HONG KONG, Oct. 9, 2024 /PRNewswire/ -- Hong Kong Green Finance Association ("HKGFA") hosted its Seventh Annual Forum in Hong Kong today, with the theme "Financing Asia's Net Zero Transition." Over 1,500 participants from Hong Kong, mainland China, Asia, and beyond attended the forum in person and virtual. The 2024 HKGFA Annual Forum brought together policy makers, regulators, multi-lateral development banks, and private sector players to deepen the dialogue on regional collaboration, innovation and solutions in the sustainable finance field.
Across the day's panel discussions and fireside chats, industry experts evaluated the region's progress to net zero, development of transition taxonomies, and practical considerations for implementing transition plans. Also covered were themes such as carbon accounting, the integration of nature and biodiversity, and the need for emerging green technologies and innovative financing solutions to support the transition.
Officiating at the forum were senior government officials from Hong Kong and mainland China including, the Honorable Mr. Paul Chan Mo-po, Financial Secretary of the Hong Kong SAR Government, Mr. Tan Yabo, Deputy Director-General, Economic Affairs Department of the Liaison Office of the Central People's Government in the HKSAR, Ms. Zhang Bei, Deputy Director-General of the Research Bureau of the People's Bank of China ("PBOC"), and Mr. Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, who opened the afternoon session with a message on Hong Kong's investments in the development of the green ecosystem.
Financial Secretary Mr. Paul Chan commenced the forum's proceedings with opening remarks, in which he highlighted Hong Kong's role as a leading global hub for GreenTech and GreenFi and presented the Government's strategy for turning this vision into reality.
Mr. Chan said, "Globally, as countries and regions set targets to achieve carbon neutrality, green investments have been rising. Meanwhile, transition finance is also gaining importance. Hong Kong can be Asia's leading transition finance hub. We have a strong foundation – including a robust regulatory framework, the necessary financial infrastructure, a well-developed finance market, and the expertise on standard-setting and compliance. What we need now is to raise the awareness of the necessity of transition finance, and the potential it offers."
Adding to Mr. Chan's comments, Dr. Ma Jun, Chairman and President of HKGFA, said, "Looking at the medium and longer-term, there are only two mega trends that will reshape our financial industry, one is sustainable finance, and the other is digitisation. And we can combine both in green and sustainable finance. HKGFA stands ready to build stronger partnership between the private sector and the public sector, to drive product innovation, to enhance capacity for the industry, and to facilitate transactions".
Keynote speeches were also delivered by Mr. Emmanuel Faber, Chair of International Sustainability Standards Board and Ms. Mary L. Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ).
Mr. Faber said: "Even before we finalised our Standards, Hong Kong had started a consultation process about adopting the Standards. And I would like to really commend the regulators and market authorities in Hong Kong for the incredibly rich and open dialogue that we have been able to have in Hong Kong in order to listen from Hong Kong early experience, but also to ensure that together Hong Kong was as close as possible aligned with the global baseline works that we were building, as they were building their own thinking.".
Ms. Schapiro said: "The GFANZ Hong Kong Chapter will collaborate with local financial institutions, policymakers, and the HKGFA to support the dialogue and capacity needed to scale transition finance, bringing GFANZ's work to the region and tailoring it to Hong Kong's context. With increasing interest in transition planning from policymakers around the world—including authorities in Hong Kong, the United States, and the United Kingdom, who have all directly cross-referenced GFANZ's work—Hong Kong has the opportunity to demonstrate how these efforts will create more jobs, build resilient cities, and drive sustainable growth.".
In the morning fireside chat, Mr. Kenneth Hui, Executive Director of the Hong Kong Monetary Authority ("HKMA"), Mr. Albert Park, Chief Economist of Asian Development Bank, and Ms. Sally Chen, Resident Representative in Hong Kong SAR (designate) of the International Monetary Fund ("IMF"), discussed key policies, regional collaboration, and capacity efforts to mitigate economic headwinds and achieve the Paris Agreement. It was followed by the afternoon fireside chat that discussed the public-private partnerships, financing and green technology innovation to support Asia's net zero future.
On the four panel discussions, HKGFA's members and leading industry experts shared the following insights and practical considerations:
Continuing in its efforts to support the green and sustainable finance ecosystem, HKGFA shared a preview of its soon-to-be launched "Green Technology Landscape in Hong Kong: Opportunities for Finance" survey findings. The survey preview showcased the green technology landscape in Hong Kong, covering six sectors and 34 subsectors that have great potential in Hong Kong and GBA, their technical maturity and financing needs, and how finance can unlock the potential of emerging technologies. The report highlights the need for establishing an interdepartmental government, public and private sector working group with coordination capacity, as well as public and private co-investments, and financing schemes for SMEs.
This year's HKGFA Annual Forum was sponsored by Bank of China (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered, PricewaterhouseCoopers Hong Kong, Moody's, MSCI, Natixis Corporate & Investment Banking, Société Générale, and Sustainable Fitch.
About Hong Kong Green Finance Association
Founded in September 2018, Hong Kong Green Finance Association (HKGFA) provides a unique platform that supports the development of green finance and sustainable investments in Hong Kong and beyond. It aims to mobilise both public and private sector resources and talents in developing green finance policies, to promote green finance business and product innovation within financial institutions. The HKGFA's main goal is to position Hong Kong as a leading international green tech and green finance hub by providing greater access and opportunities for Hong Kong's financial institutions and corporates to participate in green financing transactions locally, in mainland China, and in markets along the Belt & Road. This is in line with the global path to implementing the UN Sustainable Development Goals and the Paris Agreement.
HKGFA's key activities are organised through five working groups, namely Banking – Financing the Transition, Product Innovation and Solutions, Sustainability-related Disclosures, Policy and Standards, Greater Bay Area Green Finance Alliance, and Real Estate.
In September 2024, HKGFA joined the Global Capacity Building Coalition (GCBC), an unprecedented global initiative launched by the U.N. Secretary-General's Special Envoy on Climate Ambition and Solutions Michael R. Bloomberg, designed to unite MDBs, private sector finance, and international organizations to respond to the growing demand for capacity building support from financial institutions in emerging markets and developing economies (EMDEs). HKGFA's research, events and training will be available on this platform.
Please visit https://www.hkgreenfinance.org/ for more information.
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2024 HKGFA Annual Forum - Financing Asia's Net Zero Transition
2024 HKGFA Annual Forum - Financing Asia's Net Zero Transition
