The HKGFA Hong Kong Green and Sustainable Banking Webinar was successfully held on 20 August 2020, with over 400 audiences joined across different line of businesses from the banking sector, with supporting organisations from the Hong Kong Association of Banks (HKAB), the Hong Kong Monetary Authority (HKMA) and Treasury Markets Association (TMA).
Read the GARP Presentation Materials
Presenters:
- Jonathan Drew, Green Banking Working Group Co-chair, Hong Kong Green Finance Association
- Maxine Nelson, Ph.D., Senior Vice President, GARP Risk Institute
- Jo Paisley, Co-President, GARP Risk Institut
Moderator:
- Nancy Wang, Director, Sustainable Finance, Australia and New Zealand Banking Group
Panelists:
- Frank Leung, Head (Banking Policy), Hong Kong Monetary Authority
- Danny Wong, Deputy General Manager, Bank of China (Hong Kong) Limited
- Sammie Leung, Climate and Sustainability Leader, PwC Mainland China and Hong Kong
- Jo Paisley, Co-President, GARP Risk Institute
- Jonathan Drew, Green Banking Working Group Co-chair, Hong Kong Green Finance Association
Key takeaways from the webinar
- 100 Trillion dollars are needed in the coming 15 years to drive our economy to a more energy-efficient, green, and sustainable future.
- Banks have a key role in connecting the pools of capital with their clients to drive industries to transition to a green and sustainable future.
- The banking industry gave positive feedbacks on the Common Assessment Framework issued by the Hong Kong Monetary Authority but expressed concerns in the knowledge gaps on climate financial risks and incorporation of the risks in their risk management process.
- The Hong Kong Monetary Authority will continue to engage with the industry on the White Paper and the framework through capacity building and surveys to assist the banking industry on a green transition.
- Reflected in our poll during the webinar that over 60% of respondents felt the urge to address climate risks, active participation from all sectors are needed to come up with better models and solutions, and nurture talents to create a green and sustainable economy.
Mr. Frank Leung, Head (Banking Policy), Hong Kong Monetary Authority, shared the works of HKMA on green and sustainable banking. “The HKMA has recently asked banks to do a self-assessment of their greenness baseline, and issued a White Paper setting out our initial thoughts on our supervisory approach to Green and Sustainable Banking. This HKGFA webinar provides us a good opportunity to hear the industry’s feedback on these works, and I am delighted that this event is a great success”.
Ms. Jo Paisley, Co-President, GARP Risk Institute, introduced the work of GARP on climate risk management. “Climate change is increasingly seen as giving rise to financial risks that need to be integrated into risk management frameworks. GARP’s second annual survey of climate risk management provides a useful overview of the range of emerging and leading practices across financial institutions, which can provide a roadmap for those beginning on this journey.”
Ms. Nancy Wang, Director, Sustainable Finance, Australia and New Zealand Banking Group, encouraged our audience to take action. “It’s a journey and you don’t have to have all the answers to engage on this topic – nobody does!”