🚨Just published🚨
🌍 Monetary Authority of Singapore (MAS) publishes Sustainability Report 23/24, highlighting progress in enabling Singapore's transition to net zero, including building a climate-resilient financial sector, vibrant sustainable finance ecosystem, climate-resilient investment portfolio, and sustainable organization. https://lnkd.in/g49eQbxS
Chief Sustainability Officer Gillian Koh Tan MAS outlines 🏦 key initiatives:
🌐 Transition Planning 🌐:
➡️ MAS published consultation papers setting expectations for financial institutions to engage with customers/investees and adopt mitigation/adaptation strategies for climate change's physical and transition risks.
➡️ The guidelines will be finalized in late 2024.
💼 Blended Finance 💼:
➡️ MAS announced the FAST-P blended finance initiative to raise $5 billion for green and transition projects in Asia by partnering with development banks, sovereigns, and philanthropies.
➡️ The initiative aims to de-risk projects and catalyze private sector financing.
📑Carbon Credits 📑:
➡️ MAS published a working paper on "transition credits" to incentivize early retirement of coal power plants in Asia and replace them with cleaner energy.
➡️ MAS launched a transition credits coalition and two pilot projects to develop this market solution.
👩🏽💻Data and Definitions:
➡️ MAS published the Singapore-Asia Taxonomy, the world's first multi-sector transition taxonomy, to support green and transition financing.
➡️ MAS is mapping the taxonomy to the IPSF's Common Ground Taxonomy to enable cross-border sustainable financing.
🏢 Creating capacity to lead climate action through ecosystem building and education/up-skilling:
➡️ Singapore Sustainable Finance Association (SSFA) , launched early 2024, has for members banks, asset managers and insurers, as well as the real economy, and will work closely with MAS to advance initiatives to develop Singapore as a leading sustainable finance centre.
➡️The Sustainable Finance Jobs Transformation Map served as a basis to set up programs to develop know-how and talent.
https://lnkd.in/gg2qhRZm conducted by KPMG
Lionel Wong Simin Liu Zhaoqi Zhang Joel Low Jonathan Chew Cheryl T. Sopnendu Mohanty / 漠汉帝 / 模範帝 / सोपनेंदु / ସୋପ୍ନେନ୍ଦୁ Pauline Wray Jason Han