The Monetary Authority of Singapore (MAS), launched the Finance for Net Zero (FiNZ) Action Plan, updating its series of strategies to mobilize financing aimed at catalyzing the net zero transition in Asia, and decarbonization activities in Singapore. The targeted areas of action under the new plan range from improving access to climate data and advancing disclosure by financial institutions to the implementation of enhanced climate risk management practices.
It expands the scope of MAS’ Green Finance Action Plan launched in 2019 to include transition finance. Transition finance refers to investment, lending, insurance, and related services to progressively decarbonize areas such as power generation, buildings, and transportation. This will support MAS to expand the scope of its sustainable bond and loan grant schemes to include transition bonds and loans, with safeguards in place to mitigate the risk of “transition-washing” and ensure alignment with internationally recognized taxonomy and transition finance principles.
Source Link – MAS Launches Finance for Net Zero Action Plan
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