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Singapore and China intensify their efforts injoint green finance ventures

A collaborative initiative, spearheaded by Singapore and China, aims to boost Asia's shift towards carbon neutrality by strengthening green financial support.

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Singapore and China deepen collaboration on eco-friendly financial initiatives
Singapore and China deepen collaboration on eco-friendly financial initiatives

Singapore and China intensify their efforts injoint green finance ventures

The Monetary Authority of Singapore (MAS) and the People's Bank of China (PBoC) are working together to advance financing and technology in sustainable finance. This collaboration is part of the Green Finance Taskforce (GFTF), a joint initiative established in 2023 by these two key institutions.

Last year, the MAS and PBoC announced their intention to more closely align their green taxonomies and develop a new platform for sharing companies' environmental data. This year, the GFTF is making significant strides in this direction, with the green taxonomies of China and Singapore being made interoperable.

In a recent meeting of the GFTF, more than 40 participants from the public and private sector discussed opportunities for developing green finance in Shanghai. The MAS and PBoC are committed to developing solutions to accelerate the growth of sustainable finance, as stated by Gillian Tan, the chief sustainability officer at MAS.

The GFTF is also exploring how technology can help monitor emissions and provide green financing solutions. One example of this is the use of the M-CGT, a set of environmental objectives and criteria that financial institutions and investors can use to determine "green" investments.

In June, OCBC Bank, a bank in China, arranged the country's first syndicated loan aligned with the taxonomy. Singapore-based issuers have shown interest in marketing green panda bonds and aligning debt financing with the taxonomy. However, no specific timeline for the completion of the M-CGT has been revealed.

Regulators in the Asia-Pacific region are increasingly recognizing that climate risks pose a threat to financial stability. The GFTF is not only focused on sustainable finance but is also considering potential collaboration in biodiversity and nature financing.

The partnership between the MAS and PBoC in sustainable finance is a testament to the strengthening of their partnership. The page containing this information was last updated on July 28, 2025.

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