Cross-Agency Steering Group announces priorities to further strengthen Hong Kong’s sustainable finance ecosystem

On August 7, 2023, the Securities and Futures Commission of Hong Kong, SFC, published a press statement to inform that the Green and Sustainable Finance Cross-Agency Steering Group in Hong Kong presented its main objectives to further foster sustainable finance and promote the city’s position as a sustainable finance hub. These objectives include the following:
(1) Developing strong regulations aligned with global standards: The steering group plans to create a comprehensive plan for adopting the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards. It will form a working group involving relevant authorities to determine the roadmap for the adoption, thereby considering Hong Kong’s global green finance status and local regulations.
(2) Strengthening Hong Kong’s finance ecosystem: The steering group plans to organize workshops to assist non-listed companies and SMEs in their sustainability „planning and reporting“. A data portal will be established to improve the availability of climate-related data from the Climate and Environmental Risk Questionnaire. Furthermore, public-private partnerships will be explored to boost technology-driven solutions, and a green FinTech map will be developed to highlight firms in the sector.
(3) Cultivating reliable markets and diverse financial products: The Steering group will integrate transition considerations into their policies, supporting sustainable finance. A dedicated initiative will aid financial institutions and corporations in their „transition planning and reporting“. Additionally, the group will advance initiatives aimed at becoming an international carbon market, connecting opportunities across the Mainland, Asia, and the world.