In Singapore, GFIT is developing a taxonomy to guide our financial institutions.
- The taxonomy takes reference from international best practices and are adapted to the Asian context where relevant.
- It will classify activities according to a “traffic light” system.
- Sustainable activities are classified as green, Transition activities as amber, and Unsustainable activities as red.
- The inclusion of transition activities allow for progressive shift towards greater sustainability and supports inclusive economic and social development.
- The taskforce is currently developing more granular activity-level criteria, including science-based metrics and thresholds, to help operationalise the classification system.
The Taskforce seeks to help accelerate the development of green finance through four key initiatives:
- Develop a taxonomy
- Improve disclosures
- Foster green finance solutions
- Enhance environmental risk management practices of financial institutions
The Taskforce comprises representatives from financial institutions, corporates, non-governmental organisations, and financial industry associations.
View Green Finance Industry Taskforce Infographic
What's New
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"Growing a Vibrant Insurance Linked Securities Market in Asia" - Speech by Mr Lim Cheng Khai, Executive Director, Financial Markets Development Department, Monetary Authority of Singapore, at the Artemis ILS Asia Conference 13 July 2023
Steve Evans, Editor in Chief, Artemis Distinguished guests Ladies and gentlemen Introduction 1. Good morning. Thank you for having me at the Artemis ILS Asia Conference. It is good to see the event back for its fifth installation in Singapore. I am happy to be here, to reconnect with friends I’ve met in Artemis New York...
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Speech by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of MAS, at the Official Launch of the Sustainable and Green Finance Institute (SGFIN) on 20 April 2023
At the official launch of the SGFIN, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of MAS, announced the launch of MAS' Finance for Net Zero Action Plan.
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Test - Speech by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of MAS, at the Official Launch of the Sustainable and Green Finance Institute (SGFIN) on 20 April 2023
At the official launch of the SGFIN, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of MAS, announced the launch of MAS' Finance for Net Zero Action Plan.
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MAS Launches Finance for Net Zero Action Plan
Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Monetary Authority of Singapore (MAS) Deputy Chairman, today announced the launch of MAS’ Finance for Net Zero (FiNZ) Action Plan at the opening of the Sustainable and Green Finance Institute of the National University of Singapore.
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"What Does it Take to Get to Net Zero" - Keynote Speech by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the Economic Society of Singapore Annual Dinner 2022 on 17 August 2022
At the Economic Society of Singapore Annual Dinner 2022, Mr Ravi Menon, Managing Director, MAS, spoke about five transformative changes to get to net zero - a price on carbon; a shift to cleaner energy; a greening of the economy; a pivot to transition finance; and a sustainable lifestyle.