Monetary Authority of Singapore, CDP Seek to Raise Bar on ESG Data
The Monetary Authority of Singapore (MAS) and CDP, a non-profit organization that operates one of the world’s leading environmental disclosure systems for companies and sub-national governments, signed a Memorandum of Understanding (MOU) to promote sustainability disclosures and access to quality ESG data across the financial sector, according to an official statement.
Dr Darian McBain, Chief Sustainability Officer, MAS, said, “The signing of this MOU underscores MAS and CDP’s commitment to leverage technology to help drive the sustainability agenda. Harnessing technology to facilitate trusted and efficient ESG data flows is a key component of MAS’ Green Finance Action Plan. In particular, technology solutions present remarkable potential to improve the availability, quality, and comparability of ESG data and disclosures. I hope this collaboration between MAS and CDP will empower corporates in their sustainability journeys and to align their ESG disclosures with international best practices.”
Essentially, MAS and CDP will collaborate to explore the exchange of information between CDP’s disclosure system and MAS’ Project Greenprint. They also plan on implementing capacity building programmes for corporates and financial institutions on climate disclosures.
Project Greenprint is a collection of initiatives that aims to harness technology and data to enable a more transparent, trusted, and efficient ESG ecosystem to enable green and sustainable finance. 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.