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
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.