The Hong Kong government is making a major push to promote the city as an international green hub with the establishment of a new body made of seven financial regulators and government bureaus.
The «Green and Sustainable Finance Cross-Agency Steering Group» will be led by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). They are joined by the Insurance Authority, Mandatory Provident Fund Schemes Authority, Hong Kong Exchanges and Clearing, Environment Bureau and Financial Services and the Treasury Bureau.
«We need different agencies to work together to develop the regulations for green financing and promote,» said Edmond Lau, a senior HKMA official. «It cannot be developed by a single regulator.»
Hong Kong-China-EU Cooperation
Whilst talent and infrastructure for green financing were readily available, Hong Kong officials highlighted the need for promotion and appropriate regulation. In the coming six months, the new cross-agency body will work with mainland and European experts on green taxonomies and disclosure standards.
«Climate change is a source of financial risk impacting the entire financial sector,» said HKMA chief Eddie Yue Wai-man who is co-chair of the steering group alongside SFC chief Ashley Alder.
«As a premier international financial center, Hong Kong can play a pivotal role in promoting sustainable development and powering the transition, especially in Asia.»
