The Cross-Agency Steering Group in Hong Kong has set three priorities for 2025 to advance sustainable finance: improving sustainability disclosure frameworks, enhancing Hong Kong's position as a sustainable finance hub, and leveraging data and technology for better reporting. The Steering Group, co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission, aims to coordinate efforts to manage climate risks and promote green finance initiatives.
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Today is: February 11, 2025, article written on 6 Feb 2025.
The Green and Sustainable Finance Cross-Agency Steering Group sets out three key priorities for fostering sustainable finance growth in Hong Kong.
The Steering Group will support the implementation of International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards) and provide technical assistance, develop a sustainability assurance framework, and deliver capacity building programs.
To enhance Hong Kong’s role as a leading sustainable and transition finance hub, the Steering Group will expand the Hong Kong Taxonomy for Sustainable Finance to incorporate transition elements, develop operational guidance, and set up a Transition Finance Knowledge Hub.
The Steering Group will also develop the Hong Kong Green Fintech Map with the industry, enhancing sustainability reporting and increasing data availability through public utility data tools.
About the Steering Group
Established in May 2020, the Steering Group, co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission, includes key government bodies and regulatory authorities. It aims to coordinate climate and environmental risks management and promote green finance.
The Steering Group has undertaken several initiatives, including launching the Prototype Hong Kong Green Fintech Map in March 2024, with Cyberport and Invest Hong Kong. The map focuses on identifying and promoting sustainable finance technologies.
The group's activities also include supporting the government's climate strategies and accelerating the adoption of sustainable finance practices.
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