(23 October 2024 – Hong Kong) The Hong Kong Monetary Authority (HKMA) has unveiled the Sustainable Finance Action Agenda, outlining its vision to position Hong Kong as a leading hub for sustainable finance.
All banks are required to reach net zero within their operations by 2030, and for their financed emissions by 2050. Additionally, banks are urged to improve transparency around climate-related risks and opportunities.
The HKMA also aims to establish Hong Kong as the premier sustainable financing platform in the region.
“Hong Kong, as an International Financial Centre and Asia’s sustainable finance hub, has the duty and capability to up our game in facilitating sustainable fund flows and ensuring that banks manage the risks associated with the net zero transition properly,” said Eddie Yue, Chief Executive of the HKMA.
The HKMA will work towards implementing the action agenda, with provisions for review and refinement as necessary.
The agenda outlines four key areas: banking for net zero, investing in a sustainable future, financing net zero, and making sustainability more inclusive. Each area is accompanied by two specific goals:
I. Banking for net zero
- All banks to strive to achieve net zero in their own operations by 2030 and in their financed emissions by 2050
- All banks to enhance transparency on climate-related risks and opportunities
II. Investing in a sustainable future
- Achieve net-zero emissions for the Investment Portfolio of the Exchange Fund by 2050
- Support transition in the region through investment
III. Financing net zero
- Develop Hong Kong into the go-to sustainable financing platform of the region and beyond
- Catalyse innovation in sustainable finance
IV. Making sustainability more inclusive
- Support high-quality and comprehensive sustainability disclosures
- Close talent and knowledge gaps in sustainable finance in the region