On March 30, 2021, finance ministers and central bank governors from members of the Association of Southeast Asian Nations (ASEAN) announced their support for an ASEAN Taxonomy of Sustainable Finance (ASEAN Taxonomy). Like the Taxonomy Regulation in the European Union, the ASEAN Taxonomy will serve as ASEAN’s common language for sustainable
On January 28, 2021, Singapore’s Green Finance Industry Taskforce (GFIT) launched a consultation on a proposed taxonomy (the “Taxonomy“) for financial institutions to identify green and transitional activities. The Taxonomy is intended to provide a common framework for classification upon which financial products and services can be built and combat greenwashing by setting out definitive criteria for greenness in Singapore.
The Taxonomy consultation builds upon Singapore’s exemplary efforts to regulate and develop its green finance markets, including the Monetary Authority of Singapore’s recently issued Environmental Risk Guidelines for asset managers, banks and insurers, which we discuss in our Legal Update at MayerBrown.com.
In this Blog Post, we discuss the Taxonomy and steps that other jurisdictions in Asia have taken to implement their own green taxonomies.Continue Reading Singapore Consults on Green Taxonomy for Financial Institutions