Deputy Prime Minister and Minister for Finance, Heng Swee Keat, and Deputy Chairman of the Monetary Authority of Singapore (MAS), Lawrence Wong, today announced the launch of MAS’ Finance for Net Zero (FiNZ) Action Plan.
The plan expands on MAS’ Green Finance Action Plan launched in 2019 and sets out MAS’ strategies to mobilize financing for Asia’s net zero transition and decarbonization activities in Singapore and the region.
The FiNZ Action Plan aims to achieve four strategic outcomes, including promoting consistent, comparable, and reliable climate data and disclosures to guide financial market decision-making, fostering sound environmental risk management practices, and promoting innovative and credible green and transition financing solutions and markets.
To support these outcomes, MAS will grow and scale Green FinTech solutions and invest in developing the skills and capabilities of the Singapore workforce.
Additionally, MAS will work with relevant counterparts and stakeholders to enhance interoperability of taxonomies across jurisdictions and will engage international partners to support the development of credible regional sectoral decarbonization pathways.
The FiNZ Action Plan is a significant step forward in mobilizing financing for Asia’s decarbonization activities, with MAS partnering with the industry, government agencies, and relevant bodies to ensure alignment with internationally recognized taxonomy and transition finance principles.
More details on the changes will be released shortly.
20 April 2023