The Monetary Authority of Singapore (MAS) has launched several initiatives to expedite green finance in the city-state through improving disclosures and fostering green solutions.
The initiative is implemented by a financial industry taskforce convened by the MAS: the Green Finance Industry Taskforce (GFIT).
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The GFIT has issued a detailed implementation guide for climate-related disclosures by financial institutions.
The initiative provides a framework to help banks assess eligible green trade finance transactions.
The taskforce has published a whitepaper on scaling green finance in the real estate, infrastructure, fund management and transition sectors.
GFIT will also launch for financial institutions (FIs) and corporates a series of workshops to build capacity in green finance, with support from its industry association partners.
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By GlobalDataThe guide
The guide on implementing climate-related disclosures sets out best practices that are aligned with regulatory recommendations.
The guide also outlines specific disclosure practices for each of the banking, insurance and asset management sectors.
The guide will help to enhance the quality of FIs’ climate disclosures and facilitate more consistent and comparable disclosures across FIs.
The framework
The framework for green trade finance and working capital provides a principles-based approach for banks to assess eligible green trade finance transactions.
It gives specific guidance on recommended industry certifications for trade finance activities to qualify as green.
Guided by this framework, HSBC and UOB have piloted four green trade finance transactions to support businesses in greening their supply chains. These transactions involve renewable energy, recycling, agriculture and farming activities.
The Whitepaper
GFIT has also published a whitepaper outlining recommendations and laying out a roadmap to scale green finance in the real estate, infrastructure, fund management and transition sectors.
These include a green securitisation platform to scale sustainable infrastructure investments in the region.
Also featured are recommendations for the use of transition bonds and loans in the shipping, oil and gas and automotive sectors to support more sustainable practices.
In its next phase of work, GFIT will partner industry associations, financial institutions, and businesses to develop and implement the recommended proposals.
