HKMA has been appointed as the chair of the Study Group on Resolution of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) for a two-year term from 2020 to 2022. The Study Group on Resolution is a resolution-specific forum within EMEAP and builds on the good work of the previous EMEAP resolution forum, the Focused Meeting on Resolution. The Study Group on Resolution supports knowledge-sharing and discussion among regional authorities in relation to resolution in a cross-border context. The chair of the Study Group on Resolution will be Mr. Stefan Gannon, Commissioner, Resolution Office and the secretariat function will be performed by the HKMA Resolution Office.
Additionally, the Center for Green Finance (CGF) under the HKMA Infrastructure Financing Facilitation Office (IFFO) and the International Finance Corporation (IFC), a member of the World Bank Group, co-hosted the first IFC Climate Business Webinar during December 14-15, 2020. The event took place virtually in lieu of the previously planned 6th Annual IFC Business Forum, an IFC flagship event to discuss best practices in sustainable business and green banking. The Webinar attracted over 1,500 participants globally from Asia, Europe, the Middle East, Africa, and the Americas. During the IFC Climate Business Webinar, Mr. Eddie Yue, Chief Executive of the HKMA and Mr. Vivek Pathak, IFC’s Director for East Asia and the Pacific, discussed the recent launch of the Alliance for Green Commercial Banks, which is a new global initiative that brings together financial institutions, banking industry associations, research institutions, and innovative technology providers to work together to develop a community of green commercial banks across emerging markets and finance the infrastructure and business solutions needed to urgently address climate change.
Starting in Asia, in partnership with HKMA, IFC will work to support financial institutions on their journey to become leading green banks. As the founding member and first regional anchor of the Alliance, HKMA will partner with IFC to facilitate green knowledge-sharing between banks, conduct research on green investment opportunities in Asia, provide green finance. "The Alliance will promote green commercial banking that helps banks and their clients manage climate-related risks and seize green and sustainable investment opportunities,” said Eddie Yue, Chief Executive of the HKMA. “The Alliance will help commercial banks green their loan portfolios, design new climate-smart products and services, make their operations carbon neutral, and ultimately make green finance part of their core business. It will also help them manage exposure to climate risk and adopt best practices in managing environmental and social risk in lending and investment, which are areas where IFC has significant global experience,” said Vivek Pathak, IFC’s Regional Director for East Asia and the Pacific.
Keywords: Asia Pacific, Hong Kong, Banking, Climate Change Risk, Sustainable Finance, Cross-Border Resolution, Resolution Framework, HKMA
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