Collaborating with the financial industry, the Monetary Authority of Singapore (MAS) has announced the launch of four new interoperable platforms which will help to alleviate the data gap in accessing high quality, consistent and granular sustainability data.
“Addressing these data gaps will enable financial institutions to direct capital towards sustainability projects in a more scalable way, effectively monitor their sustainability commitments, and quantify the risks and real-world impact of their portfolios,” said the MAS in an announcement.
The four platforms are expected to be completed in the second half of 2022.
In partnership with the Singapore Exchange, the MAS will launch the Greenprint Common Disclosure Portal which aims to simplify the ESG disclosure process.
By converting data inputs into different reporting frameworks to meet the requirement of different jurisdictions and purposes, the portal would make company and project disclosures more easily accessible by international investors and financial institutions. Companies can also use the portal as an internal ESG monitoring and management tool.
The second platform is the Greenprint Data Orchestrator, which will aggregate sustainability data from multiple data sources.
They include major ESG data providers, utilities providers, and the Common Disclosure Portal, as well as other sectoral platforms.
The platform is also equipped with data analytics services to better support investment and financing decisions, said the MAS.
Registration and marketplace
In addition, the MAS will work with Hashstacs to introduce the Greenprint ESG Registry, which will store the ESG certifications accorded by certification bodies in different sectors as well as data and metrics that are verified by qualified third party auditors.
Financial institutions, companies, and regulators would gain a single point of access to these certified data and facilitate trusted data flows through the registry.
The final platform would be the Greenprint Marketplace, in partnership with API Exchange, an entity formed by the MAS, the International Finance Corporation, and the Asean Bankers Association.
The marketplace will connect green technology providers in Singapore and the region to investors, venture capital firms, financial institutions, and companies to facilitate partnership, innovation, and investments in green technology.
Going forward, by integrating data from the Greenprint Data Orchestrator and ESG Registry, MAS will work on two projects to expedite green and sustainability-linked trade finance in the building and construction, and palm oil sectors.
The authority hopes this will allow banks to digitalise their trade finance transactions while ensuring that these transactions meet the criteria set out in their green and sustainability financing frameworks.
The projects will be led by United Overseas Bank, in partnership with DBS Bank, OCBC Bank, and Standard Chartered Bank.