applied to asset managers in general. mas will be doing a public consultation on its proposals in january next year, and targets to introduce changes by july 2017. 21 second, mas is studying whether existing incentives for funds and fund managers, which have been successful in attracting traditional asset managers to set up in singapore and to grow over time, are suitable to anchor vc funds and vc fund managers here too. we recognise that vc funds and fund managers are typically smaller in size and headcount than traditional asset managers. but they contribute in a different way, by supporting entrepreneurship and innovation in singapore and the region. we will take this into account in assessing the requirements for vc funds and fund managers to qualify for our incentives. conclusion 22 innovation will drive singapore ’ s economic future. it will disrupt existing business models, but it is how consumers get better value, how new firms can scale up and grow internationally, and how we create quality jobs for our people. 23 this innovation village is part of this ongoing journey. it will, i am sure, nurture a new generation of technology entrepreneurs in the fintech space. i congratulate marvelstone once again for the successful launch of lattice80. 3 / 3 bis central bankers'speeches

ravi menon : an effective and inclusive transition to net zero keynote speech ( virtually ) by mr ravi menon, managing director of the monetary authority of singapore, at the green horizon summit @ cop26, 4 november 2021. * * * lord mayor william russell dr rhian - mari thomas ladies and gentlemen, good afternoon from singapore. asia is key to the world ’ s transition to net zero. the region accounts for about half of global carbon emissions, and more than half of global energy consumption. the battle against climate change will be won or lost in asia. asia ’ s transition to a lower carbon future will not be easy. about 85 % of the energy produced comes from fossil fuels, and demand is likely to rise on the back of continued urbanisation. some 45 million people in south east asia are still without electricity. asia must find ways to transit towards greater sustainability while securing economic and social development for its people. green finance can be a powerful enabler for asia to achieve an effective yet inclusive transition to net zero. singapore as an international financial centre in asia is committed to support asia ’ s transition through its green finance action plan. the monetary authority of singapore is actively promoting a strong green finance ecosystem in singapore to serve asia. a growing number of global financial institutions are expanding their green finance teams in singapore to support asia ’ s transition towards lower emissions. let me highlight three areas we need to get right to catalyse green finance – clear taxonomies to define what is green, what is transition, and what is neither ; innovative solutions to unlock and catalyse multiple sources of financing ; supervision of how financial institutions are managing their climate - related risks. first, clear taxonomies. we are unlikely to have a single, global taxonomy. instead, efforts should focus on ensuring that taxonomies across different markets are interoperable and comparable. this means taxonomies that use a common language, such as internationally referenced industry classification systems. asia needs a taxonomy that supports transition activities while achieving compatibility with existing high - quality international taxonomies. the ten countries of the association of southeast asian nations are developing a taxonomy with a two - tier architecture, comprising a foundation framework and a plus standard. the plus standard will set out data - backed thresholds for each activity, starting with less ambitious thresholds to facilitate early adoption and leading up to more ambitious “ gold standard ” thresholds that reference science - based pathways. in singapore, an mas - led industry taskforce is developing a taxonomy