Hong Kong Charts Path To Emerge As Green Financing Hub
(7 May 2020 – Hong Kong) Seven financial regulators and government bureaus are establishing a cross-agency body in Hong Kong in a bid to promote the city as a green financing hub.
Led by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), the Green and Sustainable Finance Cross-Agency Steering Group will focus on providing strategic direction for regulatory policy and market development, and facilitating regional cooperation. Other members of the Steering Group include the Environment Bureau, the Financial Services and the Treasury Bureau (FSTB), Hong Kong Exchanges and Clearing Limited (HKEX), the Insurance Authority (IA) and the Mandatory Provident Fund Schemes Authority (MPFA).
According to the Climate Bonds Initiative, US$47.9 billion in green bonds have been issued so far this year and as much as US$350 billion in new green fundraising is projected for all of 2020 representing a 36 percent increase over 2019.
“The SFC is pleased to have initiated this Cross-Agency Steering Group to coordinate Hong Kong’s green finance strategy and to enhance its leading role in the global effort to ensure that companies disclose the impact of climate change on their businesses and that asset managers integrate climate factors into their investment processes” said Ashley Alder, Co-Chair of the Steering Group, Chief Executive Officer, SFC.
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