MAS and People’s Bank of China deepen cooperation in green and transition finance
29 July 2025
On 11 July 2025, the Monetary Authority of Singapore (“MAS”) and the People’s Bank of China (“PBC”) reaffirmed their commitment to advance cooperation in green and transition finance between Singapore and China at the 3rd Singapore-China Green Finance Taskforce (“GFTF”) meeting.
The GFTF was originally set up with three workstreams led by private and public sector players, focused on initiatives to scale up green and transition financing flows between Singapore, China, and the region.
The MAS press release on the GFTF provides an update on each of these workstreams as set out in the table below and also informs that the GFTF also discussed potential areas of collaboration in biodiversity and nature financing and opportunities in Shanghai’s green finance development and transition journey.
|
No |
Workstream |
Update |
|
1 |
Taxonomies and definitions |
MAS and PBC are strengthening their partnership to advance taxonomy interoperability, building on the successful launch of the Multi-Jurisdiction Common Ground Taxonomy (“M-CGT”) in November 2024. For more on the M-CGT, please read our article “The International Platform on Sustainable Finance presents Multi-Jurisdiction Common Ground Taxonomy to enhance interoperability of taxonomies across EU, China, and Singapore”. In order to further harmonise sustainable finance standards and facilitate greater cross-border investments, MAS and PBC are also advancing discussions on the taxonomy criteria for transition activities and exploring ways to establish interoperability. |
|
2 |
Products and instruments |
China International Capital Corporation continues to collaborate with the Singapore Exchange on facilitating green financing flows through the Green Corridor. There is keen interest from Singapore-based issuers to explore the issuance of green panda bonds and to align their debt financing with the M-CGT. |
|
3 |
Technology |
The MetaVerse Green Exchange (MVGX) and Beijing Green Exchange informed the GFTF of their plans to build upon their work in carbon accounting and a decarbonisation rating platform by working on facilitating the provision of green financing solutions by Singapore and Chinese financial institutions to their clients via technology-enabled emissions monitoring. |
Reference materials
The MAS press release is available on its webpage www.mas.gov.sg.