Singapore continues to take a long-term and pragmatic approach to climate action, with sustainability efforts anchored in strengthening the resilience of our economy, businesses and communities to the physical impacts of climate change. 

MAS is focused on two priorities: strengthening financial system resilience to climate-related risks, and mobilising capital flows to support Asia’s transition to a low-carbon and climate-resilient future.

Supervisory expectations and risk management practices continue to be strengthened, including through the issuance of transition planning guidance to support financial institutions in assessing risks and engaging their clients in an orderly transition. MAS is also working with industry partners to improve market conditions and develop innovative risk-sharing and risk-transfer solutions that can scale capital mobilisation for sustainable outcomes.

The FAST-P initiative has achieved good progress as a platform to bring together public, private, and philanthropic partners to support Asia’s decarbonisation and climate resilience. These efforts are intended to contribute to more credible and investible pathways for decarbonisation and climate resilience in the region.

As an organisation, MAS has reduced operational emissions relative to its FY2018 baseline and has taken steps to strengthen the climate resilience of its investment portfolio, including transitioning the Climate Transition Programme equities portfolio to active management.

Looking ahead, with the external environment likely to remain uncertain, MAS will stay focused on strengthening financial system resilience and enabling credible and scalable transition financing. We will continue to work closely with industry and international partners to support a more sustainable and climate-resilient Asia, while safeguarding Singapore’s long-term stability and competitiveness.

Gan Kim Yong
Chairman