Singapore and China Establish Green Finance Taskforce

To strengthen their collaboration in the areas of green and transition finance, The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) announced the establishment of the China-Singapore Green Finance Taskforce (GFTF).

According to a statement from the parties, the GFTF will deepen bilateral cooperation in green and transition finance between Singapore and China and facilitate greater public-private sector collaboration, and to better meet Asia’s needs as it transitions to a low-carbon future.   

At the inaugural meeting hosted in the Chinese city of Chongqing, the GFTF discussed joint initiatives aimed at scaling up green and transition financing flows between Singapore, China and the region. The GFTF will establish three initial workstreams to focus on the following priority areas:

Taxonomies and Definitions: MAS and PBC will work together under the International Platform on Sustainable Finance (IPSF) to achieve interoperability between the Singapore and China taxonomies, and will collaborate subsequently to enhance the use of the IPSF’s Common Ground Taxonomy, as well as deepen understanding of transition activities defined by China and Singapore.

Products and Instruments: Singapore Exchange and China International Capital Corporation will establish a workstream to strengthen sustainability bond market connectivity between China and Singapore, including the issuances of and mutual access to green and transition bond products in China and Singapore.  

Technology: Metaverse Green Exchange and Beijing Green Exchange will establish a workstream that leverages technology to facilitate sustainable finance adoption, including the piloting of digital green bonds with carbon credits. 

The new GFTF is co-chaired by MAS’ Assistant Managing Director (Development and International) and Chief Sustainability Officer, Gillian Tan, and Chair of the China Green Finance Committee, Ma Jun. Other members comprise senior representatives and sustainable finance experts from financial institutions and green fintech companies from Singapore and China.

Gillian Tan said at the opening meeting: “We are pleased to deepen our collaboration in green and transition finance with the establishment of the GFTF. The GFTF provides a platform for knowledge exchange and will galvanise collaboration between public-private participants from China and Singapore on concrete initiatives that will catalyse capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

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