Guangdong-Hong Kong-Macao Greater Bay Area financial institutions deepen collaboration in green finance (with photos)

On April 24, 2023, two meetings took place between financial market regulators, industry participants, and several organizations, including the Hong Kong Green Finance Association (HKGFA) and the Greater Bay Area Green Finance Alliance, to further strengthen collaboration in green and sustainable finance in the Guangdong – Hong Kong – Macao Greater Bay (GBA) area. The meetings were co-organized or supported by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) and attended by Mr. Christopher Hui, the Secretary for Financial Services and the Treasury.
In the first meeting, participants discussed the status quo of local taxonomy developments, transition finance opportunities in the GBA, and the „mutual recognition of green finance standards in the GBA“. In the second meeting, they exchanged views on specific measures and initiatives that might promote the sustainable finance ecosystem in the area, such as the exchange of ESG data and emissions data or the alignment of corporate disclosure requirements with global standards. Additionally, participants discussed how to further promote the development of carbon markets in the Greater Bay area and how to foster capacity building.
The meetings were complemented by various keynote speeches on sustainable finance issues. To conclude, Mr. Hui pointed out that „Enhancing [the] exchange and co-operation with the GBA markets will be beneficial to accelerating the development of Hong Kong into an international centre for green technology and finance. The meeting today serves as a starting point and provides [the] foundation and direction for implementing various collaborative measures in future.“