The Monetary Authority of Singapore (MAS) and the People’s Bank of China have jointly announced the creation of the China-Singapore Green Finance Taskforce (GFTF) to enhance cooperation in green and transition finance between the two countries. The main objective of the GFTF is to foster greater public-private sector collaboration to meet the needs of Asia’s transition to a low-carbon future.
During the inaugural meeting in Chongqing, the GFTF discussed joint initiatives to scale up green and transition financing flows between Singapore, China, and the region. The GFTF will establish three initial workstreams focusing on taxonomies and definitions, products and instruments, and technology to achieve this goal.
The first workstream will be dedicated to achieving interoperability between the Singapore and China taxonomies, with the collaboration of the International Platform on Sustainable Finance (IPSF). The second workstream will aim to strengthen sustainability bond market connectivity between China and Singapore and establish mutual access to green and transition bond products. Finally, the third workstream will leverage technology to facilitate sustainable finance adoption, including piloting digital green bonds with carbon credits.
The GFTF is co-chaired by Ms Gillian Tan, Assistant Managing Director (Development and International) and Chief Sustainability Officer at MAS, and Dr Ma Jun, China Green Finance Committee Chair. The members comprise senior representatives, sustainable finance experts from financial institutions, and green FinTech companies from Singapore and China.
