The Hong Kong Monetary Authority (HKMA) will develop a green sustainable finance module for banking practitioners following recommendations from Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group.
Founded in May 2020, the Steering Group is co-headed by the HKMA and the Securities and Futures Commission. Other members of the group include the Financial Services and the Treasury Bureau, Hong Kong Exchanges and Clearing as well as other government departments and regulators.
Regulation Asia noted that the Steering Group established the Centre for Green and Sustainable Finance in July this year, with two GSF Centre working groups having now issued capacity building recommendations. These are to develop a common GSF qualification framework, support practitioners and young people to take up GSF training and provide young people with industry experience.
Furthermore, the GSF Centre has recommended measures to boost access and availability of GSF data and analytics tools and to fill the key data gaps. The Centre has also revealed plans to launch information portals to provide access to GSF data and resources.
The Steering Group has also revealed plans to examine the development of a green classification framework for adoption in Hong Kong – aligned with the China-EU Common Ground Taxonomy.
The Group said, “The work will be guided by the principles of interoperability, comparability and inclusiveness, taking into account other definitions of green, transitional activities, and local considerations.”
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