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Area of Cooperation
Green and Transition Finance
Purpose
To foster a supportive ecosystem that facilitates and incentivises private sector finance to flow into green and transition activities across the Indo-Pacific region.
Description
Building on our Joint Statement of Intent on Green and Transition Finance, Singapore and Australia will work to increase interoperability between our respective sustainable finance frameworks and green and transition finance taxonomies and those across the region. We will work to strengthen and build upon existing vehicles and mechanisms for financing green and transition activities across the region.
This will make it easier for private investors to identify and finance sustainable investments and fulfil their sustainability objectives, leading to greater cross-border flows of green and transition finance across the region.
Specific Objectives
- Australia to work towards joining the Multi-Jurisdictional Common Ground Taxonomy (M-CGT), improving interoperability between Australia, Singapore and sustainable finance taxonomies of other major economies.
- Australia to work with Singapore's Monetary Authority (MAS) through FAST-P to promote Australian investment into the region. Australia will work to identify opportunities for Australian businesses to participate in FAST-P projects as capital is deployed.
- Identify opportunities to crowd in commercial capital and promote green and transition finance flows across the region, including by leveraging existing government vehicles, like the Green Investments Partnership and Industrial Transformation programme under FAST-P.
Desired Outcomes
Greater interoperability between sustainable finance frameworks across the region, which leads to a simpler ecosystem for investors to navigate. Coupled with more active support from Government and associated financing vehicles, this would support increased flows of green and transition finance across the region.
Project Leads
Singapore
- Ministry of Trade and Industry Singapore
- Monetary Authority of Singapore
Australia
- Department of Foreign Affairs and Trade
- Australian Treasury
- Export Finance Australia
- And the participation of other agencies as needed.