Hong Kong Sustainable Finance Development Plan
Hong Kong Green and Sustainable Finance Cross-Agency Steering Group (CASG) releases sustainable finance development measures to seize the investment opportunities brought about by the low-carbon transition and consolidate Hong Kong’s role as a global sustainable finance center.
CASG released Hong Kong’s sustainable finance work plan in August last year, planning to establish a sustainable finance roadmap and a green financial technology blueprint to strengthen the financial industry’s ability to respond to climate risks.
Related Post: Hong Kong Releases Sustainable Finance Work Plan
Hong Kong Sustainable Finance Development Measures
CASG proposes three measures this time, namely:
- Adopt the sustainable disclosure standards of International Financial Reporting Standards (IFRS). IFRS proposed sustainable disclosure standards IFRS S1 and IFRS S2 last year, and various jurisdictions are developing disclosure standards based on this international standard. CASG requires Hong Kong’s Financial Services and the Treasury Bureau (FSTB) and Hong Kong Securities and Futures Commission (SFC) to establish a new working group to communicate with financial industry stakeholders and report the adoption progress to CASG.
- Strengthen the application of green financial technology in sustainable reporting and analysis. CASG will launch an electronic climate and environmental risk questionnaire suitable for non-listed companies on its website, as well as a greenhouse gas emissions calculation tool. These measures can strengthen the application of green financial technology in the sustainable financial market.
- Support the development of transitional finance. CASG regards transitional finance as a key work this year and plans to incorporate it into policy formulation, such as including transitional economic activities in the taxonomy, strengthening transitional finance training.
CASG states that it will ensure Hong Kong’s interoperability and consistency with the world in sustainable finance and cooperate with local and international institutions in terms of data, talents, and technology to accelerate the development.
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