China and Singapore ink deal on a green finance taskforce


The Monetary Authority of Singapore and the People’s Bank of China (PBC) has established a green finance taskforce to deepen cooperation on green finance matters.

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

At its recent inaugural meeting, 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 of taxonomies and definitions, products and instruments and technology.

The GFTF is co-chaired by MAS’s assistant managing director and chief sustainability officer Gillian Tan, and Chair of the China Green Finance Committee, Dr Ma Jun.

Members comprise senior representatives and sustainable finance experts from financial institutions and green FinTech companies from Singapore and China.

MAS assistant managing director and chief sustainability officer Gillian Tan said, “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.”

Earlier this week, the Australian government revealed it will issue its first-ever green bond in 2024 following an announcement by Treasurer Jim Chalmers.

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