Green and Sustainable Finance Cross-agency Steering Group Established in Hong Kong
Paving the Way for a Greener and More Sustainable Financial Future
A Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has been established in Hong Kong.
It is a joint effort by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). The aim of the group is to help manage and coordinate the environmental and climate risks the financial sector faces. The group also aims to speed the growth of green and sustainable finance.
Other members of the group include:
- Environment Bureau
- Financial Services and the Treasury Bureau (FSTB)
- Hong Kong Exchanges and Clearing Limited (HKEX)
- Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA)
Green and Sustainable Finance to Support Government’s Climate Strategies
The Steering Group will offer strategic direction, focusing on market development and regulatory policy. Facilitating regional cooperation will also be among its responsibilities.
Mandating the financial sector is extremely relevant since climate change poses a financial risk. As the premier financial hub in Asia, Hong Kong has a responsible role to play in fighting climate change. Green finance could also foster the growth of Hong Kong as a low carbon economy.
The group aims to support the climate change initiatives by:
- Examining the regulatory issues and policies in this sustainable and green finance sector.
- Facilitate policy coordination and direction, and ensuring Hong Kong’s strategy is comprehensive and cohesive.
- Address the current technical cross-sectoral issues.
- Keeping tabs on regional and international issues, trends and developments in the area.
- Identify the key areas Hong Kong can promote on green and sustainable finance.
The Steering Group is fully committed to helping Hong Kong consolidate its position as a leading sustainable and green financial hub. Sustainability is the key to economic prospect, investment strategies and financial resiliency in the years to come. As such, the group aims to deliver both impactful and meaningful results through collaboration.