Singapore Monetary Authority consults the public on net zero economy
This article seeks to highlight the key proposals of the Monetary Authority of Singapore’s consultation papers on transition planning for a net zero economy.
Introduction
The Monetary Authority of Singapore (MAS) has issued a series of consultation papers proposing guidelines on transition planning (TPG) by banks, insurers and asset managers (collectively, the FIs), namely:
- Consultation Paper on Guidelines on Transition Planning (Banks) (click here);
- Consultation Paper on Guidelines on Transition Planning (Insurers) (click here); and
- Consultation Paper on Guidelines on Transition Planning (Asset Managers) (click here).
The TPGs are intended to set out MAS' supervisory expectations for FIs to have a sound transition planning process to enable effective climate change mitigation and adaptation measures by their customers and investee companies in the global transition to a net zero economy and the expected physical effects of climate change.
This article seeks to highlight some of the key proposals. The consultation period ends 18 December 2023. Interested parties may submit their written comments via the links provided by MAS.
