Project Greenprint was launched in December 2020 to harness innovation and technology to promote a green finance ecosystem through helping to mobilise capital, monitor sustainability commitments, and measure impact. One of the key challenges faced in sustainability financing is the difficulty 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.
Since the announcement of Project Greenprint, MAS has engaged the financial industry and other industry sectors to identify potential digital enablers to address the data challenges. These include interoperable data platforms that can aggregate new and existing sustainability data across multiple sectoral platforms and industry players; and enable sharing of the data across different stakeholders.
MAS will work with the industry to pilot four common utility platforms, with the pilots expected to be completed in the second half of 2022.
Using data from the Greenprint Data Orchestrator and ESG Registry, MAS will work on two use case projects to facilitate green and sustainability-linked trade finance in the building and construction, and palm oil sectors. This will allow banks to digitalise their trade finance transactions and attain greater assurance that these transactions meet the criteria set out in their green and sustainability financing frameworks. Qualified supply chain players from these sectors can benefit from more seamless and timely access to green trade financing from banks. The projects will be led by United Overseas Bank, in partnership with DBS Bank, OCBC Bank, and Standard Chartered Bank.
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