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.

Participants exchanged views on using insurance in innovative blended finance structures to mobilise private capital for sustainable financing, and fostering cross-border carbon market connectivity, MAS said.

During an industry-led roundtable on climate adaptation and resilience held at the taskforce meeting, participants discussed adaptation and resilience priorities across sectors, with a focus on climate-resilient infrastructure development.

They also shared practices in managing physical climate risks and discussed how adaptation and resilience projects could develop viable revenue models and attract commercial financing.

Ng said the meeting reflects the two central bank's shared commitment to deepen cooperation between the two countries.

"(The meeting) brings regulators and industry together to explore practical solutions through its workstreams and across emerging areas, including adaptation and resilience finance," Ng added.

新加坡和中国的中央银行于周四（9月17日）在南宁举行了第四届新中绿色金融工作组会议，重申了双方致力于推进可持续金融领域的合作，并探索新兴合作领域。

“随着气候风险跨越国界，加强在可持续金融领域的合作对我们的经济和金融体系变得越来越重要，”新加坡金融管理局（MAS）首席可持续发展官吴爱玲（Abigail Ng）表示。她与中国人民银行研究部主任王鑫共同主持了此次会议。

新加坡金融管理局周五表示，来自这两个司法管辖区的 50 多名监管机构和行业参与者讨论了产品、标准和技术部门的联合倡议。

声明还补充说，合作将重点扩大跨境规则以涵盖转型活动，鼓励发行绿色熊猫债券，并利用技术支持可持续金融。

两家央行还讨论了新兴的关注领域，例如生物多样性信用、气候适应和韧性保险解决方案以及碳市场。

新加坡金融管理局表示，与会者就如何在创新的混合融资结构中使用保险来调动私人资本进行可持续融资，以及如何促进跨境碳市场互联互通交换了意见。

在工作组会议上举行的由行业主导的气候适应和韧性圆桌会议上，与会者讨论了各部门的适应和韧性优先事项，重点是发展具有气候适应能力的基础设施。

他们还分享了管理气候物理风险的经验，并讨论了适应和恢复项目如何开发可行的收入模式并吸引商业融资。

吴先生表示，此次会晤体现了两国央行深化合作的共同承诺。

吴补充道：“（此次会议）将监管机构和行业聚集在一起，通过其工作流程和新兴领域（包括适应和韧性融资）探索切实可行的解决方案。”