Singapore to Curb Greenwashing With Stress Tests, Technology (1)

Singapore’s financial watchdog is turning to regulation and technology to tackle so-called “greenwashing,” which it considers the weakest link in the push to expanding sustainable finance.

Banks in Singapore will have to undergo stress tests from next year while making regulatory disclosures to ensure they’re managing risks related to climate change and other environmental issues, <-bsp-person state="{"_id":"0000017c-fe19-de60-a57e-ff3b9b280000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Ravi Menon, managing director of the Monetary Authority of Singapore, said in an interview. Data verification using technology that can attest to the provenance of green products will also be required, he added.

WATCH: Monetary Authority of Singapore’s Menon says banks will have to go through so-called stress tests while making regulatory disclosures in line with G-20 taskforce recommendations.

Source: Bloomberg

Menon said the potential for greenwashing is on the rise ...