Hong Kong Green Finance Association Annual Forum 2024 – "Financial Support for Asia's Zero-Carbon Transition"

HONG KONG, Oct. 10, 2024 /PRNewswire/ --

Hong Kong Green Finance Association (HKGFA)

The seventh annual forum was held on 9 October under the theme "Financial Support for Asia's Zero Carbon Transition", with more than 1,500 participants from Hong Kong, Chinese mainland, Asia and beyond participating in person or online. This year's Forum brought together policymakers, regulators, representatives of multilateral development banks and the private sector to discuss regional cooperation, innovations and solutions in the field of sustainable finance.

During panel discussions and fireside chats, industry experts assessed the region's progress towards net-zero emissions, the development of a transition taxonomy, and practical considerations for implementing a transition plan. The forum also covered topics such as carbon accounting, the integration of nature and biodiversity, and the need for emerging green technologies and innovative financing solutions to support the zero-carbon transition.

Senior officials from the HKSAR Government and the Chinese mainland Government attended the forum and officiated at the forum, including Mr. Tan Yabo, Deputy Director-General of the Economic Affairs Department of the Liaison Office of the Central People's Government in the Hong Kong S.A.R., Ms Zhang Bei, Deputy Director of the Research Bureau of the People's Bank of China, and Mr. Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government. Mr Hui Ching-yu delivered a welcome speech at the forum in the afternoon, highlighting Hong Kong's investment in developing a green ecosystem.

Dr. Ma Jun, Chairman and President of the Hong Kong Green Finance Association

"In the medium to long term, sustainable finance and digitalisation will reshape our financial industry. We can combine digitalisation with the green and sustainable finance space, and the Hong Kong Green Finance Association is poised to forge stronger partnerships with both the public and private sectors to drive product innovation, enhance industry capabilities, and facilitate deals. ”

Dr. Ma Jun, Chairman and President of the Hong Kong Green Finance Association, delivered a welcome speech at the 2024 Hong Kong Green Finance Association Annual Forum

国际可持续准则理事会(ISSB)主席范易谋(Emmanuel Faber)先生及格拉斯哥净零金融联盟(GFANZ)副主席玛丽.夏皮罗(Mary L. Schapiro)女士发表了主旨演讲。

Mr. Fan Yimou

"Prior to the finalization of our Code, Hong Kong had initiated a consultation process on the adoption of the Code. I highly commend the regulators and authorities in the Hong Kong S.A.R. for the many fruitful and open dialogues we have had, which not only gave us the opportunity to listen to Hong Kong's early experiences, but also ensured that Hong Kong was building its own thinking in line with the global benchmarks we were establishing. ”

Mary. Ms. Shapiro

"GFANZ Hong Kong will work with local financial institutions, policymakers, and the Hong Kong Green Finance Association to support the communication and capacity building efforts needed to scale up transition finance, bringing GFANZ's work to the region and integrating the realities of Hong Kong," he said. Policymakers around the world, including Hong Kong, the United States and the United Kingdom, are increasingly focusing on transformation planning and following GFANZ's recommendations. Hong Kong has the potential to demonstrate that these efforts will create more jobs, enhance urban resilience and promote sustainable development. ”

In the morning fireside chat, Mr. Hui Wai-chi, Executive Director (External) of the Hong Kong Monetary Authority, Mr. Zhishui Park, Chief Economist of the Asian Development Bank, and Ms. Fanny Chan, Representative Designate of the International Monetary Fund in Hong Kong, discussed the key policies, regional cooperation and capacity building needed to address economic adversity and achieve the goals of the Paris Agreement. The afternoon fireside chat focused on how public-private partnerships, financing and greentech innovation can support Asia's journey towards a net-zero future.

In the four panel discussions, members and industry leaders of the Hong Kong Green Finance Association shared the following insights and practical considerations:

• Transformation Plan Practice: A credible transition plan can translate net-zero emissions targets into concrete action plans. For financial institutions, it is also a tool to help customers manage risks and seize opportunities. However, the application of common standards for transformation activities remains challenging, requiring the integration of a harmonized and robust ESG regulatory framework, compatible taxonomies, and standardized assessment methodologies. Case studies such as Huzhou's transition finance ecosystem show that supportive policies, incentives, and innovations can all work in practice.
• Financing solutions from transformation planning to deal execution: It is estimated that $70 trillion in new global investment in energy alone will be needed by 2050 to support the transition from fossil fuels to renewable energy. Transition finance solutions for high-emitting sectors have a high technical barrier to entry, involve emerging technologies, and require support from government policies and capacity building.
• Carbon Prices, Markets, and Accounting: Carbon accounting and pricing are essential for companies and financial institutions to manage and calculate carbon emissions (Scope 1, 2, 3) and make investment decisions. To achieve net-zero emissions, an active voluntary carbon market and a credible carbon credit mechanism are indispensable.
• Is natural capital a risk or an opportunity: Climate has been a global focus, but we can see a growing awareness of the importance of natural capital to the economy. Investor demands and the inclusion of the Taskforce on Nature-related Financial Disclosures (TNFD) in the ISSB framework have sparked a need for capacity building in the region. Partnerships with philanthropists, governmental and non-governmental environmental organizations, such as The Nature Conservancy, are critical to scaling up and addressing the financing of nature-based solutions.

The Hong Kong Green Finance Association (HKGFA) continues its commitment to supporting the development of the green and sustainable finance ecosystem and previewed the results of the forthcoming survey "Hong Kong's Green Tech Ecosystem: Financing Opportunities" at the forum. The survey showcases Hong Kong's greentech landscape, covering six major industries and 34 sub-sectors with great potential in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area, their technology maturity and financing needs, and how finance can unlock the potential of emerging technologies. The report highlights the need for a co-ordinated cross-sectoral working group that can bring together the government, public and private sectors to work on public-private co-investment and financing schemes for SMEs.

This year's HKGFA Annual Forum is sponsored by Bank of China (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, PricewaterhouseCoopers, Moody's, MSCI, France Foreign Trade Bank, France Industrial Bank and Sustainable Fitch.