MAS unveils Finance for Net Zero Action Plan

The new net zero plan has expanded to include transition finance.

The Monetary Authority of Singapore (MAS) has launched the Finance for Net Zero (FiNZ) Action Plan.

Deputy Prime Minister and Minister for Finance Lawrence Wong unveiled the action plan at the opening of the Sustainable and Green Finance Institute of the National University of Singapore.

The action plan expands the scope of MAS’ Green Finance Action Plan that was launched in 2019 and sets out the central bank’s strategies to mobilise financing in order to catalyse Asia’s net zero transition and decarbonisation activities in the Lion City and the region.

ALSO READ: Banks lagging behind net zero energy goals

Notably, it now includes transition finance– the investment, lending, insurance, and related services to progressively decarbonize areas such as power generation, buildings, and transportation.

The FiNZ action plan outlined four strategic outcomes: promotion of a consistent, comparable, and reliable climate data and disclosures to safeguard against greenwashing; build up the climate resilience of the financial sector; outline credible transition plans, with MAS engaging with various international partners to develop this; and promotion of innovative and credible green and transition financing solutions.

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