The Hong Kong Monetary Authority (HKMA) has issued a set of principles aimed at guiding banks in their transition towards a net-zero economy. These principles emphasize the importance of establishing clear targets and objectives aligned with the goals of achieving a net-zero transition in accordance with the Paris Agreement’s objectives, which seek to limit global temperature increases to below 2°C, ideally at 1.5°C.
The HKMA’s directive also underscores the need for banks to integrate considerations related to this transition into their internal processes, including governance, accountability, and risk management. This integration extends to various aspects of banking operations, such as business strategies, products, services, and client engagements.
Furthermore, the HKMA is encouraging banks to enhance the transparency of their net-zero transition plans and to remain flexible in updating these plans as climate scenarios evolve.
In addition to these principles, the HKMA has recently unveiled a 12-month roadmap to position Hong Kong as a leading FinTech hub. This strategic initiative aims to encourage investment in technology across various financial service sectors, including wealth management, insurance, and green finance.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}