MAS Sustainability Report 2024/2025 sets out strategy on climate resilience and environmental sustainability

29 July 2025

On 9 July 2025, the Monetary Authority of Singapore (“MAS”) published its Sustainability Report 2024/2025 (“Report”). The Report sets out MAS’ strategy on climate resilience and environmental sustainability to strengthen the resilience of Singapore’s financial sector to environmental risks, develop a vibrant sustainable finance ecosystem, build a climate-resilient investment portfolio, and incorporate sustainable practices in MAS.

The following are some of the initiatives outlined in the Report.

A climate-resilient financial sector

MAS is working with financial institutions to strengthen the sector’s climate resilience through robust risk management and disclosure practices.

Conducted climate scenario analysis with key financial institutions on climate physical risks compounded by macroeconomic stresses

MAS is active in the Basel Committee Taskforce on Climate Related Financial Risks (“BCBS TFCR”), which has worked over the past year to address climate-related financial risks to the global banking system across all three pillars of regulation, supervision, and disclosure. On regulation, the BCBS TFCR studied the materiality of gaps in the existing Basel framework. On supervision, the BCBS TFCR monitored the implementation of Principles for the effective management and supervision of climate-related financial risks and reviewed banks’ transition planning practices and the use of climate scenario analyses. MAS is leading the workstream on transition planning.

Started to incorporate climate-related disclosure requirements of IFRS Sustainability Disclosure Standards for SGX-listed issuers for FY2025

MAS worked with the Singapore Exchange (“SGX”) to begin incorporating the climate-related disclosure requirements of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards for SGX-listed issuers from FY2025.

Following the publication of a voluntary disclosure framework on climate-related financial risks for jurisdictions to consider by the Basel Committee on Banking Supervision on 13 June 2025, MAS will study potential implementation options for Singapore and review sector-specific requirements set out by international
standard setting bodies such as the International Association of Insurance Supervisors Climate Disclosures Workstream, and consult on MAS’ requirements in due course.

Published information paper on good disclosure practice for retail ESG funds

On 4 December 2024, MAS published an information paper on good disclosure practices for retail ESG funds. The information paper sets out good disclosure practices that Retail ESG funds may adopt in their adherence with MAS’ Retail ESG Funds Circular. It also aims to promote clear disclosures which are capable of being substantiated to facilitate investors’ understanding of the key features and risks of a retail ESG fund and mitigate greenwashing risks.

A vibrant sustainable finance ecosystem

MAS is collaborating closely with financial institutions, businesses, and international counterparts to broaden and deepen sustainable finance capabilities, to support Asia’s transition to a climate-resilient future.

Established new Industrial Transformation infrastructure debt programme under FAST-P, and set up FAST-P Office to support FAST-P implementation

At the 29th United Nations Climate Change Conference (“COP29”) in November 2024, Financing Asia’s Transition - Partnership (“FAST-P”) established a new Industrial Transformation infrastructure debt programme (“ITP”), in addition to the Energy Transition Acceleration Finance partnership and Green Investments partnership announced the previous year at COP28. The ITP will provide debt financing to private sector borrowers seeking to decarbonise their businesses, including projects in the following sectors: (i) hard to abate sectors, (ii) technology solutions for the low-carbon transformation, and (iii) industrial opportunities.

At the Financing Asia’s Transition Conference 2025, MAS announced that a dedicated FAST-P office has been set up to facilitate the deployment of up to US$500 million of concessional capital from the Singapore Government, alongside capital from other partners. The FAST-P office will work closely with asset managers, banks, and commercial and concessional investors to promote innovative blended finance solutions for sustainable infrastructure in the region.

Jointly published Multi-Jurisdiction Common Ground Taxonomy with China and the EU

At COP29 in November 2024, the International Platform on Sustainable Finance published the Multi-Jurisdiction Common Ground Taxonomy (“M-CGT”), a comparison of the sustainable finance taxonomies of China, the EU, and Singapore. Developed by MAS, the People’s Bank of China, and the European Union Directorate-General for Financial Stability, Financial Services and Capital Markets Union, the M-CGT enables financial institutions, corporates, and investors to identify and assess activities within the scope of M-CGT that could be classified as green activities in China, the EU, and Singapore, enhancing the interoperability of taxonomies across the jurisdictions. This allows bond issuers or fund managers in these jurisdictions to offer green bonds or green funds which align with the M-CGT criteria to be distributed across the respective M-CGT markets.

Published information note on Singapore-Asia Taxonomy and its application for financial and corporate sectors

On 17 March 2025, MAS published an information note setting out how the Singapore-Asia Taxonomy for Sustainable Finance (“SAT”) is being used by various market participants and the progress in its adoption since its launch in December 2023. The information note is a complementary resource showcasing how the SAT supports market participants towards achieving their green and transition financing objectives.

Published Transition Credits Coalition interim report on application of transition credits for accelerated coal retirement

At COP29, Transition Credits Coalition (“TRACTION”) released an interim report outlining insights and considerations on the use of transition credits to accelerate the early retirement of coal-fired power plants. TRACTION’s interim report sets out key learnings from TRACTION members as well as experts involved in coal transition and carbon markets in three areas:

  • Supporting the generation of high-integrity transition credits: Clearly defined and rigorous standards are critical to ensuring quality, trust, and confidence in transition credits. Across existing guidance and methodologies, there are four common high-integrity attributes:
  • Demonstration of additionality
  • Ensuring permanent reduction of emissions and avoiding emissions leakage
  • Robust verification and monitoring of emissions reductions
  • Contributions to Just Transition and Sustainable Development Goals
  • Enabling transaction scalability: The report lays out the different risk factors that feature in transition credits transactions and suggests possible terms, structures, and solutions to mitigate such risks.
  • Bolstering buyers’ confidence and trust: TRACTION will build on its insights into the differing motivations and requirements of the different classes of buyers, across the compliance, voluntary, and investment segments, to develop specific approaches to meet the requirements of each buyer segment, with the aim of building robust and sustainable demand for transition credits.

Launched Gprnt as an independent entity part of Global Finance and Technology Network

Gprnt began in 2020 as Project Greenprint, a MAS initiative to develop a disclosure utility to help companies streamline and automate their sustainability reporting. In November 2023, MAS launched Gprnt as an independent entity, backed by public and private stakeholders. Gprnt has since completed its spin-off from MAS in November 2024 as a digital platform and will operate as part of the Global Finance and Technology Network.

Reference materials

The Report is available on the MAS website www.mas.gov.sg.