The Hong Kong Monetary Authority (HKMA) announced the "Sustainable Finance Action Plan" on the 21st, proposing eight major goals to further consolidate Hong Kong's position as a sustainable financial center in the region and support sustainable development in Asia and even globally. The main goals of the Sustainable Finance Action Plan include all banks committing to achieving net zero emissions for their operations by 2030 and financing by 2050, while increasing transparency on climate related risks and opportunities. Other goals include achieving net zero emissions for the foreign exchange fund's "investment portfolio" by 2050 or earlier; Supporting the transformation within the area through investment; To build Hong Kong into the preferred sustainable development financing platform in the region and globally; Catalyzing sustainable financial innovation; Support high-quality and comprehensive sustainable disclosure; Fill the talent and knowledge gap in sustainable finance within the region. The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, stated that climate change is a major challenge currently facing the world. As an international financial center and a sustainable financial hub in Asia, Hong Kong has the obligation and ability to further guide the flow of funds towards sustainable investments, while ensuring that banks properly manage the risks brought about by net zero transformation. He stated that the Hong Kong Monetary Authority will implement the 'Sustainable Finance Action Plan', including providing further guidance and supporting tools for the industry. The Hong Kong Monetary Authority will also review and improve the plan as necessary based on market development and industry feedback. (New Society)
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Source：chinanews.com
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