The HKMA and the DFSA have taken a step towards strengthening sustainable finance by hosting their first Joint Climate Finance Conference.
According to HKMA, the event, held in Hong Kong, saw the participation of over 240 stakeholders from the financial sector, industry bodies, and international organizations, under the theme “Building a Net-Zero Asia – Middle East Corridor.”
During the conference, discussions focused on the pressing need for transition finance and the existing gaps in this area. The event also explored potential increased cooperation between Hong Kong and Dubai, aiming to foster investment towards achieving net-zero goals in both regions.
A pivotal moment of the conference was the signing of a Memorandum of Understanding (MOU) between the HKMA and the DFSA, which promises to deepen their strategic partnership in sustainable finance. This agreement is set to enhance cross-border dialogue, facilitate the sharing of information on emerging trends, and promote joint research and events.
HKMA Chief Executive, Mr Eddie Yue, emphasized the global challenge posed by climate change and the strategic role that Hong Kong and Dubai can play. “Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, and the key gateways between East and West, can and should do more together,” he stated. Mr Yue expressed enthusiasm for future collaborations to build the ‘Net-zero Asia – Middle East Corridor’.
Echoing these sentiments, DFSA Chief Executive, Mr Ian Johnston, highlighted the importance of robust partnerships in achieving net-zero targets. “The signing of this MOU with the HKMA represents a pivotal step in reinforcing the cooperation between Dubai and Hong Kong in climate finance,” he remarked. Mr Johnston also referenced Dubai’s Economic Agenda D33, underscoring the city’s commitment to leading environmental, social, and governance initiatives.
Both the HKMA and DFSA are committed to continuing their collaborative efforts to promote sustainable finance, particularly in areas that support the transition to a low-carbon economy and mobilize capital for green growth.
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