Common Ground Taxonomy expands to include Singapore

This enhances the interoperability of taxonomies of China, EU, and Singapore.

The Multi-Jurisdiction Common Ground Taxonomy (M-CGT) has expanded to include the Singapore-Asia Taxonomy, joining the bilateral EU-China CGT, the International Platform on Sustainable Finance said.

“The inclusion of the Singapore-Asia Taxonomy in the M-CGT is an important milestone in the International Platform on Sustainable Finance’s efforts to provide greater consistency and comparability of green activities’ criteria across different taxonomies," Gillian Tan, Assistant Managing Director (Development & International) and Chief Sustainability Officer of the Monetary Authority of Singapore, said.

"The M-CGT serves as a common baseline that market participants can refer to in defining green activities, enabling cross border financing in the markets that the respective taxonomies serve.”

The M-CGT served as a technical reference document for a wide range of market participants. It allows them to assess what could be considered green across activities, environmental objectives, and criteria covered in the M-CGT.

It is also a reference for jurisdictions that are developing their domestic green taxonomies. This will increase the number of interoperable taxonomies and help facilitate cross-border green capital flows.

Whilst the M-CGT is not legally binding, green bonds and funds that align with the M-CGT criteria can be considered by cross-border investors whose markets reference the taxonomies which are mapped to M-CGT, subject to applicable laws and regulations of each jurisdiction.

The M-CGT analysed and mapped a total of 110 activities across eight focus sectors. It identified eligible activities that should be included in the M-CGT, and assigned scenarios based on the extent of commonalities.

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