DPM Lawrence Wong also announced the launch of a centre that will support companies’ transition efforts. Read more at straitstimes.com.
DPM Lawrence Wong said at the Global Insurance Forum that insurers play a key role in the region’s move to decarbonise, particularly through transition financing.
Speaking at the Global Insurance Forum at Hilton Orchard, he said insurers play a key role in the region’s move to decarbonise, particularly through transition financing. In transition financing, financial services are provided to high carbon-emitting industries to help fund their decarbonisation. These industries include coal-fired power generation, steel, cement, chemical, paper making, aviation and construction.
To this end, Mr Wong said MAS recently proposed guidelines on transition planning by banks, insurers and asset managers to facilitate credible and orderly decarbonisation efforts by their clients and investee companies.
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