Dr. Ma Jun elaborates on Multi-jurisdiction Common Ground Taxonomy during COP

In 2023, Singapore joined the CGT exercise, and collaborated with the EU and China to produce the Multi-jurisdiction Common Ground Taxonomy (MCGT), featuring 110 mitigation activities agreed upon by the three jurisdictions. Dr. Ma believes the MCGT represents "an important new milestone for enhancing interoperability of taxonomies across jurisdictions." The fact that CGT has been used by several jurisdictions as a building block for taxonomy development, suggests that the MCGT could further aid other countries in developing their sustainable finance markets.

In sessions hosted by Spain and Kazakhstan, Dr. Ma discussed the key uses of taxonomies, including labelling green financial products, preventing greenwashing, measuring and reporting green performance, and allocating policy incentives to green performers. He emphasised that the MCGT could serve as reference for more jurisdictions in developing their domestic taxonomies.

During the CASI Sustainability Forum for COP29 co-hosted by the Capacity-building Alliance of Sustainable Investment (CASI) and Azerbaijan University of Economics (UNEC), Dr. Ma stated that to enhance its global role in boosting interoperability of taxonomies, the MCGT plans to "expand its jurisdictional coverage by inviting more countries to join the development of future versions of MCGT."

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