The MAS of Singapore and China’s PBC bank have joined hands to advance cooperation in green and transition finance.
The collaboration aims to bolster green and transition finance between China and Singapore, fostering sustainable economic growth and addressing environmental challenges.
MAS, as Singapore’s financial regulatory authority, oversees the monetary policy and financial stability of the country. It plays a pivotal role in shaping the FinTech landscape and promoting sustainable finance initiatives. On the other hand, PBC, as the central bank of China, regulates the country’s monetary policy, currency circulation, and banking system, driving economic stability and development.
The partnership focuses on aligning taxonomies, facilitating green finance flows, and developing a decarbonisation rating platform. Initiatives include mapping taxonomies, encouraging green financing flows through collaborative platforms like the Green Corridor, and developing technology solutions for carbon accounting.
The 2nd China-Singapore Green Finance Taskforce (GFTF) meeting, held on 20th May 2024, discussed joint initiatives to scale up green and transition financing flows between Singapore, China, and the region. The meeting highlighted the significance of collaboration in driving concrete initiatives for green finance cooperation.
Ms Gillian Tan, MAS’ Assistant Managing Director (Development and International) and Chief Sustainability Officer, who co-chairs the GFTF with Dr Ma Jun, Chair of the China Green Finance Committee, said at the meeting, “The GFTF is a key platform for China and Singapore to jointly develop concrete and meaningful initiatives to advance green finance cooperation.
“The wide range of deliverables announced today is testament to the strong collaboration between MAS, PBC, and industry partners from both countries and our shared ambition to mobilise the financing required for an effective transition to net zero in the region.”
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