top of page

Singapore’s MAS sets climate transition plans for banks, insurers

The Monetary Authority of Singapore (MAS) has issued consultation papers on guidelines for banks, insurers, and asset managers regarding the transition to a net zero economy. The guidelines emphasise the MAS’ expectation for financial institutions to effectively address climate change mitigation and adaptation. The MAS advocates for engagement over divestment, urging institutions to collaborate with customers and investees to mitigate climate risks. They are also advised to adopt a multi-year perspective for climate risk assessments and to address environmental concerns beyond just climate change. Transparency in response to climate-related risks is also essential. MAS managing director Ravi Menon underscored the need for institutions to support carbon-intensive sectors. Feedback on the papers is open until 18 December 2023.

bottom of page