Featured Product

    HKMA Outlines Phase 1 of Approach to Promote Sustainable Banking

    June 28, 2019

    HKMA published a circular that sets out its work plan for Phase I of the approach to promote green and sustainable banking in Hong Kong. In the Green Finance Forum, which was held on May 07, 2019, HKMA had unveiled a number of measures for promoting the development of green finance in Hong Kong, including the adoption of a three-phased approach to promote green and sustainable banking.

    In the first phase, HKMA will prioritize the development of a common framework to enable comprehensive assessments of the "greenness” of authorized institutions. HKMA will collaborate with major industry stakeholders to form a working group to carry out the relevant work. The first meeting of the working group is expected to be held before the end of August. The working group will aim to develop the framework for industry consultation by the end of this year. The framework would consist of both guiding principles and possible metrics for assessing the “greenness” of the institutions.

    Such principles and metrics will be developed taking into account both local stakeholders’ opinions as well as international guidelines and recommended practices. HKMA has recently joined the central banks and supervisors' Network for Greening the Financial System (NGFS) and will participate in the workstreams of NGFS, so that international insights would be considered in the development of the local Framework. Once the Framework is finalized by incorporating the industry’s comments, as appropriate, HKMA will conduct a comprehensive assessment, tentatively in the second quarter of 2020, to inform the future policy development. 

     

    Keywords: Asia Pacific, Hong Kong, Banking, Climate Change Risks, Sustainable Finance, NGFS, Green Finance Strategy, HKMA

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582