The Hong Kong Monetary Authority unveiled the Phase 2B prototype of the Hong Kong Taxonomy for Sustainable Finance on Monday for public consultation, broadening green and transition activities coverage and refining the assessment framework.
The new prototype release kick-started Hong Kong Green Week 2026, which focuses on climate change mitigation and climate change adaptation. The number of economic activities has increased from 25 to 39 items.
Arthur Yuen Kowk-hang, deputy chief executive of the HKMA, said that by clearly defining economic activities that contribute to green and sustainable development, the Taxonomy aims to establish a clear and credible assessment tool for the market, providing informed decision-making and helping scale up relevant capital flows.
He noted a growing number of banks and corporates have adopted the Taxonomy in their investment and financing activities and sustainable finance frameworks to boost investors’ confidence in the “greenness” of projects.
To deepen decarbonization impact in Phase 2B, 10 new economic activities have been added across the transportation, manufacturing, and waste management sectors. Key focuses include supporting key technologies that drive emissions reduction, providing transition pathways for “hard-to-abate sectors”, and supporting the development of green transportation and low-carbon fuels.
In enhancing climate resilience, HKMA introduced two broad categories – “whitelist” and “non-whitelist”. The white measures have been rigorously assessed and confirmed to make a substantial contribution to climate adaptation with low maladaptation risk. Phase 2B adds 11 whitelist measures, expanding coverage to the energy, transportation, buildings, information and communications technology, and risk management and response sectors.
Meanwhile, the non-whitelist measures focus on shoreline protection and flood management and will reference the SAR government’s guidelines to provide a reference list of 13 non-whitelist measures together with examples of technical metrics for assessment.
Yuen highlighted that this year’s Green Week has attracted over 100 local and international public- and private-sector organizations to host around 60 events. Looking ahead, he said HKMA will continue to leverage Green Week to consolidate and elevate Hong Kong’s position and influence as a sustainable finance hub.
HKMA will continue to update the Taxonomy, guided by market developments, public policies, industry priorities, and the latest technological advancements, he added.
