The Center for Green Finance under the HKMA Infrastructure Financing Facilitation Office and the International Finance Corporation, a member of the World Bank Group, co-organized a two-day seminar (October 10–11) on "Greening Financial Institutions." The seminar highlighted how financial institutions are increasingly factoring in climate-related risks in various aspects such as their governance, lending policies, risk management frameworks, investment portfolios, business models, and disclosure.
The seminar discussed various principles and tools for corporates to transition their business and financing strategies, as they consider how their lenders and investors view their commitments on Environment, Social, and Governance (ESG) factors. The event brought together over 300 senior executives, comprising bankers, corporate treasurers, project developers and operators, and professional service providers.
On this occasion, Mr. Arthur Yuen, the Deputy Chief Executive of HKMA, said: "Since our announcement of the three-phased approach in May to promote green and sustainable banking, we are moving forward with the banking industry on developing a common framework consisting of guiding principles and possible metrics for assessing the “greenness” of individual banks. Our participation in the Central Banks and Supervisors Network for Greening the Financial System (NGFS) also allows us to consider the latest international insights in the development of our local framework. This Seminar provided the industry with a useful opportunity to enhance their capacity and preparedness on green and sustainable banking."
Keywords: Asia Pacific, Hong Kong, Banking, Securities, NGFS, IFFO, Climate Change Risks, Sustainable Finance, ESG
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