The Green and Sustainable Finance Cross-Agency Steering Group has announced three key priorities for 2025 to support the development of sustainable finance in Hong Kong. The decisions were made following its latest meeting on Thursday.
The steering group plans to support the implementation of the International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards) in Hong Kong. This includes working with stakeholders to provide technical assistance on sustainability reporting, developing a sustainability assurance framework, and offering capacity-building programs.
To further sustainable finance efforts, the steering group will expand the Hong Kong Taxonomy for Sustainable Finance by incorporating transition elements and additional sustainable activities. It will also develop operational guidance for transition finance using a sectoral approach. A Transition Finance Knowledge Hub will be launched on the steering group’s website.
Following discussions at COP29, the steering group reiterated its focus on carbon market development in Hong Kong. Plans include continued engagement with stakeholders and capacity-building programs in the region.
The steering group is preparing to release the Hong Kong Green Fintech Map in the first half of 2025 to support sustainable capital mobilization and improve information transparency.
To facilitate sustainability reporting and data accessibility, the steering group will enhance its public utility data tools throughout the year. These include greenhouse gas emissions calculation and estimation tools and the Climate and Environmental Risk Questionnaire for non-listed companies and small to medium-sized enterprises.
Established in May 2020, the steering group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission. Members include the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, and Hong Kong Exchanges and Clearing Limited. The group coordinates climate and environmental risk management in the financial sector and supports government climate strategies.
Do you have something to say about this story? Share your thoughts in the comments below.
