Singapore’s Monetary Authority and China’s People’s Bank of China have joined forces to establish the China-Singapore Green Finance Taskforce (GFTF), an initiative aimed at increasing cooperation in the area of low-carbon finance. The task force is intended to create financial standards, products, technologies, and definitions to reduce the carbon footprints of both countries and the region. Additionally, the GFTF will work to strengthen the sustainability bond market and support the adoption of sustainable finance through various programs, such as piloting digital green bonds with carbon credits. The main objective of the task force is to encourage public-private collaboration to support a credible and inclusive transition to a low-carbon future.
The GFTF’s efforts will contribute to the achievement of the United Nations’ Sustainable Development Goals, particularly in the areas of climate action, affordable and clean energy, and industry, innovation, and infrastructure.
