MAS, China's central bank strengthen climate finance cooperation
The central banks of Singapore and China on Thursday (Sept 17) held their fourth annual Singapore-China Green Finance Taskforce (GFTF) in Nanning and reaffirmed their commitment to advance cooperation in sustainable finance and explore emerging areas of interest"As climate risks transcend borders, closer cooperation on sustainable finance is increasingly important for our economies and financial systems," said the Monetary Authority of Singapore's (MAS) chief sustainability officer Abigail Ng, who co-chaired the meeting with the People's Bank of China's director-general of research Wang Xin. MAS said on Friday that over 50 regulatory and industry participants from both jurisdictions discussed joint initiatives under the products, standards and technology divisions.It added that cooperation will focus on expanding cross-border rules to cover transition activities, encouraging green panda bond issuance, and using tech to support sustainable finance.The two central banks also discussed emerging areas of interest such as biodiversity credits, insurance solutions for climate resilience and adaptation and carbon markets.