International Cooperation for Green Finance
MAS joined the International Organization of Securities Commissions Task Force on Sustainable Finance (IOSCO STF)
14 April 2020
The IOSCO STF’s mandate is to: (i) improve sustainability-related disclosures made by issuers and asset managers; (ii) collaborate with other international organisations and regulators to avoid duplicative efforts and to enhance coordination of relevant regulatory and supervisory approaches; and (iii) prepare case studies and analysis of transparency, investor protection and other relevant issues within sustainable finance to illustrate the practical implications of its work.
In particular, MAS co-leads a Technical Expert Group (TEG) with the United States Securities Exchange Commission (US SEC) within the IOSCO STF on sustainability-related disclosures by listed issuers. Formed in March 2021, the TEG work is expected to inform IOSCO’s views on endorsing an International Sustainability Standards Board (ISSB) under the governance of the IFRS Foundation as the global standard-setter for sustainability-related corporate reporting.
MAS joined the International Platform on Sustainable Finance (IPSF) to contribute to international harmonisation of green taxonomies and standards
11 June 2020
Singapore joined the IPSF to enhance international coordination on taxonomies, disclosures and green standards and labels, and participate in efforts to mobilise private capital towards environmentally sustainable investments. Through the IPSF Working Group on Taxonomy, led by the European Union and China, Singapore will contribute to efforts to develop a Common Ground Taxonomy that aims to scale up the mobilisation of cross-border green financing flows by highlighting commonalities between the taxonomies of IPSF member jurisdictions.
In October 2020, IPSF held its one year anniversary event at the sidelines of the IMF and World Bank Annual Meetings, where the first public report on the work of the IPSF was launched. The report outlined the crucial role of sustainable finance in the context of COVID-19 and noted that the convergence of the three focus areas of the IPSF – taxonomies, standards and labels, and disclosure would be essential to scale up sustainable finance globally.
Singapore joined the IPSF to enhance international coordination on taxonomies, disclosures and green standards and labels, and participate in efforts to mobilise private capital towards environmentally sustainable investments. Through the IPSF Working Group on Taxonomy, led by the European Union and China, Singapore will contribute to efforts to develop a Common Ground Taxonomy that aims to scale up the mobilisation of cross-border green financing flows by highlighting commonalities between the taxonomies of IPSF member jurisdictions.
In October 2020, IPSF held its one year anniversary event at the sidelines of the IMF and World Bank Annual Meetings, where the first public report on the work of the IPSF was launched. The report outlined the crucial role of sustainable finance in the context of COVID-19 and noted that the convergence of the three focus areas of the IPSF – taxonomies, standards and labels, and disclosure would be essential to scale up sustainable finance globally.
MAS’ Managing Director represented Singapore at the 6th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM), which committed to furthering a cohesive sustainable finance agenda across the region
2 October 2020
Managing Director, Ravi Menon, participated in the AFMGM in his capacity as the Governor of Singapore’s central bank. The AFMGM committed to greater coordination and cohesion between ASEAN Central Banks and Regulators to promote and advance sustainable finance across the capital markets, banking and insurance sectors.
Managing Director, Ravi Menon, participated in the AFMGM in his capacity as the Governor of Singapore’s central bank. The AFMGM committed to greater coordination and cohesion between ASEAN Central Banks and Regulators to promote and advance sustainable finance across the capital markets, banking and insurance sectors.
MAS collaborated with regulatory counterparts in global fora to deepen analysis and oversight of environmental risk
Ongoing
As a founding member of the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS), MAS is leading initiatives to integrate climate-related and environmental risks into micro-prudential supervision. Over the past year, the NGFS published a guide for supervisors setting out best practices in oversight of such risks and a report on financial institutions’ environmental risk analysis tools. MAS is currently leading efforts to study the financial risk differential between green and other assets, and to develop a training programme for supervisors. MAS is also involved in other work at the NGFS to develop climate stress testing, scale up green finance, bridge data gaps, and advance research priorities.
MAS is participating in the Basel Committee on Banking Supervision’s (BCBS) Task Force on Climate-Related Financial Risks, which has published analytical reports on transmission channels and measurement methodologies of such risks. MAS is also involved in work at the Financial Stability Board (FSB), which is reviewing the regulatory and supervisory approaches to address climate risks and assessing the availability of data through which climate-related risks to financial stability could be monitored.
- BCBS media release, published on 14 April 2021, on publishing of analytical reports on climate-related financial risks
- NGFS media release, published on 10 September 2020, on promoting environmental risk analysis in financial industry
- NGFS media release, published on 27 May 2020, on guiding central banks and supervisors towards better management of climate-related and environmental risks
- BCBS media release, published on 30 April 2020, on publishing of stocktake report on climate-related financial risk initiatives
- FSB’s work programme for 2021