According to Singapore Business Times, the Monetary Authority of Singapore (MAS) and Singapore Sustainable Finance Association (SSFA) revised the Singapore-Asia Taxonomy on November 12, updating transition activity standards for energy, shipping, data centers and steel sectors to accelerate Asia's green transition and climate financing.

The updated taxonomy is already applied in real-world investments. A fund jointly established by the Global Maritime Decarbonisation Centre and AIM Horizon Investments has invested in wind-assisted ship propulsion systems under the new standards. MAS also approved initial grants under its Carbon Market Development Grant programme, including funding for Standard Chartered to expand carbon market services across Asia and a nature-based carbon insurance product developed by WWF-Singapore and Great Eastern.

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