Dr. Ma Jun, Chairman and President, HKGFA spoke at the OMFIF The Global Transition Finance Summit on 1 Nov (Wed) at Session 4: Global Perspectives – The role of government and policymakers in driving transition finance. Dr. Ma spoke alongside Mr. Satoshi Ikeda, Chief Sustainable Finance Officer, Financial Services Agency (FSA) , and moderator Ms. Tamara Singh, Strategic Advisor, OMFIF. The speakers examined the latest policies and standards designed to drive transition, suggested public finance approaches, and stressed how taxonomies and similar tools should be integrated into criteria and frameworks. Some key takeaways:
- Incentives for transition activities are crucial to developing and supporting an ecosystem of transition activities. Speakers provided examples of how government incentives, disclosure and reporting guidance, products and framework can help scale up transition finance.
- Dr. Ma suggested that the government could consider tapping into the carbon market to incentivise and direct more funding to transitioning, as well as interest subsidies for green projects while imposing tax on carbon-intensive activities.
HKGFA is actively contributing to engaging members on transition-related initiatives, facilitating dialogue, and collaborating with multi-stakeholders to build capacity and facilitate more financing opportunities to companies in transition to net zero through the Banking – Financing the Transition Working Group.