On 25 June, the Monetary Authority of Singapore (MAS) issued a set of 3 consultation papers on its proposed Guidelines on Environmental Risk Management for banks, insurers and asset managers. The Guidelines aim to enhance financial institutions’ resilience to environmental risk, and strengthen the financial sector’s role in supporting the transition to an environmentally sustainable economy, in Singapore and in the region. It is said to be part of the Authority’s Green Finance Action Plan to become a leading global centre for green finance. The consultation period runs to 7 August. MAS says that its Green Finance Action Plan aims to build financial system resilience to environmental risk, develop green finance solutions and markets, and leverage innovation and technology.
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