Acquiring and verifying such data is currently manual, slow, and prone to greenwashing. Technology has the potential to solve this problem. Application Programming Interfaces (APIs) and Internet of Things (IoT) devices can enable more accurate data acquisition while technologies like block chains can help to verify and share data on a trusted basis. MAS has earmarked $ million to support Green FinTech innovations. Together with the industry, MAS has launched Project Greenprint – a technology platform to support the green finance ecosystem. The project will identify use cases where technology can help to mobilise capital for green projects, monitor commitments to emissions reductions, and quantify the impact of abatement efforts. MAS is partnering the industry to build up knowledge and capabilities in sustainable finance. We are attracting centres of excellence to conduct Asia-focused climate research and training. The Singapore Green Finance Centre will focus on industry-applicable green finance research and training across the undergraduate, post-graduate, and executive education levels. The Sustainable Finance Institute Asia will support the implementation of sustainable finance policy initiatives in Asia, beginning with ASEAN. We are working to anchor providers of independent ESG reviews and ratings. Moody’s Corporation is integrating ESG considerations into its credit ratings and risk analytics, building them out of Singapore for the Asia-Pacific. A CLIMATE-RESILIENT RESERVES PORTFOLIO Let me now report on what climate change means for Singapore’s Official Foreign Reserves (OFR). As the guardian of the OFR, MAS seeks to build a climate-resilient reserves portfolio.

As a first step, we will disclose the Weighted Average Carbon Intensity (WACI) of our equities portfolio relative to market benchmarks. Carbon intensity measures the carbon emissions per unit of revenue of the company. The WACI is derived from the carbon intensity of revenues of each of the companies in the portfolio, weighted by the relative size of the investments in those companies. MAS’ equities portfolio has a lower carbon intensity than its market benchmarks. As at end-March 2021, the WACI for MAS’ Emerging Markets equities portfolio was 30% lower than its benchmark while the WACI for MAS’ Developed Markets equities portfolio was 3% lower than benchmark. We will continue to monitor MAS’ portfolio WACI over time and seek to understand the impact of our portfolio actions on WACI levels. A SUSTAINABLE ORGANISATION Finally, as a corporate citizen, MAS is accountable for reducing and reporting its own carbon footprint. We aim to build a sustainable organisation and have advanced on two fronts: measuring our carbon footprint; and developing strategies to reduce our footprint. MAS has substantially established its carbon profile across Scope 1, Scope 2 and Scope 3 emissions. Scope 1 emissions, namely from sources controlled or owned by MAS, are negligible. Scope 2 emissions, namely from purchased electricity to power our office premises, have been on a downward trend. Scope 3 emissions, namely from corporate activities such as air travel, currency operations, and waste incineration, account for most of our carbon profile.