China ESG - Weekly news update: Singapore and South Korea are both working on Green Finance Taxonomy



China's ESG funds amass Rmb90B in assets, outgun equities strategies


China now has 26 mutual funds touting an environmental, social and governance investment strategy that have pulled in Rmb88.44 billion (US$13.69 billion) in total assets, with a large majority outperforming the average returns logged by active equities funds in the market so far this year, Sina Finance reports.


Nineteen of the 26 funds that comprehensively incorporate ESG criteria have scored year-to-date returns higher than the 5.33% annualised average returns logged by their active equities-linked counterparts, Sina Finance says, citing annual fund reports.


Source: Ignite Asia



Korea Regulator Outlines Green Finance Initiatives


Financial Service Commission (FSC) of South Korea has unveiled its plan to draw up a climate risk management & oversight plan by March, and a green taxonomy within H1 2021, for promoting green finance and improving the regulatory framework. This is also the latest move in alignment with South Korea's 2050 zero-carbon goal, after the kick-off of the green finance taskforce "Green New Deal" last August.


Source: Regulation Asia



Singapore green finance task force proposes taxonomy for financial institutions

The Green Finance Industry Taskforce, convened by the Monetary Authority of Singapore (MAS), has released a consultation paper on proposed taxonomy for financial institutions to identify activities that can be considered environmentally friendly, in the push to turn the city state into Asia’s leading green finance hub. Public consultations on the taxonomy proposal ends on March 11.

Source: AsiaAssetManagement



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