Singapore, China expand finance taxonomies to cover transition activities

Plans include more green panda bonds and technology-backed sustainable finance.

Singapore and China will broaden their sustainable finance classifications to cover transition activities, not just green projects.

The move was one of the key initiatives discussed on 17 September, alongside plans to encourage green panda bond issuance and use technology to support sustainable-finance solutions.

The meeting was held in Nanning and led by the Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC), with more than 50 regulatory and industry participants from both markets.

The two sides discussed biodiversity credits, insurance solutions for climate resilience and adaptation, and carbon markets.

They explored the use of insurance solutions in blended-finance structures to mobilise private capital for sustainable financing, and greater cross-border connectivity between carbon markets.

An industry-led Climate Adaptation and Resilience Roundtable held alongside the meeting covered how adaptation and resilience projects could develop viable revenue models and attract commercial financing.

The taskforce currently has three workstreams covering standards, products, and technology.

MAS and PBC lead the standards workstream, whilst China International Capital Corporation and Singapore Exchange lead products. Beijing Green Exchange and MVGX lead the technology workstream.

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