The central banks of Singapore and China, the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC), announced the launch of the China-Singapore Green Finance Taskforce (GFTF), aimed at deepening cooperation on green and transition finance, and facilitating public-private collaboration to facilitate financing for Asia’s low carbon transition.
The GFTF is co-chaired by Gillian Tan, recently appointed as Chief Sustainability Officer of MAS, and Dr Ma Jun, Chair of the China Green Finance Committee, and is comprised of senior representatives and sustainable finance experts from financial institutions and green FinTech companies from Singapore and China.
Priority areas for cooperation for the new taskforce, aimed at scaling up green and transition financing flows, include Taxonomies and Definitions, Products and Instruments, and Technology. Initiatives announced under these initial workstreams include working to achieve interoperability between the Singapore and China taxonomies defining sustainable economic activities, and strengthening sustainability bond market connectivity – including issuances of and mutual access to green and transition bond products between China and Singapore.
Singapore-based Metaverse Green Exchange and the Beijing Green Exchange will also establish a technology-focused workstream aimed at facilitating sustainable finance adoption, including an initiative to pilot digital green bonds with carbon credits.
About the Authors
Associate Director, Investment Banking
Prachurjya has over 16 years of experience in investment banking with Acuity Knowledge Partners. At Acuity, he has led sector and product-specialist pilot teams across Capital Markets, ESG, Debt Advisory, Loan Syndications, Metals & Mining and Real Estate. He has been actively involved in setting up and on-boarding new ESG Advisory, ESG DCM and Sustainable Finance teams for various bulge bracket investment banks. Within DCM and Rating Advisory, he has been instrumental in helping the clients achieve over 30% in annual savings on both regular and adhoc tasks through standardization of the outputs and deployment of our proprietary BEAT tools.
Delivery Manager, Investment Banking
Puja has 6 years of extensive experience in ESG, Climate Change & Sustainability and she is supervising the ESG team at Acuity. She also has diverse experience in conducting ESIA, EHS compliance audits, ESG Risks and Controls, EHS & ESG Due Diligence assessments. Prior to joining Acuity, she was working with companies like KPMG Global Services, EY India and ERM India. She has expertise in provisioning extensive research requirements for clients through preparation of Peer Benchmarking, Target Compilation, Sustainability report, Sustainable Finance Updates and Sectoral ESG Thematic Detailing Engagement.
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