(c) Nicolas Lannuzel
The Monetary Authority of Singapore (MAS) latest sustainability report has cemented the city-state’s reputation as a green finance frontrunner in Asia.
The 2024/2025 document details ambitious policy moves, regulatory upgrades, and partnership initiatives since 2024, underscoring the central bank’s commitment to anchoring Singapore’s financial system in climate resilience and sustainable growth.
In a period marked by what MAS chief sustainability officer, Gilian Tan, described as “global headwinds affecting climate action”, the regulator is taking proactive steps. These range from new disclosure standards to sectoral innovation, signalling Singapore’s intention to “stay the course in our sustainability journey” and seize the “significant economic opportunities” presented by regional energy transition.
MAS chairman Gan Kim Yong said: “The [Asian Development Bank (ADB)] estimates that manufacturing related to renewable energy in Southeast Asia could generate up to US$100bn in annual revenue by 2030 and create up to 6 million jobs by 2050.”
However, he also noted the economic risks of inaction. “The stakes are high,” he warns, referencing ADB’s projections that climate inaction could slash Asia Pacific’s GDP by as much as 41% by the century’s end. Yet, he remains optimistic, stating “the economic case for Asia’s transition is growing” with renewable energy already making up a significant share of the energy mix in several Asian countries, “supported by its falling costs”.
MAS continues to leverage its unique position, pushing policy and public-private partnerships that set new regional standards. Notably, the regulator is currently rolling out IFRS Sustainability Disclosure Standards for Singapore stock exchange-listed issuers using a phased approach. This comes as other regulators in the region, such as Japan, are reportedly considering delaying implementation of the standards in light of the EU’s omnibus process.
MAS said it will strengthen the climate resilience of its foreign reserves portfolio and has also developed a roadmap to manage its Climate Transition Programme (CTP) equities portfolios against climate indices.
To bridge global differences in green finance, MAS collaborated last year with China’s central bank and the EU to publish a multi-jurisdiction common ground taxonomy. This harmonised framework serves as a guide for identifying green activities across major economies, removing barriers for cross-border capital flows.
MAS also launched an industrial transformation infrastructure debt programme to support Asia’s green and transition financing needs. The initiative is bolstered by a $500mn pledge in concessional capital from the Singapore government to match dollar-for-dollar concessional capital from other parties.
Meanwhile, an interim report by the Transition Credits Coalition outlined key insights developed so far on the use of transition credits to accelerate the early retirement of coal-fired power plants, crucial in coal-dependent Asia.
However, MAS’s efforts go beyond financial policy. In partnership with the Institute of Banking and Finance, the MAS successfully upskilled a significant cohort of finance professionals for the green transition. Since the launch of the sustainable finance jobs transformation map last year, at least 4100 professionals have been trained through the IBF-accredited training, according to Tan.
“While the road ahead will have its challenges, continued collaboration…will position us well to strengthen our financial sector’s resilience and build a sustainable future for Singapore and the region,” said the MAS chief.
This page was last updated July 21, 2025
Written by
Ike Walker, a Green Central Banking contributor since 2023, has a decade's experience in research writing. An Utrecht-based scholar, Ingrid specialises in transformative justice, green finance, law and systems change. They are an Utrecht University's Bright Minds scholar and previously worked for Cambridge University and various justice-based NGOs.
