 Contribute through individual or national pilot initiatives be it on reporting, monitoring, or responsible investment. And let me underline here that France is leading the way, especially on biodiversity issues. Article 29 of France’s Energy and Climate Law extends climate-related risks reporting requirements for financial investors to biodiversity-related risks. The French Prudential Supervision and Resolution Authority (ACPR – part of the Banque de France) is assessing the compliance of our supervised entities with Article 29 of the insurance companies we supervise. We  received the first reporting last  September, and – not so surprisingly – early control checks indicate that reporting entities are facing challenges in the access to relevant biodiversityrelated data and mostly relied on third party providers. As required by law, entities that are not able to disclose on all required information will have to disclose on their plans for continuous improvement. Since 2020, we at the Banque de France have also been monitoring two biodiversity-related indicators for the equity components of our own funds and pension liabilities portfolios: (i) a biodiversity impact score, reflecting commitments made, measures deployed and actual outcomes of portfolio companies and (ii) an indicator of our exposure to companies producing chemicals that are harmful to biodiversity (e.g. pesticides).xiii The performances of the portfolios’ equity components were up in 2021 and described by data provider Moody’s ESG as “robust” (despite room for improvement on pension  Page 12 sur 13 liabilities portfolio), while exposure to companies producing harmful products is declining, remaining well below the benchmark.

Let me offer four suggestions. First, we must help corporates understand the value of green financing. Singapore financial institutions have been partnering local authorities in Chongqing to build capabilities in green finance through workshops and online seminars. Second, we must ensure common understanding of what constitutes green or transition activities. In Singapore, an industry taskforce is developing a taxonomy that encompass green and transition activities. We are keen to collaborate with partners in China to identify commonalities in our taxonomies to unlock more cross-border sustainable financing flows. Third, we must enable corporates which want to improve their sustainability performance obtain cheaper financing in the form of sustainability-linked bonds and loans. 2/3  BIS central bankers' speeches  Sustainability loans can provide discounts on the lending rate if predefined sustainability performance targets are met. MAS’ grant schemes can help to defray the costs that borrowers incur to certify the fulfilment of sustainability targets. Fourth, we must explore innovative policy measures to facilitate qualified Chinese enterprises to issue green bonds overseas. For example, corporates from Chongqing or the broader Western Region could be allowed expedited approval for green bond issuances in Singapore. This could be done within specified limits and perhaps something akin to a dedicated green foreign debt quota for Chongqing. A growing number of Chongqing and Western Region companies are tapping Singapore to obtain green financing. Just last month, Chongqing Three Waters Conservancy and Power Co. signed an MOU with Chongqing Rural Commercial Bank to explore a potential RMB 1 billion green bond issuance in Singapore.