Singapore moves to guide companies through green transition

Singapore

IN A move to guide companies through a green transition, the Green Finance Industry Taskforce (GFIT), convened by the Monetary Authority of Singapore (MAS), issued a proposed taxonomy to help Singapore-based financial institutions identify green activities.

Of the proposed definitions, a "traffic-light" system was suggested to help classify activities as green, yellow (transition), or red according to their level of alignment with environmental objectives. It also identified several environmental objectives and focus sectors to encourage financial institutions to adopt greener practices. GFIT has invited interested parties to submit their comments on the taxonomy, which is available on the Association of Banks in Singapore's website, by March 11.