Green Finance Taskforce
The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBoC) announced the establishment of a green finance working group, which aims to strengthen cooperation between the two countries in green finance and promote Asia’s transition to a low-carbon economy.
The Green Finance Taskforce (GFTF) is jointly responsible by people from both countries. Its members include financial institutions, financial technology companies and sustainable finance experts.
Plans of Green Finance Taskforce
The Green Finance Taskforce plans to work in three areas:
- Taxonomies and definitions: MAS and PBoC are ready to cooperate on the International Platform on Sustainable Finance to achieve interoperability of the two countries’ taxonomies, strengthen the use of the Common Ground Taxonomy and enhance the understanding of the two countries on transitional activities;
- Products and tools: MAS and PBoC will strengthen the connectivity of sustainable bond markets and cooperate in the issuance and subscription of transition bonds;
- Technology: Singapore’s Metaverse Green Exchange will collaborate with Beijing Green Exchange to promote sustainable financial development and pilot digital green bonds with carbon credits;
Comments on Green Finance Taskforce
Singapore and China made comments on the establishment of the Green Finance Taskforce:
GFTF can deepen cooperation between the two countries in green and transitional finance, providing a knowledge exchange platform to promote cooperation between Chinese and Singaporean participants. These collaborations will promote capital flow and support low-carbon transition.
Monetary Authority of Singapore
China and Singapore can jointly design test projects, build green finance market ecosystem, expand transition financing, and carry out green finance cooperation.
China Green Finance Association
Reference:
Singapore and China Establish Green Finance Taskforce
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