Singapore partners with IFC to accelerate growth of Asian green bonds
IFC and the Monetary Authority of Singapore sign an MOU to advance the green finance agenda in Asia
IFC, a member of the World Bank Group, and the Monetary Authority of Singapore (MAS) have agreed to work together to accelerate the growth of green bond markets in Asia.
In a memorandum of understanding signed on Thursday, MAS and IFC agreed to collaborate to jointly advance the green finance agenda.
Under the MOU, IFC and MAS will encourage green bond issuances by financial institutions in Asia by enhancing the awareness and knowledge of professionals working in financial institutions on green finance issues through capacity building programmes. They will also promote the use of internationally recognized green bond standards and frameworks.
"Addressing climate change will require innovative, high impact financial solutions that mobilize the private sector," says Vivek Pathak, IFC's director for East Asia and the Pacific in a joint media statement. "Through this collaboration with MAS, we hope to strengthen financial institutions' awareness of green bond issuances and help build capacity for decision makers and banks. We believe Singapore, as the rising financial hub of Asia, is well placed to catalyze the funding of low carbon investment and financing in the region and be at the forefront of this growing asset class."
Ng Yao Loong, assistant managing director, Development & International Group, MAS, adds: "Green bonds are gaining traction in Asia. The region now contributes about a quarter of global green bond issuances annually. MAS is pleased to partner IFC to help promote Asia's green bond journey. We will also provide funding support through the MAS Green Bond Grant Scheme and various financial training schemes."