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
Previous ArticleFSB and IMF Report Progress on Phase Two of G20 Data Gaps Initiative
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.