As the data to be collected and metrics that are relevant for each sector can differ greatly, there will be a need to take a sectoral approach to this. For example, an asset manager looking to invest in the agriculture sector will not find raw data such as temperature and rainfall levels, proximity of the farmland to conservation areas, or the education levels of the farm owners meaningful. These must be converted into an accurate assessment of the environmental and credit risks of the agricultural assets so that the asset manager can adjust its investment decisions accordingly. The financial sector has an important role to play in determining these frameworks, to ensure that capital is channelled effectively towards sustainable business practices. MAS is keen to work with the industry, academia and international organisations to develop these sector-specific frameworks, for example, for maritime, agriculture, logistics, and others. As an international financial centre, Singapore is committed to channelling financial flows towards sustainability and transition efforts in Asia and globally. We are developing green finance solutions and markets that can support a sustainable economy. We are strengthening the financial sector’s resilience to environmental risks through providing guidelines on environmental risk management and stepping up disclosure expectations. We are working closely with the private sector to develop a taxonomy prioritising transition activities. We are actively exploring how technology and innovation can be leveraged to drive the financial sector’s sustainability agenda. We must harness technology and data to drive effective climate action.
The transition to a netzero economy can only be achieved with a committed and concerted effort across the public and private sector. I wish all of you a fruitful discussion ahead. 3/3  BIS central bankers' speeches