Singapore, China collaborate on green finance
The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) announced the China-Singapore Green Finance Taskforce (GFTF). The capital needed to transition to a low carbon world is significant, and governments are looking for private sector participation through green finance. With Singapore as a major financial hub in Asia, together they want to improve financing flows between Singapore, China and the region.
The first three work priorities of the initiative include common taxonomies, products and technology. On the technology front, Singapore’s Metaverse Green Exchange and Beijing Green Exchange will pilot digital green bonds and carbon credits.