HKMA-Cross-Company Steering Group proclaims launch of data and information repositories and different progress in advancing Hong Kong’s inexperienced and sustainable finance growth

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HKMA-The Inexperienced and Sustainable Finance Cross-Company Steering Group (Steering Group) introduced immediately (21 June) the progress made and the best way ahead to advance Hong Kong’s main place in inexperienced and sustainable finance (GSF) and assist the monetary ecosystem’s transition in direction of carbon neutrality.

Centre for Inexperienced and Sustainable Finance (GSF Centre)

The GSF Centre has been working to construct capability and improve expertise and information sources for the monetary business. It’s happy to announce the progress within the following areas.

Capability constructing:

Launched the GSF Coaching Data Repository to facilitate quick access to details about worldwide and native GSF coaching and {qualifications};

Launched the GSF Internship Alternatives Repository to function an data platform for college college students who’re on the lookout for alternatives to achieve GSF-related work expertise and utilized data to arrange for a future profession on this area; and

Working with the Authorities on the preparation work for the brand new Pilot Inexperienced and Sustainable Finance Capability Constructing Help Scheme introduced by the Monetary Secretary within the 2022/23 Funds, with a view to launching the Scheme within the fourth quarter of 2022.

GSF information:

Launched the GSF Information Supply Repository to help the monetary sector in finding information sources for local weather danger administration and different GSF-related evaluation and analysis. The repository comprises varied Authorities information sources related to the evaluation of bodily dangers in Hong Kong, together with historic information on disaster damages, district stage micro-climate situations (equivalent to tropical cyclones, flooding, landslides and storm surges) in addition to geographic information and a co-ordinates transformation software; and

Planning to create a free and publicly accessible greenhouse gasoline emissions estimation software, with clearly-disclosed methodologies, that corporations can use instead supply of data.

Taxonomies and sustainability reporting

The Steering Group has been participating with the business and different related stakeholders to higher perceive the options and challenges of the native inexperienced classification framework. Following the publication of the up to date Widespread Floor Taxonomy (CGT) report by the Worldwide Platform on Sustainable Finance (Be aware 1), the Steering Group will, with help from consultants, work in direction of proposing the construction and core parts of the native inexperienced classification framework for session.

A key focus of monetary regulators globally is to facilitate capital allocation for the transition to a low carbon financial system. As a worldwide baseline for sustainability reporting, the Worldwide Sustainability Requirements Board (ISSB) goals to supply the primary set of worldwide sustainability requirements in late 2022 or early 2023 (Be aware 2). The Steering Group encourages market members to answer the ISSB public session on its proposed requirements, which can shut on 29 July 2022.

As a precedence, the Securities and Futures Fee (SFC) and the Hong Kong Exchanges and Clearing Restricted (HKEX) are evaluating a climate-first method to implement the ISSB requirements for Hong Kong listed corporations. An SFC-HKEX joint working group is wanting into the readiness of listed corporations to report below the proposed draft disclosure necessities and the challenges they face.

Carbon market alternatives

Following the Steering Group’s engagement with stakeholders and the publication on 30 March 2022 of its preliminary feasibility evaluation of carbon market alternatives for Hong Kong, the HKEX has commenced additional discussions with varied carbon exchanges and stakeholders from throughout the carbon market ecosystem.

Finish

Concerning the Steering Group

Established in Could 2020, the Steering Group is co-chaired by the Hong Kong Financial Authority and the SFC. Members embody the Surroundings Bureau, the Monetary Providers and the Treasury Bureau, the HKEX, the Insurance coverage Authority and the Obligatory Provident Fund Schemes Authority. The Steering Group goals to co-ordinate the administration of local weather and environmental dangers to the monetary sector, speed up the expansion of inexperienced and sustainable finance in Hong Kong and help the Authorities’s local weather methods.

Concerning the GSF Centre

The GSF Centre is a cross-sector platform launched by the Steering Group in July 2021. The Centre co-ordinates the efforts of monetary regulators, related Authorities companies, business stakeholders and academia in capability constructing and to enhance information availability for the monetary business.

(Be aware 1) The CGT is a report ensuing from an in-depth comparability train that places ahead areas of commonality between Mainland China’s and the European Union’s taxonomies. It was first printed in November 2021, and subsequently up to date in June 2022.

(Be aware 2) See the press launch ‘The Inexperienced and Sustainable Finance Cross-Company Steering Group welcomes the publication of the Worldwide Sustainability Requirements Board proposed requirements for public session’ dated 31 March 2022.

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