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Shi Min Tan
Director and Head of Sustainability Markets & Ecosystem Development Division, Sustainability Group
Shi Min Tan is a prominent figure in the field of sustainability and finance, currently serving as the Director and Head of Sustainability Markets and Ecosystem Development Division at the Monetary Authority of Singapore (MAS).1 In this role, Tan is responsible for leading initiatives related to sustainable finance and developing the ecosystem for sustainability-focused markets in Singapore.
Professional Background
Tan is an experienced policy director with a strong skillset in sustainability and financial markets.1 Prior to her current position, she held the role of Deputy Director & Head of the Payments Policy Division at MAS3, demonstrating her versatility and expertise in various aspects of financial regulation and policy.
Responsibilities and Initiatives
In her current capacity, Tan is actively involved in:
- Developing sustainability markets and ecosystems in Singapore
- Driving initiatives related to transition credits and decarbonization strategies4
- Representing MAS in international forums and discussions on sustainable finance3
Recent Activities
Tan has been actively engaged in promoting Singapore's role in sustainable finance:
- In November 2023, she shared information about MAS's efforts to position Singapore as a leader in sustainable finance.2
- She has participated in events focused on harnessing transition credits to drive the shift from fossil fuels to clean energy.4
- Tan is also involved in Climate Week NYC 2024, representing MAS in discussions about sustainability and financial markets.5
Shi Min Tan's work at MAS plays a crucial role in Singapore's efforts to become a hub for sustainable finance and to promote environmentally responsible practices in the financial sector.
Highlights
MAS MD Ravi Menon just announced three concrete initiatives to support financing in Asia’s transition to net zero:
1️⃣ World’s First Multi-Sector Transition Taxonomy
🚦 Most taxonomies define what is green and what is brown, leaving out the bulk of economic activities that are in-between. 🚦This is the 1st taxonomy in the world to comprehensively define transition activities across eight focus sectors. 🚦This new Singapore-Asia Taxonomy will enable financing to flow to climate-friendly transition activities while minimising the risk of greenwashing.
2️⃣ TRACTION - coalition to develop transition credits as a credible complementary tool to support early retirement of coal plants in Asia
🙌🏻 Close to 30 reputable entities have joined TRACTION to help identify barriers and potential solutions to develop transition credits as a viable market solution 🙌🏻 We will be announcing tomorrow transition credit pilots with various partners. 🙌🏻 Singapore government is prepared to offtake transition credits as long as they meet Singapore’s standards of environmental integrity
🔔Watch this space for details tmr!
3️⃣ Singapore’s blended finance initiative - Financing Asia’s Transition Partnership (FAST-P)
🌿 Target is to mobilise up to US$5 billion for (i) energy transition projects like coal phaseout (ii) green investment like scaling renewables (iii) clean technologies like hydrogen and CCUS. 🌿 MAS is discussing with multilateral development banks, development finance institutions, and philanthropies to mobilise a base of concessional capital 🌿 Singapore government is prepared to contribute concessional capital 🌿 Two MOUs are underway - (i) MAS with Allied Climate Partners, IFC, and Temasek Holdings on Green Investments Partnership, (ii) MAS with ADB and Global Energy Alliance for People and Planet (GEAPP) - details in two days!
You will see more details in the press releases that will be published on MAS website these three days.
Meanwhile, read MD Ravi’s action-oriented speech ⬇️
Pamela LeeBey An Lim Wei Yang Lee Shi Min Teo Sui Hui Lim Caline Tang Adeline Chan Si Yun N. Yuanjie Soh Filisa Ngoh David Mah Meena Chandra Sze Liang Lee Cheng Khai Lim
To achieve a successful energy transition in Asia, we need to develop effective and scalable financing mechanisms to catalyse early phase-out of coal-fired power plants (CFPPs).
MAS and the McKinsey today published : ✅ a working paper to look at how a new form of high-integrity credits, “transition credits”, can be utilised as a complementary financing instrument to accelerate and scale the early retirement of CFPPs. ✅ a template that provides detailed steps and sample tools for market participants to assess and execute such transactions.
This is a call to action. We want to develop a much more scalable, structured and standardised approach that will allow us to address the large numbers of CFPPs across key markets in Asia.
Join us! 💡Be part of a coalition ready to look at integrating transition credits in early retirement of CFPPs 💡Have a potential pilot? Partner us to rigorously test the practicality of the concepts and the robustness of tools and solutions
Drop us a note: [email protected]
Read more below.
Si Yun N. Yuanjie Soh Adeline Chan Filisa Ngoh Shivangi Singh Asilah Azil Vishal Agarwal
https://lnkd.in/gHGeQuEY
