Featured Product

    HKMA Expresses Support for Climate Action Plan of Government

    October 11, 2021

    The Government of Hong Kong announced the Climate Action Plan 2050, which sets out the visions on zero-carbon emissions and sustainable development. The action plan also outlines the strategies and targets for combating climate change and achieving carbon-neutrality. The Hong Kong Monetary Authority issued a statement noting that the Green and Sustainable Finance Cross-Agency Steering Group (CASG), which was set up in May 2020 and is co-chaired by HKMA and the Securities and Futures Commission, welcomes and fully supports this Climate Action Plan 2050.

    Leading Hong Kong toward the goal of carbon neutrality, the new plan outlines four major decarbonization strategies and measures—target net-zero electricity generation before 2050, reduce electricity consumption of commercial buildings by 30% to 40% and of residential buildings by 20% to 30% from the 2015 level by 2050; attain zero vehicular emissions and zero carbon emissions in the transport sector before 2050; and achieve carbon-neutrality in waste management before 2050. In the next 15 to 20 years, the government will devote about $240 billion to take forward various measures on climate change mitigation and adaptation. The Environment Bureau will set up a new Office of Climate Change and Carbon Neutrality to strengthen co-ordination and promote deep decarbonization. Also, a dedicated advisory committee on combating climate change will be formed to encourage different sectors in the community, including young people, to participate actively in climate actions.

    The Chief Executive Officer of the Securities and Futures Commission and Co-Chair of the CASG Mr. Ashley Alder said, “As an international financial center, Hong Kong has a critical role to play to mobilize capital to implement the four major decarbonization strategies and measures detailed in the Hong Kong’s Climate Action Plan 2050. Hong Kong will continue to consolidate its position as the green finance hub for Asia and the Mainland including the Guangdong-Hong Kong-Macao Greater Bay Area to connect international investors and the Mainland markets.” Additionally, the Chief Executive of the Hong Kong Monetary Authority and Co-Chair of the CASG Mr. Eddie Yue said, “The CASG is committed to helping accelerate the growth of green and sustainable finance in Hong Kong, with a view to supporting the transition of our economy to carbon neutrality and facilitating the management of climate risk by financial institutions. We look forward to close partnership and collaboration with all stakeholders through concrete actions to achieve the objectives set out in the action plan.”

     

    Keywords: Asia Pacific, Hong Kong, Banking, Climate Change Risk, Climate Action Plan, Net Zero Economy, Carbon Neutrality, ESG, CASG, HKMA

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514