The Monetary Authority of Singapore (MAS) is collaborating with Google Cloud to boost the adoption of technology-enabled, cloud-based climate finance solutions in Asia.
For the next three years, MAS and Google Cloud will be launching a Point Carbon Zero Programme (a collaboration under MAS’ Project Greenprint) to improve the financial sector’s access to climate-related data, which will improve accessibility of climate information for the industry’s green projects.
Google Cloud will support the project by developing an open-source cloud platform dedicated to climate finance, which can facilitate the deployment of green technologies in the financial sector.
Towards a Green and Sustainable Fintech Industry
According to MAS, key features of the programme for participants include:
- Google Cloud’s provision of mentorship and funding to selected businesses for fintech solution development
- Access to aggregated climate disclosure, environmental, and public utilities data hosted by Google Cloud under Project Greenprint, along with 200 other public datasets
- Access to Google Cloud’s Carbon Sense suite, which allows businesses to track and reduce their carbon emissions
In addition, subject to data owners’ consent, participants under the Project Greenprint may share new climate-related datasets generated by new climate solutions.
MAS and Google Cloud have expressed their optimism for the project’s potential to deploy innovative cloud solutions for green and sustainable climate action plans.
Darian McBain, Chief Sustainability Officer at MAS, affirmed that “Singapore’s financial and fintech sectors can play a pivotal role in the efficient channelling of private capital toward sustainable projects and businesses focusing on their long-term sustainability impact.”
She added that “the effective employment of technology allows us to greatly enhance the quality, availability and comparability of the ESG data needed to facilitate these financial flows, to accelerate our transition to a low carbon economy. We see the Point Carbon Zero Programme as a key enabler for bridging ESG fintechs, finance, and real economy businesses through a shared data and innovation platform.”
Managing Director for Global Sustainability at Google Cloud, Justin Keeble, said that “we are in the decade of action on sustainability. The Point Carbon Zero Programme is a great example of the power of combining collaboration and technology to leverage shared ESG data that will drive better, data-driven decision-making. Google Cloud provides solutions that propel sustainable practices for our global customers. In working with MAS, we’ll deliver climate finance solutions to help move faster toward a carbon-free future.”
Country Director for Singapore and Malaysia at Google Cloud, Sherie Ng, said that “in collaboration with MAS, the Point Carbon Zero Programme aims to combine the collective powers of the industry with Google Cloud’s capabilities and innovation ecosystem to orchestrate impactful climate action.”
“Our goal is to fuel an international movement – with data enabling and informing green financial flows, to help countries and companies make quantifiable and meaningful progress, and hasten their transition into a carbon-free future.”
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