The UK and Singapore exchanged views on the latest developments on their respective work in the digital space. The UK provided an update on the latest developments from the Taskforce on Nature-related Financial Disclosures (TNFD), ahead of the final publication of the TNFD framework in September 2023. The UK shared its efforts to quantify UK’s financial and economic risks from exposure to nature degradation through the work by the UK’s Green Finance Institute with support of the Bank of England (BoE) and Department for Environment, Food & Rural Affairs (DEFRA). Both countries welcomed an upcoming joint research project on nature-related financial risks in Southeast Asia involving the University of Cambridge Institute for Sustainability Leadership (CISL) and the Singapore Green Finance Centre, which is co-managed by Imperial College Business School and Singapore Management University (SMU). The UK and Singapore re-affirmed the need to deepen the understanding of nature and biodiversity loss and its impact on the financial sector. The UK and Singapore agreed to explore how to deepen bilateral cooperation and promote global coordination and common expectations. Both countries also exchanged views on their respective Environmental, Social, and Governance (ESG) data and ratings codes of conduct which have been published for consultation. Both the UK and Singapore agreed to support the ISSB in implementing the standards and reaching its goal of achieving globally interoperable disclosure standards by, for example, supporting capacity building efforts and sharing experiences. It was recognised that a global framework for transition and sustainability disclosure standards is necessary to promote a simple, consistent, and effective regulatory environment for firms, regulators, and financial authorities. Both sides also welcomed the International Organization of Securities Commissions’ (IOSCO) endorsement of the ISSB’s standards. Both countries are committed to implementing globally interoperable sustainability disclosures. The UK and Singapore re-affirmed their continued support for a global framework of sustainability disclosures based on the ISSB final standards for general reporting on sustainability and for climate-related disclosures. The UK provided updates on the Transition Plan Taskforce’s (TPT) work to finalise its disclosure framework and the TPT’s international engagement with governments and regulators on the international applicability of the framework alongside the International Sustainability Standards Board’s (ISSB) final standards. The Monetary Authority of Singapore (MAS) provided updates on Singapore’s focus on scaling blended finance and addressing energy transition needs in Asia, MAS’ Finance for Net Zero Action Plan (FiNZ Action Plan) and initiatives to mobilise green and transition financing to catalyse Asia’s net zero transition. Both countries recognised the value of increased cooperation on transition plans to mobilise real economy emission reductions. The UK and Singapore agreed that globally comparable and transparent transition plans that include credible forward-looking information can help reduce fragmentation, scale transition finance, and support sustainability in finance more generally. Sustainable Financeīoth countries agreed on the urgent need to develop approaches that facilitate and scale financing to support the transition of economies to net zero. The Dialogue facilitated a useful exchange of views, and identified opportunities for further collaboration on joint projects, in priority areas such as sustainable finance and FinTech and innovation. London, 27 July 2023… The United Kingdom (UK) and Singapore held the 8th UK-Singapore Financial Dialogue in London yesterday.
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