BIS and MAS Launch Project Viridis

The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have collaborated to launch Project Viridis, aimed at integrating climate and regulatory data to better understand climate-related financial risks.

Project Viridis, announced in 2022, leverages the Ellipse Data and Knowledge Platform (EDKP) developed by BIS Innovation Hub Singapore Centre and MAS. This platform provides a comprehensive roadmap for identifying, monitoring, and managing climate risks within the financial system.

The initiative focuses on critical aspects of climate risk analysis, including physical risk exposure, financed emissions, and forward-looking assessments under various climate scenarios. Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, emphasized the need for adaptive and proactive strategies to address the impact of climate change on the global financial landscape.

This effort builds on previous collaborations between BIS and MAS, such as Project Mariana, which explored cross-border settlement capabilities of wholesale central bank digital currencies across major global markets.

Project Viridis marks a significant step in enhancing the financial sector’s resilience to climate-related risks by providing essential tools and metrics for effective climate risk management.