HKMA unveils Sustainable Finance Action Agenda
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) today (October 21) launched the Sustainable Finance Action Agenda (Action Agenda), setting out its vision to further consolidate Hong Kong's position as the sustainable finance hub in the region and support the sustainable development of Asia and beyond.
The "Action Agenda" includes eight goals in four areas:
I. Banking for net zero
1. All banks to strive to achieve net zero in their own operations by 2030 and in their financed emissions by 2050
2. All banks to enhance transparency on climate-related risks and opportunities
II. Investing in a sustainable future
3. Achieve net-zero emissions for the Investment Portfolio of the Exchange Fund by 2050
4. Support transition in the region through investment
III. Financing net zero
5. Develop Hong Kong into the go-to sustainable financing platform of the region and beyond
6. Catalyse innovation in sustainable finance
IV. Making sustainability more inclusive
7. Support high-quality and comprehensive sustainability disclosures
8. Close talent and knowledge gaps in sustainable finance in the region
The Chief Executive of the HKMA, Mr Eddie Yue,said, "Climate change is the defining challenge of our time. Hong Kong, as an International Financial Centre and Asia’s sustainable finance hub, has the duty and capability to up our game in facilitating sustainable fund flows and ensuring that banks manage the risks associated with the net zero transition properly. The Action Agenda sets out the HKMA's vision in this regard, including where we are heading, when we endeavour to reach various milestones, and how we expect the industry to join hands with us in the sustainable journey."
The HKMA will now work on implementing the Action Agenda, including providing further guidance and supporting tools for the industry. Taking into account market development and industry feedback, the HKMA will also review and refine the Action Agenda as and when necessary.
HKMA unveils Sustainable Finance Action Agenda Source: HKSAR Government Press Releases
HKMA unveils Sustainable Finance Action Agenda Source: HKSAR Government Press Releases
Director-General of Office for Attracting Strategic Enterprises visits Hangzhou and Shanghai to promote Hong Kong's advantages
The Director-General of the Office for Attracting Strategic Enterprises (OASES), Mr Peter Yan, today (May 16) concluded his visit to Hangzhou and Shanghai. It was a follow-up visit after multiple previous visits to Hangzhou and Shanghai earlier this year, and aimed to promote Hong Kong's latest developments and new opportunities in the innovation and technology industry and attract potential strategic enterprises to establish their presence in Hong Kong.
During the visit to Hangzhou from May 13 to 15, Mr Yan engaged with several leading enterprises in AI and data science, and cultural and creative industries. Additionally, he met with representatives from the Hangzhou Science and Technology Bureau to explore collaborative opportunities. The discussions focused on how Hong Kong and the Yangtze River Delta region can leverage their respective strengths to fill gaps and capitalise on research opportunities, supported by global talent.
Mr Yan stated, "Hangzhou, renowned for its dynamic technology ecosystem and advanced AI research and development capabilities, has emerged as a key innovation hub in China. The city's cultural and creative sector has experienced significant growth, particularly in the gaming industry, with recent successes like Black Myth: Wukong exemplifying its ability to fuse Chinese heritage with cutting-edge technology. We encourage more enterprises in the AI and cultural and creative industries to capitalise on Hong Kong's unique advantages to expand globally while fostering the vibrant growth of local AI and creative sectors."
Mr Yan started his visit to Shanghai on the afternoon of May 15. He highlighted the city's role as a key economic hub and leader in life and health technology, driving innovation in pharmaceuticals and healthcare. He emphasised how Hong Kong's AI and data infrastructure could drive industry growth and foster cross-border collaboration.
Apart from life and health technology industry leaders, Mr Yan also met with leaders of cultural and creative and advanced manufacturing industries, holding strategic discussions with the Shanghai Municipal Commission of Science and Technology to enhance the innovation ecosystem and foster high-potential ventures.
Mr Yan concluded his official visit to Shanghai this evening and returned to Hong Kong. The visit reinforced Hong Kong's role as a global innovation hub, fostering industry partnerships and cross-border collaboration to drive technological growth and economic development.
