China and Singapore team up to scale green and transition financing

China and Singapore, two significant Asian economies, have formed a task group to strengthen their bilateral cooperation in green and transition finance. Increasing public-private sector cooperation for a low-carbon future in the area is the goal of the action.

The China-Singapore Green Finance Taskforce (GFTF) was announced by the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC). The team’s goal with GFTF is to jointly create a set of financial standards, goods, tools, and definitions that will help reduce carbon footprints.

Gillian Tan, the chief sustainability officer and assistant managing director of MAS, says that public-private participants from China and Singapore will work together “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

To begin with, the GFTF will make it possible for MAS and PBC to come to an understanding on taxonomies and definitions with regard to each other’s current transition initiatives. The task group will also give the nations the chance to improve the market connection for sustainability bonds, including two-way access to green and transition bond instruments.

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