Collaborative efforts intensify between Singapore and China in the sphere of environmentally-friendly financial measures
The Green Finance Taskforce (GFTF), a joint initiative of the Monetary Authority of Singapore (MAS) and the People's Bank of China (PBoC), recently held a meeting to discuss ways to support Asia's net zero transition and harmonise sustainable finance standards.
More than 40 participants from the public and private sector joined the meeting, held in July. The discussions focused on the use of technology for monitoring emissions and providing green financing solutions, as well as opportunities for developing green finance in Shanghai. Potential collaboration in biodiversity and nature financing was also a topic of discussion.
During the meeting, Gillian Tan, chief sustainability officer at MAS, emphasised the GFTF's commitment to developing solutions to accelerate the growth of sustainable finance. Last year, MAS and the PBoC announced they would more closely align their green taxonomies and develop a new platform for sharing companies' environmental data.
The GFTF meeting also touched upon the introduction of a multi-jurisdiction common ground taxonomy (M-CGT), which serves as a reference for green investments and facilitates cross-border financial flows. Singapore-based issuers have shown interest in marketing green panda bonds and aligning debt financing with the taxonomy.
In China, OCBC Bank arranged the country's first syndicated loan aligned with the taxonomy in June. However, no information was given about any new syndicated loans aligned with the taxonomy during the GFTF meeting.
The partnership between MAS and the PBoC was established in 2023, and the GFTF meeting did not discuss any specific date for the implementation of the M-CGT. Regulators in the Asia-Pacific (APAC) region are increasingly recognising that climate risks pose a threat to financial stability, but no details were provided about any new initiatives or decisions made during the meeting regarding green finance in the APAC region.
The page was last updated on July 28, 2025. As the GFTF continues its work, it remains committed to finding innovative solutions to support the region's transition to a more sustainable and resilient financial system.
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