SINGAPORE – The Monetary Authority of Singapore (MAS) unveiled its sustainability report for this year on Thursday (July 28) and also announced new initiatives to help support transition finance as the world shifts towards a greener future.
Here are some key measures:
– Listed companies will be required from 2023 to disclose their climate-related risks, based on recommendations by the Task Force on Climate-related Financial Disclosures.
– MAS put out disclosure and reporting guidelines for retail environmental, social and governance (ESG) funds.
– Later this year, MAS and the Singapore Exchange will launch an ESG disclosure platform to allow listed companies here to upload corporate sustainability data in a structured and efficient manner.
– MAS is getting together with the industry to establish an ESG impact hub focused on applying technology to enhance the ESG data ecosystem.
– MAS, together with the Institute of Banking and Finance, will embark on a Jobs Transformation Map for sustainable finance.
– The Financial Sector Development Fund administered by MAS has set aside $100 million over the next five years to accelerate Singapore’s sustainable finance agenda.
– MAS will exclude from its own portfolio the equities and corporate bonds of companies that derive more than 10 per cent of their revenues from thermal coal mining and oil sands activities.
– MAS aims to reduce emissions from outsourced currency operations by 10 per cent by financial year 2025, and by 20 per cent by the 2030 financial year, taking financial year 2018 as the base.
– MAS will step up efforts to reduce demand for new notes during festive seasons.