To further integrate sustainable finance markets within GBA, the Common Ground Taxonomy and Product Alignment working group has been set up as one of the Greater Bay Area Green Finance Alliance (GBA-GFA) key focuses in 2022.

The working group takes a phased approach to address three critical questions when it comes to the adoption of the Common Ground Taxonomy in sustainable finance policies and markets.

This Phase 1 report aims to provide the Hong Kong Green and Sustainable Finance Cross Agency Steering Group (CASG) with reflections of industry and expert opinions on the anticipated adoption of a local green classification framework based on the Common Ground Taxonomy (CGT). It also seeks to provide the pool of sustainable finance professionals with a broad overview of the practical and conceptual considerations and implications of climate taxonomies.

The Phase 1 research is funded by the Public Policy Research Funding Scheme / Strategic Public Policy Research Funding Scheme (Project Number: S2019.A7.007.19S) from the Policy Innovation and Co-ordination Office of the Government of the Hong Kong Special Administrative Region. The research team are particularly grateful to the support from the Hong Kong Green Finance Association, the GBA Green Finance Alliance, and the Guangdong Green Finance Committee.