Hong Kong is striving to establish itself as a leading hub for sustainable finance in the region, by making sustainability initiatives accessible to stakeholders.
The Chairman of the Hong Kong Quality Assurance Agency, Ho Chi-shing spoke on the HKQAA 35th Anniversary Forum and touched on subjects regarding sustainable finance, ESG, and climate resilience. Chairman Ho mentioned that Hong Kong has embraced the sustainable finance vision, emerging as a leading international hub for green finance.
The growing accessibility to green capital shows that Hong Kong is well-positioned to channel investments into projects that positively impact the environment and society. For instance, the Hong Kong Monetary Authority (HKMA) has unveiled its Sustainable Finance Action Agenda, a strategic initiative aimed at transforming Hong Kong into a leading hub for sustainable finance in the region.
Key objectives of the agenda include enhancing climate risk disclosures to align with international standards, promoting sustainable investments in sectors like renewable energy and energy-efficient real estate, and fostering innovation in sustainable finance through fintech solutions and digital green bonds.
Additionally, the agenda aims to close knowledge and talent gaps in sustainable finance by developing training programs and frameworks, while also ensuring that sustainability initiatives are inclusive and accessible for all stakeholders.
Additionally, over the past few months Hong Kong has already been making changes towards green practices and projects concerning the maritime sector. Most recently, Hong Kong announced the reconstitution of the Hong Kong Maritime and Port Board, to support the Government in policy implementation and to promote the sustainable development of its maritime industry.
Furthermore, on October 7, Hong Kong’s International Maritime Centre (IMC) announced the creation of the Hong Kong Chamber of Shipping (HKCoS).
The Chairman also noted that by June of this year, the Securities and Futures Commission had authorised over 230 ESG funds, with total assets under management exceeding HK$1.3 trillion.
