The city’s regulator and central bank must introduce guidance and rules more aggressively if they want to show that Hong Kong is committed to green finance, say industry participants.
Hong Kong’s regulators and central bank need to introduce green finance rules and information requirements more assertively if they are to ensure that the world’s global temperature only rises by two degrees Celsius or less, said environmental experts attending the first anniversary of the Hong Kong Green Finance Association (HKGFA).
The one-day event was held on Monday (September 23) and sought to underscore Hong Kong’s developing credentials as part of the Greater Bay Area, which China has designated as a leading place to push green finance development.
The mood at the first panel was fairly celebratory, with several Hong Kong and Guangdong government officials discussing what they bring to green finance in the Greater Bay Area around the Pearl River Delta.
“First we need to identify our complementary advantage,” said Joseph Chan, undersecretary for financial services in the Hong Kong government. “The position of Hong Kong is that we are the leading financial centre in Asia and the leading international financial centre for China and the Greater Bay Area as well.”
The tone concerned several attendees. They praised the efforts of the HKGFA to push the conversation forward but said that some officials don’t appear to be seriously considering the deep-seated … [read more]