Singapore and China form a task force on green finance.
The China-Singapore Green Finance Taskforce (GFTF) has been established jointly by the People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) to strengthen Singapore and China’s bilateral cooperation in green and transition financing.
The GFTF will also make it easier for the public and private sectors to work together to meet Asia’s demands as it transitions to a low-carbon future.
To operationalize the joint initiative, three work streams have been considered:
- Interoperability between the Singapore and China taxonomies under the guidelines of the International Platform on Sustainable Finance (IPSF).
- Improve connectivity between the Chinese and Singaporean markets for sustainability bonds.
- The use of technology to promote the adoption of sustainable finance.
Digital green bonds with carbon credits are among the things being tested here.