To build an efficient and trusted carbon market, we will need better and verifiable abatement data, harmonisation in carbon accounting practices, and interoperability between the voluntary and compliance carbon markets. Singapore is well-positioned to be a carbon services and trading hub. We have sound infrastructure, good governance, and a premium on trust – critical ingredients for a marketplace. We are located at the heart of Southeast Asia which is fertile ground to harness the potential of nature-based solutions for carbon sequestration.Southeast Asia holds more than one-third of the world's mangroves and has about 120 million hectares of land suitable for re-forestation. We are strengthening the carbon credit value-chain by growing project development capabilities: certify and validate project design, and monitor and verify project outcomes. Third strategy – good-quality data to support transition finance. Credible and comparable data is foundational for the climate agenda. Data on carbon stocks, emissions profiles of projects, and historical deal data can provide the market with a proper view of climate-related risks. Good-quality data is key to robust sustainability reporting, combating greenwashing, and enabling investors to make effective ESG-informed decisions. Good-quality data enables solutions such as blended finance and forms the backbone of an efficient and trusted carbon market. But there is a significant gap between data needs and data availability. The ESG data acquisition process is often manual, tedious and costly. Data verification is at a nascent stage. To build a credible ESG data ecosystem, MAS has launched a collaborative effort with the financial industry called Project Greenprint.

These actions cannot address the health issues, but can help 1/2  BIS central bankers' speeches  manage near-term risks to the economy in a highly uncertain time. Earlier this week, the FOMC voted unanimously to lower the target range for the federal funds rate to 1 to 1-1/4 percent. This strong policy action provides meaningful support to the economy and will help sustain the economic expansion. The outlook is evolving and highly uncertain. In the weeks and months ahead, we will continue to closely monitor developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy. As part of our response, my colleagues and I in the Federal Reserve System are coordinating with our counterparts around the world. Tuesday’s phone call between G7 finance ministers and central bank governors, the subsequent statement, and policy actions by central banks are clear indications of the close alignment at the international level. Financial Markets Turning to the specific responsibilities of the New York Fed, we are tasked with the implementation of monetary policy. Our goals are to keep the federal funds rate within the target range and foster stable conditions in short-term funding markets. We will ensure that the supply of reserves in the banking system remains ample, consistent with the FOMC’s direction.2 Treasury bill purchases continue to add to the underlying level of reserves, and repo operations are keeping reserve levels ample. We are monitoring conditions in money markets closely.