New rules to reduce risk of greenwashing by banks

Concerted efforts: Delegates queue to enter the COP28 venue in Dubai. Singapore is set to contribute funding towards greening efforts in Asia. — AFP

DUBAI: To boost climate mitigation across eight key sectors, Singapore has set new criteria for banks and financial institutions on the financing of green business activities, and transitional activities that are currently not green but are on a pathway to net-zero emissions.

This will reduce the risk of green or transition washing by banks and financial institutions, and ensure that transition activities will meet the green criteria over time.