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. project greenprint seeks to streamline the collection, access, and use of climate and sustainability data through four digital utilities : 3 / 4 bis - central bankers'speeches an esg registry of certifications an esg disclosure platform to facilitate reporting a digital marketplace to connect data users with esg solution providers a data orchestrator to aggregate esg data from multiple data sources globally, gfanz has formed the net zero data public utility to address issues such as data gaps, data accessibility, and data inconsistencies. it will complement existing climate data initiatives, promote the effective management of climate - related financial risks, facilitate robust sustainability reporting, and accelerate the formulation of credible transition plans. i have provided a quick overview of singapore's efforts in three key areas of transition financing - blended finance, carbon markets, and good - quality data. this afternoon, i will share some of the interesting and impactful work being done by the ngfs in the areas of blended finance, data, and capacity building. in all our efforts, i cannot emphasise enough the importance of collaboration and collective action. we have a common mission : to reduce global greenhouse gas emissions to net zero by 2050. but time is running out. we must act now, act fast, and act together. there has never been a greater opportunity for us to find common purpose, build solidarity, and ensure the sustainability of our planet and better lives for communities everywhere. thank you. 4 / 4 bis - central bankers'speeches

ravi menon : net zero - act now, act fast, act together keynote speech by mr ravi menon, managing director of the monetary authority of singapore, at the cop27 singapore pavilion finance day, sharm el - sheikh, 9 november 2022. * * * good morning, ladies and gentlemen. welcome to the singapore pavilion's finance day, hosted by the monetary authority of singapore ( mas ). climate change is no longer a prediction, it is becoming a reality. the frequency and intensity of today's extreme weather events have exceeded early climate models. we are in a race for our lives, to reach net - zero greenhouse gas emissions by 2050. unless we act now, act fast, and act together, we will lose that race. we need to act now to start reducing emissions. the world is currently far from a net - zero emissions trajectory. global greenhouse gas emissions are still rising, not falling. if we do not act now to start decarbonising, we risk breaching tipping points that will lead to catastrophic and irreversible climate change, with unimaginable risks to lives and livelihoods. we need to act fast to finance the transition to net - zero. decarbonisation is a costly affair. we must also balance decarbonisation and development. the world requires significant financing for sustainable development and new technologies to reach net zero by 2050 - by some estimates, us $ 9. 2 trillion annually. this is us $ 3. 5 trillion more than the annual investment today. and we need to act together. the climate challenge is too big for governments or any one country to solve. we need a global effort and a whole - of - society approach within each country. effective partnerships across the public, private, and people sectors will be key to mobilise the financing necessary for an effective and just transition. as a leading global financial centre in asia, singapore can play an important role in mobilising this capital, especially to support asia's transition to net - zero. at the singapore pavilion, we have set out how we will do this through three key strategies : blended finance to mobilise private capital for the transition carbon markets to facilitate emissions abatement and inclusivity good - quality data to support credible disclosure and track progress first strategy - blended finance to synergise public and private capital for projects that are marginally bankable. many green and transition projects in emerging markets pose risks that are not com