HKMA Launches Sustainable Finance Action Agenda
The Hong Kong Monetary Authority (HKMA) has unveiled the Sustainable Finance Action Agenda on October 21, 2024. This comprehensive plan aims to solidify Hong Kong's position as a leading sustainable finance hub in Asia and beyond. The agenda outlines eight goals across four key areas: Banking for Net Zero, Investing in a Sustainable Future, Financing Net Zero, and Making Sustainability More Inclusive.Key Goals of the Action Agenda:
Banking for Net Zero: All banks are encouraged to achieve net-zero emissions in their operations by 2030 and in their financed emissions by 2050.
Investing in a Sustainable Future: The Exchange Fund's investment portfolio aims to achieve net-zero emissions by 2050.
Financing Net Zero: Hong Kong will become a premier sustainable financing platform, fostering innovation in sustainable finance.
Making Sustainability More Inclusive: The agenda supports comprehensive sustainability disclosures and aims to close talent and knowledge gaps in sustainable finance.
HKMA's Chief Executive, Mr. Eddie Yue, emphasised the importance of this agenda in addressing climate change and supporting the transition to a low-carbon economy. The HKMA will provide guidance and tools to assist the industry in implementing these goals and will review the agenda periodically to ensure its relevance and effectiveness.
For more information, please visit https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/10/20241021-4/
Green and Sustainable FinTech Proof-of-Concept Funding Support Scheme Now Open for Applications
The Hong Kong Green Finance Association has announced the launch of the Green and Sustainable FinTech Proof-of-Concept Funding Support Scheme. This initiative, commissioned by the Financial Services and the Treasury Bureau, aims to accelerate green transformation in Hong Kong by providing early-stage funding to high-potential green fintech projects.Key Details:
Funding Amount: Each approved project can receive up to HK$150,000.
Focus Areas: The scheme targets projects in five key areas: Green & Digital Finance and Investment, ESG Disclosure, Compliance & Regulatory Reporting, Carbon Trading, Analytics & Technology, and ESG Data, Intelligence & Analytics.
Application Process: The scheme is now open for applications, and projects will be selected based on their potential to address industry pain points and contribute to the commercial adoption of green fintech solutions.
Christopher Hui, Secretary for Financial Services and the Treasury, emphasised the importance of green and sustainable development in addressing global climate challenges. He stated that the scheme will promote research and development (R&D) and the commercial adoption of innovative green fintech solutions, fostering the growth of Hong Kong's green fintech ecosystem.
Rocky Cheng, CEO of Cyberport, highlighted the organisation's commitment to supporting green fintech development and assisting various industries in their green transformation efforts. He expressed confidence that the scheme will drive the advancement of green and sustainable fintech, leading to the implementation of more innovative solutions and contributing to Hong Kong's goal of becoming an international green technology and finance hub.
For more information, please visit https://www.hkgreenfinance.org/green-and-sustainable-fintech-proof-of-concept-funding-support-scheme-now-open-for-application-funding-up-to-hk150000-to-accelerate-green-transformation-in-hong-kong/
Hong Kong Aims to Become Asia's Leading Green Financing Hub
Financial Secretary Paul Chan has announced that Hong Kong should strive to become Asia's leading green financing hub. Chan highlighted the city's significant strides in green and sustainable finance over the past three years, including the growth of green bonds, debts, and the establishment of numerous green funds.Chan emphasised Hong Kong's strong foundation for developing the transition finance market, citing its robust regulatory framework, financial infrastructure, well-developed market, and expertise in standard-setting and compliance. He expressed optimism about Hong Kong's potential to emerge as a leading hub for transition finance, which supports high-emission sectors in their journey towards sustainability.
The Financial Secretary also stressed the importance of raising awareness about the necessity of transition finance and its potential benefits. He mentioned that the Hong Kong Monetary Authority (HKMA) is working on a taxonomy for sustainable finance, incorporating transition activities, with plans for public consultation in early 2025.
Chan further highlighted the need for improved sustainability disclosures at the company level to enable investors to evaluate corporate commitments to environmental standards. He stated that Hong Kong aims to align its local sustainability disclosure requirements with those set by the International Sustainability Standards Board (ISSB).
For more information, please visit https://news.rthk.hk/rthk/en/component/k2/1773779-20241009.htm