The HKGFA Workshop session “Financing Asia’s Real Economy Net-Zero Transition” at the Asian Financial Forum (AFF) was a great success! Read the summary of our expert speakers’ opinions below!
Sincere thanks to our speakers, including Dr. Ma Jun (Chairman and President, Hong Kong Green Finance Association (HKGFA)), Ms. Salina Yang J.P (Permanent Secretary, Financial Services and the Treasury Bureau (FSTB)), Ms. Chaoni Huang (Head of Sustainable Capital Markets Asia Pacific, BNP Paribas; Executive Vice President, HKGFA), Mr. John Lo (Founder, Asia Carbon Institute), Ms. Tracy Wong Harris (Head of Sustainable Finance Asia, Standard Chartered; Executive Vice President, HKGFA), Mr. Tom van der Lee (Group Finance Director, DFI Retail Group) and Mrs. Sally Wong (Chief Executive Officer, Hong Kong Investment Funds Association; Vice President, HKGFA) for their excellent insights and affirming the competitive edge of Hong Kong as a gateway for financial institutions to innovate, structure, and issue transition finance products, financing emerging green technology, with exciting business opportunities created in the provision of climate-related market services.
Below are key takeaways from the panel:
𝐌𝐬. 𝐂𝐡𝐚𝐨𝐧𝐢 𝐇𝐮𝐚𝐧𝐠
– There are currently some misconceptions of transition equating to greenwashing. Mindset change is essential for financing to flow towards transitioning.
-Taxonomy and standards are key enablers for financing the real economy transition.
𝐌𝐫. 𝐉𝐨𝐡𝐧 𝐋𝐨
– As a carbon credit standard organization, we believe carbon markets are a powerful tool to incentivize climate action and impactful projects, especially in Asia, where there is a huge potential for high-quality and affordable carbon credits. To unlock this potential, we need to develop the carbon market ecosystem in Asia and the Great Bay Area, by addressing the challenges of talent gap, policy uncertainty, and quality assurance.
𝐌𝐬. 𝐓𝐫𝐚𝐜𝐲 𝐖𝐨𝐧𝐠 𝐇𝐚𝐫𝐫𝐢𝐬
– Call for action: I hope all the examples shared in this short panel have helped to demonstrate that Transition Finance is not a concept and financing tool kits are available to accelerate the real economy to transition.
𝐌𝐫. 𝐓𝐨𝐦 𝐯𝐚𝐧 𝐝𝐞𝐫 𝐋𝐞𝐞
– Scope 3 is the real challenge for retailers given the multiple and often complex supply chains.
– Governments have a role to play in setting a clear regulatory framework that drives action and creates a level playing field in the market.
– The transition needs to be funded and this can’t be done without the financial market.
HKGFA, with our members and partners, is actively shaping and supporting the ecosystem to set, achieve, and measure their carbon neutrality goals and actions. Join HKGFA to connect with like-minded institutions!