International Experiences in Green Finance Development

34 International Experiences in Green Finance Development: Lessons for Hong Kong hearings was held to discuss agriculture, industry, and pollution in the five major industries of wastewater, communication, carbon capture and storage. Then in June 2023, the GFIT released the fourth and final consultation which seeks views on detailed thresholds and criteria for the early phase-out of coal-fired power plants under the Singapore-Asia Taxonomy. The Singapore government is also actively engaged in international cooperation. In April 2023, the MAS and the PBC established the China-Singapore Green Finance Industry Working Group. Through this, China and Singapore will jointly carry out green taxonomy, product tools and technological cooperation. 4.5 Linking Up the Parts The Singapore government plays an active role in linking up different parts in the green finance ecosystem (Table 6). This includes initiatives on developing green financial talent and data solutions to address challenges related to manpower, capacity, data and certification. In terms of talent nurturing and capacity building, the Singapore government proposes 12 Sustainable Finance Technical Skills and Competencies and supports three public universities to build a green finance training system. It has established the Sustainable and Green Finance Research Institute (SGFIN) at the National University of Singapore (NUS), and opened the Sustainable Finance Innovation Center (CSFI) at Nanyang Technological University (NTU). In addition, The Singapore Green Finance Center was established at the Singapore Management University (SMU), and the Wealth Management Center of the University of Zurich in Switzerland was also introduced. In terms of data solutions for green finance, SGD 50 million in green financial technology funding was allocated to launch the Greenprint project for the construction of data centers and electronic information circulation. The Singapore government has established a Climate Data Steering Committee to strengthen global access to climate transition-related data across the Greenprint’s ESGenome disclosure portal and Net-Zero Public Utility. Table 6: Green Finance Ecosystem in Singapore Type Organization Function Government MAS Central Bank of Singapore and the supervisory body of the financial sector Ministry of Finance Government financial body Regulator Accounting and Corporate Regulatory Authority (ACRA) To regulate market players in business and financial sector Central Provident Fund Board (CPFB) The pension fund of Singapore