The Monetary Authority of Singapore (MAS), through its Green Finance Industry Taskforce (GFIT), has issued a consultation paper that proposes a taxonomy for Singapore-based financial institutions to identify activities that can be considered green or moving towards green activities.

The latest taxonomy includes transition activities that allow for a shift towards greater sustainability while taking into account starting positions and supporting inclusive economic and social development, says MAS.

The taxonomy, which references international best practices that are adapted to the Asian context where relevant, also sets out a system where activities can be classified as green, yellow (transition) or red, according to their level of alignment with environmental objectives.

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