Singapore & China Establish Green Finance Taskforce to Strengthen Collaboration in Green & Transition Finance, Focusing on 3 Priorities Taxonomies & Definitions, Products & Instruments, and Technology
22nd April 2023 | Hong Kong
The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have announced the establishment of the China-Singapore Green Finance Taskforce (GFTF), to strengthen bilateral cooperation in green & transition finance between Singapore & China and facilitate greater public-private sector collaboration to better meet Asia’s needs as it transitions to a low carbon future. The China-Singapore Green Finance Taskforce (GFTF) will focus 3 priority areas: Taxonomies & Definitions, Products & Instruments, and Technology. The GFTF is co-chaired by MAS Assistant Managing Director (Development and International) and Chief Sustainability Officer, Ms Gillian Tan, and Chair of the China Green Finance Committee, Dr Ma Jun. Members comprise of senior representatives and sustainable finance experts from financial institutions and green FinTech companies from Singapore and China.
“ Singapore & China Establish Green Finance Taskforce to Strengthen Collaboration in Green & Transition Finance “
MAS Assistant Managing Director (Development & International) and Chief Sustainability Officer, Ms Gillian Tan: “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.”
Singapore & China Establish Green Finance Taskforce to Strengthen Collaboration in Green & Transition Finance
The GFTF will establish 3 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 piloting of digital green bonds with carbon credits.
Singapore Members
- Monetary Authority of Singapore
- Amundi Asset Management
- Bayfront Infrastructure Management
- DBS Bank
- HashSTACS
- Metaverse Green Exchange
- OCBC Bank
- Singapore Exchange
- Temasek Holdings
- United Overseas Bank
China Members
- People’s Bank of China / China Green Finance Committee
- Ant Group
- Bank of China
- Bank of Chongqing
- Bank of Guangzhou
- Beijing Green Exchange
- China International Capital Corporation
- Industrial Bank
- Silk Road Fund
- Bank of Huzhou*
- ChongQing Rural Commercial Bank*
- Chongqing Carbon Emissions Exchange*
- Guangzhou Emissions Exchange*
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