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Singapore task force unveils guide for climate-related disclosures

May 27, 2021

The Business Times:

A financial industry taskforce, convened by the Monetary Authority of Singapore (MAS), has launched a guide for climate-related disclosures and a framework for green trade finance.

These initiatives seek to accelerate green finance in Singapore through improving disclosures and fostering green solutions, said MAS in a statement on Wednesday.

The Green Finance Industry Taskforce’s (GFIT) new framework for green trade finance and working capital provides a “principles-based” approach for banks to assess eligible green trade finance transactions, and specific guidance on recommended industry certifications for trade finance activities to qualify as green.

Guided by this framework, HSBC and UOB have piloted four transactions for renewable energy, recycling, agriculture and farming activities, to support businesses in greening their supply chains.

In a statement, UOB said that its first two green trade finance facilities have been extended to Musim Mas Group, a producer and distributor of palm oil products, and aquaculture firm Barramundi Group.

[Natalie Choy]

More: New industry guidelines, framework to ramp up green finance in Singapore

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