UNDP, GLEIF and MAS to Work on Digital ESG Credentials for MSMEs Worldwideby Fintech News Singapore June 26, 2023
The United Nations Development Programme (UNDP), Global Legal Entity Identifier Foundation (GLEIF) and Monetary Authority of Singapore (MAS) will be working together to develop digital ESG credentials for micro, small and medium-sized enterprises (MSMEs) worldwide.
MAS will deploy the ESGenome disclosure platform, presently co-piloted with the Singapore Exchange as part of MAS’ Project Greenprint, as a digital reporting tool for MSMEs to populate the ESG metrics needed to generate their basic ESG credentials.
In doing so, MAS will leverage Greenprint’s partner network of AIoT and data capture solutions to pre-fill these metrics using verified data where possible, to simplify and streamline MSMEs’ reporting process.
The generated ESG data credentials then can be housed in the MSMEs’ Legal Entity Identifier (LEI) records, enabling them to transmit verified entity information and key ESG data to their business partners.
The UNDP, GLEIF and MAS will consult regulators, financial institutions and real economy corporations to refine the project’s scope and execution.
This will culminate in a proof of concept targeted to be launched at the 2023 UN Conference of the Parties (COP28), to be held in Dubai from November to December 2023.
Sopnendu Mohanty, Chief Fintech Officer, MAS, said,
“Project Greenprint was conceived by MAS as a public-private initiative to explore how technology could be harnessed to drive more seamless origination and access to sustainability-related data. We are therefore pleased for Greenprint to collaborate with like-minded counterparts in UNDP and GLEIF to advance the goals of Project Savannah.
Such collaboration will demonstrate the game-changing potential of technology in revolutionising the way MSMEs – the building blocks of every economy – tackle climate change while simultaneously lowering reporting burdens and supporting financial inclusion. In time, we foresee initiatives like Greenprint playing a crucial role in supplying verified private market and MSME data, to inform global efforts on charting more efficient pathways to a low carbon future.”