Mostafa Monira Firdouse, Green Finance Advisor of Friends of the Earth (HK)
In Last few months, there are number of efforts commenced to push Hong Kong’s status towards of an international green finance center. The establishment of the Greater Bay Area – Green Finance Alliance (GBA-GFA) is one of the key pillars for Hong Kong becoming a global hub for green finance. Regulatory authorities in Hong Kong are now working together to create and detail a strategy for setting credible and consistent standards, in-order to support green finance and sustainability practices globally, there must be consistent measurements and metrics at the international level. The opportunities for Hong Kong as a sustainable finance center are enormous.
Climate change is high on the agenda at the Hong Kong Monetary Authority (HKMA) and Asia where Hong Kong’s position as a hub for global investors – particularly Chinese investors – stands to boost green engagement, according to Eddie Yue, chief executive of the island’s central bank. To scale up the effort, HKMA has adopted a three-phased approach to promote green and sustainable banking.
Looking forward to see;
- A common framework will be developed to assess greenness baseline by 29 participant banks.
- Hong Kong Exchanges (HKEX) would also bring more strength to the government’s green targets.
- New/innovative financial products will come to cater GBA investors.
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