The central banks of Singapore and China have set up a green finance taskforce to help their public and private sectors in the transition to a low-carbon economy.
The China-Singapore Green Finance Taskforce will deepen bilateral cooperation in green and transition finance and facilitate greater public-private sector collaboration to better meet Asia’s needs as the region shifts to a low-carbon future, the Monetary Authority of Singapore and the People’s Bank of China say in a joint statement on April 22.
The task force will establish three initial workstreams to focus on three priority areas, including taxonomies and definitions, where the central banks will work to achieve interoperability between the Singapore and China taxonomies.
The second priority area is products and instruments. Here, the Singapore Exchange and China International Capital Corporation will establish a workstream to strengthen connectivity between the sustainability bond markets of the two jurisdictions, including issuance of, and mutual access to, green and transition debt products.
The third priority area is technology, which will see Singapore-based carbon credit trading network Metaverse Green Exchange and the Beijing Green Exchange set up a workstream to facilitate adoption of sustainable finance, including piloting of digital green bonds with carbon credits.
