Download Here 2025 Download Chapter 9 Addendum (2026)
Executive Summary
Southeast Asia’s public and private sectors are making significant strides in the climate transition, creating opportunities for financiers to direct capital towards credible green and transition activities. While green activity definitions are globally recognised among international taxonomies as contributing to outcomes aligned with the Paris Agreement, or with a 1.5-degree science-based pathway, the concept of transition continues to evolve. It is therefore necessary for a clear and consistent definition of what constitutes a credible transition to guide financial institutions and the real economy in channelling capital towards meaningful transition initiatives in the region.
To that end, the Monetary Authority of Singapore (MAS) in December 2023 launched the Singapore-Asia Taxonomy for Sustainable Finance (SAT) (version 1), detailing thresholds and criteria for green and transition activities that contribute to climate change mitigation across eight focus sectors. As the first multi-sector taxonomy globally to include a transition category, the SAT seeks to promote transition financing and catalyse transition activities. Since its launch, the SAT has seen encouraging adoption: financial products have been developed based on it, and banks and companies have aligned with or referenced the SAT in their sustainable finance frameworks. In November 2026, the Singapore Sustainable Finance Association (SSFA) launched the second edition of the SAT, revising the technical screening criteria for four priority sectors: energy, maritime (water transport), industry (iron and steel), and data centres.
With this guidance, the Singapore Sustainable Finance Association (SSFA) hopes to further the SAT’s adoption by addressing practical challenges faced by financiers and borrowers when applying the SAT in green and transition financing instruments. While our guidance primarily focuses on transition, several sections offer guidance on applying SAT Technical Screening Criteria (TSC) for both green and transition activities.
Access the Guidance (2025) here.
November 2026 | Chapter 9 Addendum
In November 2026, the Singapore Sustainable Finance Association (SSFA) launched the second edition of the Singapore-Asia Taxonomy for Sustainable Finance (SAT), introducing revised technical screening criteria for four sectors: Energy, Transport (Water Transport), Industry (Iron and Steel), and Information and Communications Technology (ICT) (Data Centres).
This addendum accompanies the second edition, expanding Chapter 9, “Recognising Enabling Activities that Support Green and Transition Activities in the SAT”. Key updates include:
- A clearer definition of enabling activities, building on ICMA’s Green Enabling Projects Guidance and adapted to the SAT context;
- Guidance on financing enabling activities through existing green and transition financing frameworks, including the treatment of equity investments;
- Practical examples of enabling activities across different parts of the value chain; and
- Safeguards to mitigate greenwashing and transition-washing risks, including requirements on use of proceeds and traceability of end-use and environmental benefits.
Acknowledgements
This guidance was developed by the Taxonomy workstream of the Singapore Sustainable Finance Association (SSFA), with inputs from workstream members, and reviewed by the SSFA Executive Committee (EXCO).
This workstream is co-led by Jeong Yoon Mee, Head of Sustainability Office, Global Wholesale Banking, OCBC; Sylvia Chen, Head of ESG Research, Asia, Amundi; and Shilpa Gulrajani, Head of Sustainable Finance, Institutional Banking Group, DBS. The workstream is coordinated by the SSFA Secretariat and supported by the Monetary Authority of Singapore (MAS).
This document does not necessarily represent the views of the Workstream Coleads, any individual member of the workstream, or the SSFA EXCO.
Members of the workstream include representatives from (2025):
| No. | Organisation | Name | Designation |
|---|---|---|---|
| 1 | OCBC (Guidance Sub-group Lead) | Jeong Yoon Mee (formerly OCBC); and Vanessa Chow (formerly OCBC) |
Head of Sustainability Office, Global Wholesale Banking, and SSFA Taxonomy Workstream Co-lead; and Director, Sustainability Office, Global Wholesale Bank |
| 2 | Amundi | Sylvia Chen | Head of ESG Research, Asia, and SSFA Taxonomy Workstream Co-lead |
| 3 | DBS | Shilpa Gulrajani; and Jordan Issaakidis (formerly DBS) |
Managing Director, Head of Sustainable Finance; and SSFA Taxonomy Workstream Co-lead; and Vice President |
| 4 | Bloomberg | Isaac Lee | Sustainable Finance Solutions, APAC |
| 5 | BNP Paribas | Sabrina Noiran; and Antonina Redko | Head of CIB Sustainable Finance & Engagement APAC; and Head of Business Development SEA |
| 6 | CIMB Singapore | Sazali Baharom | Head of Islamic Banking & Sustainability |
| 7 | Clifford Capital | Onn Ming Bun | Assistant Vice President, Group Risk |
| 8 | Crédit Agricole Corporate & Investment Bank | Roy Chan | Director – Sustainable Investment Banking, Southeast Asia, India & Australia |
| 9 | DNV | Pang Toh Wee | Senior Consultant |
| 10 | ERM | Seena Dabral | Associate Partner, Corporate Sustainability and Climate Change |
| 11 | EY | Praveen Tekchandani | Partner & ASEAN Climate Change & Sustainability Services Co-Leader |
| 12 | HSBC | Martin Prise; and Goh Ping Yao | Associate, Sustainable Debt Capital Markets, APAC; and Associate Director, Sustainability, ASEAN |
| 13 | Institute of Banking and Finance Singapore (IBF) | Carolyn Neo | CEO |
| 14 | Manulife Investment Management | Chiang Yi-Chen | Senior Director, Sustainability Research and Engagement |
| 15 | Moody’s Ratings | Jeffrey Lee; and Yim Jing Li | Senior Vice President – Sustainable Finance, Head of Assessments, APAC; and Sustainable Finance Analyst |
| 16 | MSCI | Elsa Ben Hamou Dassonville | Executive Director, Head of APAC ESG & Climate Consultants |
| 17 | Standard Chartered | Jennifer Ng; and Jasmine Hussain | Head of Sustainable Finance Solutions – Governance; and Assistant Director (Sustainable Finance Solutions) |
| 18 | Sumitomo Mitsui Banking Corporation (SMBC) | Leong Li Sun; and Sue Nguyen | Director, ESG Policy and Engagement; and AVP, Corporate Banking Department – Sustainability Solutions |
| 19 | Sustainable Fitch | Melissa Cheok | Associate Director, ESG Investment Research |
| 20 | United Overseas Bank (UOB) | Adrian Ow; Eng Sok Hui; and Samuel Tan | Managing Director and Head of ESG Solutions; Head of ESG Solutions (Built Environment); and |
| 21 | Asia Pacific Loan Market Association (APLMA) [Observer] | Chiva Lai | Senior Director |
| 22 | Climate Bonds Initiative (CBI) [Observer] | Bridget Boulle | Principal Technical Advisor |
| 23 | International Capital Market Association (ICMA) [Observer] | Mushtaq Kapasi; and Simone Utermarck | Managing Director, Chief Representative Asia-Pacific; and Senior Director, Sustainable Finance |
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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.
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