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Press Release 17 December 2020

HKAB Welcomes Strategic Plan Launched by Green and Sustainable Finance Cross-Agency Steering Group



(17 December 2020) The Hong Kong Association of Banks (HKAB) welcomes the Strategic Plan published by the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group). The Strategic Plan is of great significance and serves as a guidance for the development of green finance in Hong Kong. Climate and environmental change are topical issues currently faced by the global community. As one of the world's leading international financial centres, Hong Kong has the ability and is positioned well to accelerate the development of green finance and support the transition to a green society, in a bid to create a better future. 

The Strategic Plan outlines a blueprint for the development of green finance in Hong Kong with six key focus areas, among which enterprises are required to provide climate-related disclosures in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) framework by 2025. Hong Kong will hopefully take the lead in moving from "comply or explain" to "mandatory disclosure", a shift that will promote the strengthening of climate risk management within enterprises while supporting Hong Kong's 2050 carbon neutrality goal. In addition, the banking industry aspires to a clear green taxonomy and a global, uniform set of sustainability reporting standards. These will lay a solid foundation for the development of green finance in the banking industry and enhance Hong Kong's appeal as an international green finance market. The development of green finance in Hong Kong requires a concerted effort by different stakeholders. The launch of a cross-sectoral exchange platform and repository of sustainable finance resources is conducive to enhancing the communication and exchange among various industries while strengthening Hong Kong's capacity building in green finance. 

The Hong Kong banking industry will work with the Steering Group and other stakeholders to carry out the Strategic Plan by fulfilling its requirements. The industry will also drive the development of the city's green and sustainable finance into a new chapter, and further consolidate Hong Kong's status as a regional hub for green finance in an effort to realise Hong Kong's 2050 carbon neutrality goal. 

The Hong Kong Association of Banks

 

 

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