On 15 February 2023, the Green Finance Industry Taskforce (“GFIT“) issued the third consultation paper (“2023 Consultation Paper“) on the taxonomy it has been developing for Singapore-based financial institutions to identify and classify green and transition activities. The key proposals in the 2023 Consultation Paper include: (i) the thresholds and technical screening criteria to classify economic activities as green, amber or red categories under the traffic light approach for five sectors; and (ii) Do No Significant Harm criteria. The consultation period for the 2023 Consultation Period will end on 15 March 2023, and GFIT intends to issue the final taxonomy by the first half of 2023.
This Update provides a broad outline of the key proposals covered in the 2023 Consultation Paper.
For more information, click here to read the full Legal Update.
