China and Singapore have announced that they will cooperate on “green financing”.
Greening efforts continue in global economies. In addition, countries continue to develop financial solutions that will create low carbon emissions.
China and Singapore Announced Collaboration for Low Carbon Emissions
The main Asian economies, China and Singapore, formed a task force to deepen cooperation in green and transition finance. The move aims to facilitate greater public-private partnerships for a low-carbon future in the region.
The Monetary Authority of Singapore (MAS) announced that it is collaborating with the People’s Bank of China (PBC) to establish the China-Singapore Green Finance Task Force (GFTF). With the GFTF, the duo aims to develop a set of financial standards, products, technologies and definitions to reduce their carbon footprint.
Public-private sector participants from China and Singapore will “collaborate on concrete initiatives that will accelerate capital flows to support a reliable and inclusive transition for our countries to a low-carbon future.”
The GFTF will strengthen countries’ sustainable bond market connectivity, which includes two-way access to green and transitional bond products, and aims to facilitate the adoption of technology initiatives and sustainable finance.
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