The central banks of Singapore and China on Thursday (Sept 17) held their fourth annual Singapore-China Green Finance Taskforce (GFTF) in Nanning and reaffirmed their commitment to advance cooperation in sustainable finance and explore emerging areas of interest

"As climate risks transcend borders, closer cooperation on sustainable finance is increasingly important for our economies and financial systems," said the Monetary Authority of Singapore's (MAS) chief sustainability officer Abigail Ng, who co-chaired the meeting with the People's Bank of China's director-general of research Wang Xin. 

MAS said on Friday that over 50 regulatory and industry participants from both jurisdictions discussed joint initiatives under the products, standards and technology divisions.

It added that cooperation will focus on expanding cross-border rules to cover transition activities, encouraging green panda bond issuance, and using tech to support sustainable finance.

The two central banks also discussed emerging areas of interest such as biodiversity credits, insurance solutions for climate resilience and adaptation and carbon markets.

Participants exchanged views on using insurance in innovative blended finance structures to mobilise private capital for sustainable financing, and fostering cross-border carbon market connectivity, MAS said.

During an industry-led roundtable on climate adaptation and resilience held at the taskforce meeting, participants discussed adaptation and resilience priorities across sectors, with a focus on climate-resilient infrastructure development.

They also shared practices in managing physical climate risks and discussed how adaptation and resilience projects could develop viable revenue models and attract commercial financing.

Ng said the meeting reflects the two central bank's shared commitment to deepen cooperation between the two countries.

"(The meeting) brings regulators and industry together to explore practical solutions through its workstreams and across emerging areas, including adaptation and resilience finance," Ng added.

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editor@asiaone.com