Singapore to tighten 'greenwashing' audit as climate finance grows

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.