A global failure to curb carbon emissions will lead to rising debt-servicing costs for 59 nations within the next decade, according to a study that simulated the economic impact of climate change on current sovereign credit ratings.
Among them, China, India, the US and Canada could expect higher costs as their credit scores fall by two notches under a "climate-adjusted" ratings system, the study published in the Management Science journal has found.
Meanwhile, the Green and Sustainable Finance Cross-Agency Steering Group, co-founded by Hong Kong Monetary Authority and Securities and Futures Commission, announced key focus areas in order to further promote and strengthen Hong Kong's role as a leading sustainable finance hub.
The areas include establishing regulatory frameworks consistent with global standards, boosting the city's competitiveness to support net-zero transition and enriching markets with diverse products.
In other news, the SFC cautioned against improper practices among some virtual asset trading platforms, highlighting that certain unlicensed VATPs falsely claim to have submitted license applications to the SFC whereas they have not actually done so.
