Hong Kong Monetary Authority Outlines 2025 Sustainable Finance Priorities
The Hong Kong Monetary Authority (HKMA), in collaboration with the Green and Sustainable Finance Cross-Agency Steering Group, has announced its strategic priorities for 2025 aimed at bolstering sustainable finance initiatives in Hong Kong. These objectives were outlined following a recent meeting, as reported by the Hong Kong Monetary Authority.
Developing a Sustainability Disclosure Ecosystem
One of the primary goals set by the Steering Group is the establishment of a comprehensive sustainability disclosure ecosystem. This initiative aligns with the Hong Kong Special Administrative Region (HKSAR) Government's roadmap on sustainability disclosure. The group plans to support the implementation of the International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards) in Hong Kong by providing technical assistance, developing a sustainability assurance framework, and offering capacity-building programs.
Reinforcing Hong Kong's Role as a Sustainable Finance Hub
To enhance Hong Kong’s position as a leader in sustainable and transition finance, the Steering Group aims to expand the Hong Kong Taxonomy for Sustainable Finance. This will involve incorporating transition finance elements and new sustainable activities. The Steering Group is also developing operational guidance for transition finance in specific sectors and plans to establish a Transition Finance Knowledge Hub on its website. Furthermore, the group is committed to transforming Hong Kong into a carbon trading hub for the Asia-Pacific region, following developments at COP29.
Harnessing Data and Technology
The Steering Group is also focusing on leveraging data and technology to support sustainability reporting and promote sustainable financing activities. A key project is the development of the Hong Kong Green Fintech Map, which will facilitate the mobilization of sustainable capital and enhance transparency in information flow. Additionally, the group will continue to improve public utility data tools available on its website, including greenhouse gas emissions calculators and a climate risk questionnaire for SMEs.
For more details on the initiatives of the Steering Group and its members, visit the official Hong Kong Monetary Authority website.
About the Steering Group
Established in May 2020, the Steering Group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission. It includes members from various governmental and financial bodies, such as the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, and Hong Kong Exchanges and Clearing Limited. The group aims to manage climate and environmental risks in the financial sector and accelerate the growth of green and sustainable finance in Hong Kong, supporting the government's climate strategies.