MAS Forms a Sustainable Finance Advisory Panel

The Monetary Authority of Singapore (MAS) has established a Sustainable Finance Advisory Panel (SFAP) for guidance on its strategies and initiatives to build a credible and vibrant sustainable finance ecosystem.

The SFAP comprises a diverse group of senior sustainability experts from financial institutions, academia, and other stakeholders from across the world, reflecting the multi-disciplinary nature of the sustainability agenda.

Membership of the SFAP:

1. Dr. Celine Herweijer Chief Sustainability Officer, HSBC
2. Jane Ambachtsheer, Global Head of Sustainability, BNP Paribas Asset Management
3. Jeremy Nixon, Chief Executive Officer, Ocean Network Express
4. Martin Weymann, Head Group Sustainability, Swiss Re Management
5. Dr. Nina Seega, Research Director for Sustainable Finance, Centre for Sustainable Finance, University of Cambridge Institute for Sustainability Leadership
6. Paul Bodnar, Global Head of Sustainable Investing, BlackRock
7. Sean Kidney, Chief Executive Officer and Co-founder, Climate Bonds Initiative
8. Dr. Stephen Howard, Chief Sustainability Officer, Temasek
9. Tanguy Claquin, Global Head of Sustainability, Credit Agricole CIB
10. Prof. Wang Yao, Director General, International Institute of Green Finance, Central University of Finance and Economics

At the inaugural SFAP meeting yesterday, the discussion focused on the challenges around transition finance and the role of financial institutions, corporates, regulators and governments in achieving an orderly and inclusive transition in the region.

The panel talked about ensuring an inclusive transition to net zero, such as by considering the impact of climate financing decisions on jobs and livelihoods.

Other key issues that were discussed include setting interim targets and referencing sectoral pathways by financial institutions to ensure credible and transparent transition plans.

SFAP also discussed identifying incentive structures to promote data sharing and developing fintech solutions for ESG data; and scaling up blended finance for projects that may not be as commercially attractive or have a high-risk profile.

The next SFAP meeting will be held in 2023.

Ravi Menon

Ravi Menon, Managing Director, MAS said,

“We had a rich and insightful discussion with the SFAP. We discussed the various issues pertinent to the net zero transition – climate science, sectoral pathways, the nuts and bolts of transition financing, and the importance of adaptation finance in a world that has already begun to experience climate change. The discussion will help to further sharpen MAS’ sustainable finance strategies and initiatives.”