China and Singapore team up to scale green and transition financing

China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

Major Asian economies China and Singapore have set up a task force to deepen bilateral cooperation in green and transition finance. The move is aimed at facilitating greater public-private sector collaboration for a low-carbon future in the region.

The Monetary Authority of Singapore (MAS) announced it was collaborating with the People’s Bank of China (PBoC) to establish the China-Singapore Green Finance Taskforce (GFTF). With the GFTF, the duo aims to co-develop a set of financial standards, products, technologies and definitions to lower carbon footprints.

According to the MAS’ assistant managing director and chief sustainability officer, Gillian Tan, public-private participants from China and Singapore will collaborate “on concrete initiatives that will catalyze capital flows to support a credible and inclusive transition to a low carbon future for our countries and the region.”

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