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    HKMA Forms Green and Sustainable Finance Cross-Agency Steering Group

    May 05, 2020

    HKMA, along with the Securities and Futures Commission (SFC), published a joint statement on the establishment of the Green and Sustainable Finance Cross-Agency Steering Group. Other members of the Group are the Environment Bureau, the Financial Services and the Treasury Bureau, Hong Kong Exchanges and Clearing Limited, the Insurance Authority, and the Mandatory Provident Fund Schemes Authority (MPFA). The Steering Group aims to co-ordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong, and support the climate strategies of the government.

    The Steering Group intends to fulfill its aims by

    • Examining policy and regulatory issues in green and sustainable finance, particularly those which may have a cross-sectoral impact
    • Facilitating policy direction and coordination to ensure Hong Kong has a cohesive and comprehensive green and sustainable finance strategy
    • Addressing technical cross-sectoral issues by, for example, forming technical working groups and consulting with different experts and stakeholders
    • Tracking international and regional trends, issues, and developments in green and sustainable finance and considering how Hong Kong should better position itself and provide leadership in the region and globally
    • Identifying areas where Hong Kong can promote its strengths and thought leadership on green and sustainable finance regionally and globally

    At the inaugural meeting held on May 05, 2020, the Steering Group agreed to provide strategic direction, with a focus on regulatory policy and market development, to bolster Hong Kong’s position as a leading green and sustainable finance center in Asia and globally. It will also facilitate regional cooperation, including in the Guangdong-Hong Kong-Macao Greater Bay Area. The Steering Group has set up two work streams: to study and address cross-sectoral regulatory issues and to coordinate cross-agency market development efforts.

    Keywords: Asia Pacific, Hong Kong, Banking, Insurance, Securities, Sustainable Finance, Climate Change Risk, ESG, Steering Group, HKMA

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