ContextKeynote remarks by Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System (NGFS), at the NGFS COP28 Finance Day, Singapore, 4 December 2023.
Why it mattersThe NGFS studies how supervisors should judge the credibility of firms' transition plans.
Problems raised
The financial system must support the climate transition.
Transition plans vary widely in credibility.
Emerging markets face specific transition challenges.
Solutions proposed
Study a prudential approach to transition planning.
Link corporate and financial institutions' transition plans.
ContextOpening remarks (virtual) by Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the Green Swan conference 2023, Basel, 31 May 2023.
Why it mattersMenon pushes supervisors to assess transition plans and use blended finance.
Problems raised
Transition plans are not yet embedded in supervision.
Emerging economies lack climate finance.
Projects are too risky for private investors.
Solutions proposed
Push supervisors to assess transition planning.
Use blended finance to improve risk-return.
Provide technical assistance to build project pipelines.
ContextKeynote remarks by Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the COP15 Finance and Biodiversity Day, Montreal, 14 December 2022.
Why it mattersMenon calls nature loss an existential challenge for finance.
ContextOpening address (virtual) by Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the Green Swan Conference 2022, 31 May 2022.
