A big congratulations to the successful turnout of The CBI Climate Bonds Connect 2023 – Asia Pacific Regional Conference on 9 June 2023 in Hong Kong! Hong Kong Green Finance Association (HKGFA) is pleased to support the event and we have met with many brightest minds in finance, policy, and investment to discuss the agenda along green transition and how Hong Kong’s ecosystem can play a critical role in driving a net zero future with other players in Asia Pacific through green and transition finance.
Dr Ma Jun, Chairman of HKGFA, spoke at the panel discussion on “The Challenge and Urgency of Meeting Climate Targets” with other high-level speakers from the Hong Kong Monetary Authority, Japanese International Cooperation Agency (JICA) and Climate Bonds Initiative.
Key points mentioned include:
- Transition does not happen with standalone action but should come with other driving factors such as guidelines, disclosures and incentives, etc.
- The People’s Bank of China (PBOC) is leading transition-related taxonomical development for the hard-to-abate sectors – such as cement and steel – with wider considerations on nature-based environmental objectives.
- The importance of public-private sector partnership is underlined in putting forward transition finance. It is crucial to bridge the gap between market and policy makers, and to connect both sides’ resources to push things faster, given the urgency and challenge of meeting climate targets.
- Timely actions are needed to realise whole economy transition. While public sector is working on the standard setting, private sector, especially for financial institutions, is also encouraged to take proactive action in developing internal standards for transition finance in order to encourage corporates to form credible transition plans.
Ms. Chaoni Huang, Managing Director, Head of Sustainable Capital Markets APAC, BNP Paribas; HKGFA’s Vice President and Secretary General, and Ms. Tracy Wong Harris, Managing Director, Head of Sustainable Finance, Asia, Standard Chartered Bank; HKGFA’s Vice President and Deputy Secretary General, also joined the panel on “Next for Sustainable Finance in Asia” for a fruitful discussion on how sustainable finance can be leveraged to support the transition of the region’s economies and mobilise capital for building resilience.
HKGFA has been an effective bridge and platform to facilitate dialogue between public and private sector, engaging the ecosystem members in transition-related initiatives. We stand ready to support and facilitate transition to happen.