HK urged to update regulations on sustainable financeBusiness | 26 Jun 2020 7:20 pm
Our Hong Kong Foundation, partnered with Hong Kong Green Finance Association today to host a webinar "Sustainable Banking: Now and the Way Forward.''
Key takeaways include the importance of sustainable banking in improving the resilience of banks against social and environmental risks; and mobilizing capital by banks for more sustainable business activities.
Hong Kong’s regulatory framework should align with international best practices to capture these opportunities and facilitate innovative products, such as sustainability-linked loans.
Joseph Chan Ho-lim, Under Secretary for Financial Services and the Treasury, said the government will continue to work closely with industry experts and think tanks to bolster Hong Kong's position as a leading green and sustainable finance center in Asia and globally.
Stephen Wong, deputy executive director and head of public policy institute of the foundation recommended the government evaluate Hong Kong's strategic role in sustainable finance and focus on building banks' capacity for assessing, as well as managing sustainability risks.