomy Board (ATB) and continues to support the development of the ASEAN taxonomy . The ATB has published Version 3 on 20 December 2024 which includes the Technical Screening Criteria (TSC) for two more sectors: Transportation and Storage, as well as Construction and Real Estate.
Foster Transition-Ready Talent & Workforce
Supporting Upskilling of the workforce in Sustainable Finance
Following the launch of the Jobs Transformation Map (JTM) for Sustainable Finance in April 2024, MAS and the Institute of Banking and Finance (IBF) embarked on initiatives to support upskilling of the financial sector workforce in sustainable finance, focusing on priority job roles such as corporate banking and private banking relationship managers, as well as credit risk officers.
Since the launch of the JTM, at least 4,100 financial sector professionals across more than 100 financial institutions have been trained in sustainable finance through IBF-accredited or recognised courses. To build a pipeline of graduates with the relevant skills to meet industry demand in sustainable finance, the National University of Singapore Business School recently introduced a specialisation in Sustainable Finance for its undergraduates majoring in Finance.
IBF has also issued more than 8,200 Skills Badges to individuals who have completed IBF-accredited sustainable finance courses. The IBF Skills Badge serves as an industry benchmark to recognise individuals’ skills mastery and support skills-based hiring by financial institutions.
IBF has also issued more than 8,200 Skills Badges to individuals who have completed IBF-accredited sustainable finance courses. The IBF Skills Badge serves as an industry benchmark to recognise individuals’ skills mastery and support skills-based hiring by financial institutions.
- MAS-IBF-WSG Joint Media Release, published on 17 April 2024, on MAS sets aside $35 million to Support Upskilling Singapore’s Financial Services Sector Workforce in Sustainable Finance
- Speech by Mr Alvin Tan, Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, and Board Member of MAS, delivered on 17 April 2024, Launch of the Sustainable Finance Jobs Transformation Map
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Harness Technology and Green Fintech
Gprnt began in 2020 as Project Greenprint, an initiative by the MAS to develop a disclosure utility to help companies streamline and automate their sustainability reporting. Through simplifying sustainability data disclosures, Gprnt aims to promote carbon accounting by businesses, notably SMEs, and help larger clients bridge their Scope 3 supply chain data gaps.
In November 2023, MAS launched Gprnt as an independent entity, backed by public and private stakeholders. Gprnt has since completed its spin-off from MAS in November 2024 as a digital platform and will operate as part of the Global Finance and Technology Network (GFTN).
Strengthen Industry and International Partnerships
COP29 Singapore Pavilion, Finance Day
At the COP29 Singapore Pavilion on Finance Day in November 2024, MAS Deputy Managing Director (Markets & Development), Mr Leong Sing Chiong, shared updates on how MAS is accelerating the green transition through innovative solutions in blended finance and carbon markets, and by putting in place enablers to strengthen financing flows across borders and segments of the economy.
Industry Engagement Conference and Roundtables
To strengthen thought leadership, raise awareness, and facilitate sharing and collaboration across the financial sector and real economy, MAS convened platforms designed to mobilise financing required for an effective transition through the development of practical financing solutions and concrete projects:Financing Asia’s Transition Conference (FAST) 2025
Themed “Asia’s Race towards 2030: All Systems Go” and organised as part of Ecosperity Week, FAST Conference 2025 focused on regional cooperation and innovative financing solutions to support Asia’s shift to a low-carbon economy. MAS MD Chia Der Jiun’s opening remarks emphasised keeping the long-term view amid near-term uncertainty, and the importance of innovative financing solutions to catalyse energy transition investments and addressing climate adaptation & resilience risk and opportunities. It was also announced that the FAST Partnership (FAST-P) office would be set up to manage up to US$500 million in concessional capital from the Singapore Government into the three FAST-P partnerships, alongside capital from other partners.
As part of the Ecosperity Week’s Partners event, MAS co-hosted a seminar with Banque De France (BDF) - “Financing the Transition: Building Bridges Between Climate and Nature”, as part of the France-Singapore Joint Year of Sustainability (JYOS) – a year-long initiative to deepen sustainability collaboration between both countries. The seminar explored how carbon markets and blended finance can mobilise private investment and exchanged insights on nature-related risks and opportunities.
Singapore Sustainable Finance Association
SSFA White Paper on Natural Capital and Biodiversity
On 25 April 2025, the SSFA launched its inaugural white paper, “Financing Our Natural Capital: A practical guide for FIs getting started on nature financing”. Developed by SSFA’s Natural Capital and Biodiversity (NCB) Workstream, the paper provides a practical guidance for financial institutions in Southeast Asia on managing nature-related risks while leveraging climate action momentum. Drawing on insights from over 25 industry members across key stakeholder groups, the paper highlights the interdependence of nature and real economy and features industry-contributed case studies.
Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing
Published by the SSFA on 9 July 2025, the guidance aims to enable the practical application of the green and transition thresholds in the SAT, recognising current constraints where certain data points to meet the thresholds may not be readily available. The guidance will also provide additional clarity on issues such as sunset dates and grandfathering rules. This will help the industry raise transition financing with greater confidence.
Collaboration with China and Australia
China
MAS and the People’s Bank of China established the China-Singapore Green Finance Taskforce (GFTF) in 2023 to deepen bilateral cooperation and facilitate greater public-private sector collaboration in green and transition financing. Past GFTF meetings focused on aligning green taxonomies, leveraging technology and collaboration on green bond issuances through a Green Corridor that would facilitate green financing flows between Singapore, China and the region. The 3rd GFTF meeting is expected to be held in 2H 2025.
Australia
In December 2024, the Australian Government approved a US$50 million investment into the Green Investments partnership (GIP) under the Financing Asia’s Transition Partnership (FAST-P) initiative. The investment will support clean energy transition and sustainable infrastructure development across Southeast Asia.