Introduction
Climate change continues to present significant environmental, economic and financial risks globally. Asia, which is home to more than half of the world’s population, is warming faster than the global average, according to the World Meteorological Organisation (WMO)1. As countries and businesses across the region accelerate decarbonisation efforts while adapting to evolving climate, technological, and market developments, there is an increasing need for credible frameworks to guide capital towards sustainable and transition activities. As an international financial centre, Singapore is well-positioned to support these financing needs across the region through practical, science-based frameworks that strengthen market confidence and facilitate capital mobilisation.
This second edition (2026) of the Singapore-Asia Taxonomy for Sustainable Finance (SAT) builds on the foundation of the first edition2 launched in December 2023. This revision was coordinated by the Singapore Sustainable Finance Association (SSFA), with support from the Monetary Authority of Singapore (MAS). Developed through extensive engagement with the financial sector, real economy corporates, key enablers, and government agencies, the SAT provides science-based and practical technical screening criteria to support sustainable and transition financing across Singapore and ASEAN.
As decarbonisation pathways, technologies, market practices and international frameworks continue to evolve, it is important that the SAT remains relevant, credible and fit for purpose. The second edition reflects developments in these areas, as well as feedback received from industry stakeholders since the SAT’s launch, to ensure that it continues to support the mobilisation of capital towards sustainable and transition outcomes.
The second edition introduces targeted updates across four sectors: Energy, Transport (Water Transport), Industry (Iron and Steel), and Information and Communications Technology (ICT) (Data Centres). Across these sectors, the revisions aim to (i) reflect evolving technologies and decarbonisation pathways, (ii) place greater emphasis on measurable emissions performance and outcomes, and (iii) enhance interoperability with relevant international frameworks.
This revision is also accompanied by an update to the Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing (2026 edition). First published by SSFA in July 2025, the guidance supports the practical application of the SAT by addressing implementation challenges, clarifying interpretative issues, and providing expanded guidance on enabling activities across the value chain that support green and transition outcomes.
Together, these revisions will ensure that the taxonomy remains a credible practical guidance for market participants such as asset owners, investment managers, financial institutions, as well as issuers, policymakers, regulators, and other stakeholders to identify and allocate capital to green and transition activities and projects. By providing a credible and transparent classification framework, it supports greater market confidence, facilitates capital mobilisation and promotes consistency in sustainable and transition financing practices across the region.
- ttps://wmo.int/news/media-centre/climate-change-impacts-increase-asia
- The first edition of the SAT was issued by the Green Finance Industry Taskforce (GFIT), convened by the MAS from November 2019 to April 2023, with technical support and recommendations from the Climate Bonds Initiative (CBI). GFIT was succeeded by the Singapore Sustainable Finance Association (SSFA), established in January 2024.
About the First Edition (2023)
In December 2023, the Monetary Authority of Singapore (MAS), together with the Green Finance Industry Taskforce (GFIT) launched the world’s first multi-sector transition taxonomy, the Singapore-Asia Taxonomy for Sustainable Finance (SAT). The SAT sets out clear, science-based thresholds and criteria for defining green and transition activities in Asia that substantially contribute to climate change mitigation. The SAT scopes activities across eight sectors responsible for 90% of ASEAN’s greenhouse gas (GHG) emissions and over 40% of ASEAN’s economic value-add. Access version 1 here.
Key Materials on the SAT
| No. | Timeline | Materials |
|---|---|---|
| 1 | – | MAS’ Efforts in Taxonomy (Overview) |
| 2 | Dec 2023 | MAS Launches World’s First Multi-Sector Transition Taxonomy |
| 3 | Dec 2023 | Singapore-Asia Taxonomy for Sustainable Finance | 2023 Edition |
| 4 | Mar 2025 | Information Note: Application of the Singapore-Asia Taxonomy in the Financial and Corporate Sectors |
| 5 | Jul 2025 | Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing – SSFA Taxonomy Workstream |
| 6 | Jan 2026 | Singapore-Asia Taxonomy FAQ Repository (for version 1) |
| 7 | Nov 2026 | Singapore-Asia Taxonomy for Sustainable Finance | Second Edition | November 2026 |
| 8 | Nov 2026 | Guidance for Leveraging the Singapore-Asia Taxonomy in Green and Transition Financing | Chapter 9 Addendum | November 2026 |
Acknowledgements for the Second Edition
This second edition (2026) of the Singapore-Asia Taxonomy for Sustainable Finance (SAT) was developed by the Singapore Sustainable Finance Association (SSFA), with support from the Monetary Authority of Singapore (MAS). The project was led by Amundi, DBS and OCBC, with DNV as the Knowledge Partner, drew on inputs from its working group members, and was reviewed by the SSFA Executive Committee (EXCO).
The document does not necessarily represent the views of the project co-leads, any individual member of the project, or the SSFA EXCO.
The project core team consists of the following representatives:
| Organisation | Name | Designation |
|---|---|---|
| Amundi | Sylvia Chen | Head of ESG Research, Asia |
| Tan Jun Jie | ESG Analyst | |
| DBS | Shilpa Gulrajani | Managing Director, Head of Sustainable Finance |
| Hafiz Hussin | Senior Vice President, Sustainable Finance | |
| Hosea Choo | Vice President, Sustainable Finance | |
| OCBC | Jeong Yoon Mee (formerly at OCBC) | Managing Director, Sustainability Office, Global Wholesale Banking |
| Assyl Ikhsan | Executive Director, Sustainability Office, Global Wholesale Banking | |
| Lucy Xia | Director, Sustainability Office, Global Wholesale Banking | |
| DNV | Thomas Leonard | Head of Section, Sustainability Services |
| Pang Toh Wee | Senior Consultant, Maritime Advisory | |
| Deepthi Sugumar | Senior Sustainability Consultant, Sustainability Services | |
| Vigilia Ang (formerly at DNV) | Sustainability Consultant, Sustainable Finance |
SSFA would like to extend our sincere appreciation to all those who have provided their views and insights, and contributions to the development of the second edition (2026), including:
Interviewees
| Sector | Interviewees |
|---|---|
| Energy | Keppel Ltd., Sembcorp Industries and YTL PowerSeraya |
| Transport (Water Transport) | Hafnia, Kuok Maritime, Pacific International Lines and Seatrium |
| Industry (Iron and Steel) | Green Esteel and Meranti Green Steel |
| Information and Communications Technology (Data Centres) | AirTrunk, Digital Realty, Microsoft, Princeton Digital Group, and STTGDC |
| Building and Construction Authority (BCA) and Maritime and Port Authority of Singapore (MPA) |
Working Group Members
| Organisation | Name | Designation |
|---|---|---|
| AirTrunk | Jennifer Zheng | Associate Vice President, Sustainability |
| Azwar Kamarudin | Associate Director, Government Relations | |
| Olivia Onderdonk | Associate Director, Sustainability | |
| Arsh Singh | Energy & Climate Operations Manager | |
| BNP Paribas | ||
| Clifford Capital | Kellie Chua | Executive Director |
| Ming Bun Onn | Assistant Vice President | |
| Credit Agricole CIB | Roy Chan | Director – Sustainable Investment Banking, Southeast Asia, India & Australia |
| EY | Amandeep Bedi | Partner |
| Sunil Kumar Yadav | Partner | |
| Cheryl Yap | Financial Services Senior Manager | |
| Green Esteel | Xu Hang | Head of Finance |
| HSBC | Ellis Savva | Head of Sustainable Finance & Transition, Singapore |
| Ping Yao Goh | Associate Director, Sustainability and Climate Change, South and Southeast Asia | |
| Priscilla Teo | Manager, Sustainable Finance & Transition, Singapore Corporate and Institutional Banking, Asia Pacific | |
| ING | Rajesh Subramanian | Director, Global Lead-Shipping Energy Transition |
| Manulife Investment Management | Yi-Chen Chiang | Senior Director, Sustainability Research and Engagement |
| Microsoft | Shien Lim | General Manager, APAC DCE |
| Kavickumar Muruganathan | ESG Policy and Planning Director (Asia Pacific & Middle East Africa) | |
| OCBC | Benjamin Towell | Executive Director, Global Wholesale Banking Sustainability Office |
| Alyssa Ng | Director, Global Wholesale Banking Sustainability Office | |
| Brenda Wang | Manager, Global Wholesale Banking Sustainability Office | |
| Princeton Digital Group | Asher Ling | Chief Technology Officer |
| Pritimukta Sarangi | Group Director, Sustainability & Technology | |
| Standard Chartered | Chih Chwen Heng | Executive Director, Head of Maritime Research and Decarbonisation |
| Sembcorp Industries | Abhishek Rawat | Assistant Vice President, Group Sustainability |
| Siemens Energy | Sundar Chidambaram | VP Government Affairs – Asia Pacific |
| Chrystal Ang | Sustainability Business Partner, Asia Pacific | |
| STTGDC | Sharmel Ali | Head, Group ESG |
| Peter Gaston | Senior Director | |
| UOB | Adrian Ow | Managing Director, Head of ESG Strategy, Group Wholesale Banking |
| Samuel Tan | Director & ESG Lead, Energy Transitions & Financial Institutions | |
| Nicholas Lim | ESG Lead, Industrials & Technology, ESG Strategy, Group Wholesale Banking | |
| Energy Market Authority (EMA) | Thinesh Kumar (formerly EMA) | Principal Analyst |
| Phua Zhi Ling | Deputy Director | |
| Infocomm Media Development Authority (IMDA) | Arvind Verma | Senior Assistant Director (Standards & Industry Development) |
| Monetary Authority of Singapore (MAS) | Lim Bey An | Director, Head of Capabilities, Enablers and Partnerships Division, Sustainability Group |
| Deputy Director, Capabilities, Enablers and Partnerships Division, Sustainability Group | ||
| Felix Lim | Deputy Director, Capabilities, Enablers and Partnerships Division, Sustainability Group | |
| Vania Xu | Associate, Capabilities, Enablers and Partnerships Division, Sustainability Group | |
| Dinesh Pannir | Associate, Capabilities, Enablers and Partnerships Division, Sustainability Group | |
| Maritime and Port Authority of Singapore (MPA) | New Wei Siang | Director, Maritime Decarbonisation & Net-Zero Pathways |
| Lawrence Ong | Deputy Director, Maritime Decarbonisation Division | |
| Tan Shuo Xian | Deputy Director, Financial Markets Development | |
| Lim Xuan Hong | Deputy Director, International Partnerships and Emerging Technologies, Decarbonisation | |
| Joshua Yap | Manager, Financial Markets Development | |
| Ng Zer Hien | Sustainability Manager, Maritime Decarbonisation Division |
General Disclaimer
The information and opinions expressed in this report are presented for informational purposes only and should not be considered as professional, financial, legal, or investment advice. Readers should exercise their own independent judgement and seek independent advice before making any decisions based on the content set out in this report.
While every effort has been made to ensure the accuracy and reliability of the information presented, no representation or warranty, express or implied, is made regarding its completeness, accuracy, or suitability for any particular purpose. The authors, contributors and the SSFA do not accept any responsibility or liability for any errors, omissions, or any consequences arising from reliance on this report.
This report may contain forward-looking statements based on available information and assumptions at the time of publication. These statements are subject to change without notice, and actual outcomes may differ. The authors, contributors and the SSFA disclaim any obligation to update or revise any statements in light of new information or future developments.
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