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China-Singapore GFTF Meeting: Tech-Enabled Sustainable Finance

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In a significant stride towards fostering collaboration in green and transition finance, the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) convened for the 2nd China-Singapore Green Finance Taskforce (GFTF) meeting in Beijing. This meeting marked a crucial juncture in advancing initiatives aimed at enhancing cooperation between China and Singapore in the realm of green and transition finance. The discussions, held within the framework of the GFTF, delved into various strategic areas, including the alignment of taxonomies, facilitation of green finance flows, and the development of a decarbonisation rating platform.

The meeting explored emerging areas of interest, including nature and biodiversity, ESG data model interoperability, and the deployment of artificial intelligence and data analytics to drive green and transition efforts through initiatives like Greenprint (Gprnt) and Project NovA!.

The GFTF, established in 2023, operates through three distinct workstreams led by stakeholders from the public and private sectors. These workstreams are dedicated to scaling up green and transition financing flows between Singapore, China, and the broader region, with a focus on actionable initiatives.

The comprehensive discussions covered several key aspects:

Taxonomies and Definitions: MAS and PBC are actively engaged in mapping the Singapore Asia Taxonomy (SAT) to the International Platform on Sustainable Finance (IPSF)’s Common Ground Taxonomy (CGT), with a target completion date set for the end of the year.

This alignment is poised to facilitate seamless cross-border issuance of green financing bonds and loans between Singapore and China. Additionally, both authorities conducted industry capacity-building sessions on transition taxonomies to deepen stakeholders’ understanding of transition activities as defined by each jurisdiction.

Products and Instruments: A collaborative effort between Singapore Exchange and China International Capital Corporation is underway to establish a Green Corridor, aimed at facilitating green financing flows between the two countries. The initial focus of this collaboration will be on encouraging green panda bond issuances, with MAS extending support through schemes like the Sustainable Bond Grant Scheme.

Technology: Metaverse Green Exchange and Beijing Green Exchange are jointly developing a carbon accounting and decarbonisation rating platform. This platform aims to aggregate carbon emissions data from Chinese corporates, providing valuable insights to financial institutions in structuring green financing solutions. Moreover, the workstream is exploring the feasibility of aligning the decarbonisation rating methodology with existing taxonomies, paving the way for standardised assessment frameworks.

Ms Gillian Tan, MAS’ Assistant Managing Director (Development and International) and Chief Sustainability Officer underscored the significance of the GFTF as a platform for joint development of concrete initiatives to advance green finance cooperation. She recognised the collaborative efforts between MAS, PBC, and industry partners from both countries as instrumental in mobilising financing for an effective transition to net zero in the region.

Singapore is eager to pursue sustainable and green finance, exemplified by its active involvement in several initiatives, showcasing its commitment to fostering environmentally responsible financial practices. Through collaborative efforts and strategic partnerships, Singapore aims to drive innovation and facilitate the transition towards a more sustainable and resilient economy.

OpenGov Asia reported that Singapore and the United Kingdom recently convened the 9th UK-Singapore Financial Dialogue in Singapore, focusing on key areas such as sustainable finance, FinTech, and innovation. With a shared commitment to sustainability and technological advancement, both nations explored avenues for cooperation to address global challenges and drive progress in the financial sector, particularly stressing the importance of transition planning and globally consistent initiatives to facilitate transition finance.

The 2nd GFTF meeting and similar initiatives underscore Singapore’s commitment to fostering deeper cooperation in green and transition finance, setting the stage for transformative strategies that will contribute to sustainable development in the region and beyond.

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