To strengthen collaboration in green and transition finance, last week the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) established their China-Singapore Green Finance Taskforce (GFTF).
The GFTF will establish three initial workstreams to focus on the following priority areas:
Taxonomy interoperability and definitions. MAS and PBC will work together under the International Platform on Sustainable Finance (IPSF) to achieve interoperability between the taxonomies of both jurisdictions. And further collaborate to enhance the use of the IPSF’s Common Ground Taxonomy as well as deepen understanding of transition activities defined by China and Singapore.
Products and instruments, such as the sustainability bond market.
Technology. Digital green bonds with carbon credits, leveraging technology through Metaverse Green Exchange (MVGX) and Beijing Green Exchange (CBGEX).
Click here to know about the IPSF, its Common Ground Taxonomy and much more. The ultimate objective of the IPSF is to scale up the mobilisation of private capital towards environmentally sustainable investments. It was launched on 18 October 2019 by the European Union, Argentina, Canada, Chile, China, India, Kenya and Morocco with several other jurisdictions joining afterwards. Together, the current 19 members of the IPSF represent 55% of greenhouse gas emissions, 51% of the world population and 55% of global GDP.
And of you click at the image below you can read the press release about this specific China-Singapore partnership.
