HKMA, SFC team up with government agencies as Hong Kong sets sights on becoming green financing hub
- Seven regulatory bodies and government agencies will work together to promote the city as a green financial hub to capture a slice of the US$350 billion market
- A working group comprising officials from these seven agencies will work together to develop regulations and promote the city’s green credentials
Hong Kong on Tuesday made its biggest push to date in its bid to become a green financing hub and capture a slice of the market that is expected to be worth US$350 billion this year.
Seven financial regulators and government bureaus, led by the Hong Kong Monetary Authority and markets watchdog Securities and Futures Commission, set up a cross-agency body – Green and Sustainable Finance Cross-Agency Steering Group – to promote the initiative.
They will be joined by the Insurance Authority, Mandatory Provident Fund Schemes Authority, Hong Kong Exchanges and Clearing, Environment Bureau and Financial Services and the Treasury Bureau.
“We need different agencies to work together to develop the regulations for green financing and promote. It cannot be developed by a single regulator,” Edmond Lau, a senior executive director at HKMA, said during a teleconference.
Over the next six months, the steering group will focus on disclosure requirements for green financing and other promotional strategies.