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Climate Change

Singapore to tighten 'greenwashing' audit as climate finance grows

Regulator MAS drawing up framework to clarify boundaries for companies

The Monetary Authority of Singapore wants to establish the city-state as Asia's climate financing hub.   © Reuters

SINGAPORE -- Singapore's financial regulator is tightening scrutiny of companies that claim to have put in place plans to fight climate change, as the city-state positions itself as Asia's climate financing hub.

The Monetary Authority of Singapore on Thursday unveiled a "Finance for Net Zero Action Plan" that not only lays out broad ideas in establishing the city as a regional hub for eco-focused financing activities, but also benchmark environmental reporting standards to safeguard against "greenwashing," which in this case refers to companies giving false ideas about their moves toward environmental sustainability.

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