Climate change is already having widespread effects on nature and people around the world. There is clear scientific evidence that climate change poses one of the greatest existential threats to humanity and the planet. It is a problem which demands action now. While climate change is a global threat, Asia, home to majority of the world’s population, is warming faster than the global average according to the World Meteorological Organization.1 Singapore, as an international financial centre, is well-placed to support the sustainable economy agenda and catalyse sustainable and transition financing needs for the region and globally. To advance on the development, the Monetary Authority of Singapore (MAS) has convened an industry-led initiative called the Green Finance Industry Taskforce (GFIT) to focus on a few key initiatives, including the development of a Taxonomy.