The Monetary Authority of Singapore (MAS) and the Carbon Disclosure Project (CDP) signed a Memorandum of Understanding, agreeing to collaborate on promotion of sustainability disclosures and access to quality environmental, social, and governance (ESG) data across financial sector.
MAS and CDP aim to support financial institutions in their sustainable finance and sustainable investment decisions by providing access to transparent, trusted, and efficient ESG data, thus helping institutions to better measure and monitor their ESG impact and performance. The collaboration is intended to ensure the exchange of information between the environmental disclosure system of CDP and the Project Greenprint, which is "a technology and data platform from MAS." This will enhance financial institutions’ access to ESG data and implement capacity building programs on climate disclosures by corporates and financial institutions. CDP is fully aligned with the Taskforce on Climate-related Financial Disclosures (TCFD) and holds the largest environmental database in the world. More than 14,000 organizations worldwide disclosed data through CDP in 2021, including ~13,000 companies worth over 64% of global market capitalization and ~1,100 cities, states, and regions. The environmental disclosure system of CDP allows investors, companies, and cities to measure and manage their environmental impact. CDP scores are widely used to drive investment and procurement decisions toward a zero carbon, sustainable, and resilient economy.
These developments are in line with the objective of harnessing technology to facilitate trusted and efficient ESG data flows, which is a key component of the Green Finance Action Plan of MAS. The collaboration will help generate significant synergies with MAS’ Project Greenprint initiative, which was launched in December 2020. MAS expects to complete the following four digital common utility pilot platforms under Project Greenprint in the second half of 2022:
- Greenprint Common Disclosure Portal—A portal in partnership with the Singapore Exchange, with the aim to simplify ESG disclosure process by converting data inputs into reporting frameworks required under different jurisdictions and for various purposes.
- Greenprint Data Orchestrator— A platform that will aggregate sustainability data from multiple data sources, including major ESG data providers, utilities providers, and the Common Disclosure Portal, as well as other sectoral platforms such as GreenON, Olam International, and SGTraDex,.
- Greenprint ESG Registry—A platform in partnership with Hashstacs Pte Ltd to record and maintain the provenance of ESG certifications accorded by certification bodies in different sectors as well as data and metrics that are verified by qualified third-party auditors.
- Greenprint Marketplace—A platform in partnership with the API Exchange (APIX), with the aim of connecting green technology providers in Singapore and the region to a community of investors, venture capital firms, financial institutions, and corporates to facilitate partnership, innovation, and investments in green technology.
Keywords: Asia Pacific, Singapore, Banking, Disclosures, ESG, Climate Change Risk, TCFD, Greentech, Regtech, Sustainable Finance, Project Greenprint, CDP, MAS
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
Previous ArticleJFSA to Amend Banking Act in Response to COVID-19 Pandemic
Next ArticleAPRA Revises Prudential Standard on Capital Adequacy
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.