The two will also promote green bond standards and frameworks.
The Monetary Authority of Singapore (MAS) together with World Bank Group member International Finance Corporation (IFC) launched a collaboration in order to advance the green finance agenda in Asia.
A joint announcement said that under the new Memorandum of Understanding (MOU), the two agencies commit to spur green bond issuances through capacity building programmes that will enhance awareness and knowledge of financial institution (FI) professionals dedicated to green finance as well as the promotion of the use of internationally recognised green bond standards and frameworks.
“Green bonds are gaining traction in Asia. The region now contributes about a quarter of global green bond issuances annually,” MAS development & international group assistant managing director Ng Yao Loong said.
Loong added that MAS will also provide funding support through the MAS Green Bond Grant Scheme and various financial training schemes.
“We believe Singapore, as the rising financial hub of Asia, is well placed to catalyze the funding of low carbon investment and financing in the region and be at the forefront of this growing asset class,” IFC director for East Asia and the Pacific Vivek Pathak commented.
The MOU was signed during the IFC - Environmental Green Bonds Asia Conference in Singapore where 250 attendees from Asian financial institutions gathered to discuss endorsing green bond issuances in Asian emerging markets.
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