On 21 Nov 2024, the HKMA updated its Enhanced Competency Framework on Green and Sustainable Finance (Professional Level), establishing tiered competency standards for four key banking roles to address talent gaps in sustainability finance. The framework, non-statutory but strongly encouraged, requires role-specific training, work experience, and annual CPD, with grandfathering options for existing practitioners. The Hong Kong Institute of Bankers administers certification, while HKMA monitors bank adoption as part of its supervisory strategy.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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Introduction and Purpose
On 21 Nov 2024, the Hong Kong Monetary Authority (HKMA) published the Guide to the Enhanced Competency Framework (ECF) on Green and Sustainable Finance (Professional Level), replacing its July 2023 version to establish a revised industry-recognised competency framework for banking practitioners in green and sustainable finance (GSF). The framework aims to address talent shortages in this emerging sector by setting transparent standards for professional development and certification, supporting Hong Kong's position as an international financial centre amid global sustainability regulatory developments.
Scope and Job Role Definitions
The ECF-GSF applies to banking practitioners performing GSF-related functions in Hong Kong offices, categorised into four key roles: (1) Green and Sustainable Finance Product and Servicing; (2) Sustainability/Climate Risk Management; (3) Sustainability Disclosures and Reporting; and (4) Sustainability Strategy, Compliance and Control. The framework distinguishes between Core Level (entry/junior roles) and Professional Level (middle/senior roles), with detailed job tasks specified in Annex 1. It explicitly excludes staff performing solely clerical duties, non-GSF sustainability functions, or minimal GSF exposure.
Qualification Standards and Certification
Qualifications are tiered by level and role: Core Level requires completion of specific training modules (e.g., Module 1 + Module 2 for Product and Servicing Track), while Professional Level mandates additional modules (e.g., Module 5 + Module 6) plus two years of relevant work experience. Certification titles include Associate Green Finance Professional (Core) and Certified Green Finance Professional (Professional), mapped to Qualifications Framework (QF) Levels 4 and 5 respectively. Grandfathering options are available for existing practitioners meeting work experience criteria (2 years for Core Level; 5 years total with 2 years at Professional Level).
Continuing Professional Development and Governance
Annual Continuing Professional Development (CPD) requirements are set at 12 hours per year (minimum 5 hours on GSF topics), applicable to all certification holders. CPD activities include seminars, examinations, and training delivery. The Hong Kong Institute of Bankers (HKIB) administers certification, CPD compliance, and grandfathering applications, with HKMA monitoring bank adoption as part of its supervisory process. The framework is non-statutory but strongly encouraged for talent development, recruitment, and professional competence benchmarking.
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