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Hong Kong Monetary Authority (HKMA) Issues Principles for Banks’ Transition to a Net-Zero Economy

ESGHong Kong Monetary Authority (HKMA) Issues Principles for Banks' Transition to a Net-Zero Economy

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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