The Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), has outlined its key priorities for 2025, aimed at promoting the growth of sustainable finance in Hong Kong.
Key Priorities for 2025
Implementation of ISSB Standards
The Steering Group plans to adopt the International Sustainability Standards Board (ISSB) standards in Hong Kong. This will include offering technical support, developing a sustainability assurance framework, and launching capacity-building programs in collaboration with industry partners.
Expansion of the Hong Kong Taxonomy for Sustainable Finance
The group will broaden the Hong Kong Taxonomy for Sustainable Finance by integrating transition elements and identifying new sustainable activities. Additionally, sector-specific guidance on transition finance will be published, accompanied by the creation of a Transition Finance Knowledge Hub on its official website. In line with these efforts, the Steering Group aims to establish Hong Kong as a leading carbon trading hub in the Asia-Pacific region by fostering greater stakeholder engagement and expanding regional training programs.
Support for Green Fintech Development
The Steering Group will also focus on the advancement of green fintech by launching the Hong Kong Green Fintech Map in the first half of 2025. Moreover, it will enhance public data tools, including two greenhouse gas emissions calculation tools and a Climate and Environmental Risk Questionnaire for SMEs and non-listed companies. These measures are intended to improve sustainability reporting and increase accessibility to critical data.
A Collaborative Effort
The Steering Group, which was established in May 2020, is composed of representatives from several key agencies, including the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, and Hong Kong Exchanges and Clearing Limited.
The new initiatives reflect Hong Kong’s commitment to advancing green finance and reinforcing its position as a global leader in sustainable financial practices.
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