Steering Group Announces Green and Sustainable Finance Strategy for Hong Kong
On 17 December 2020, Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group (the Steering Group) published its Strategic Plan to Strengthen Hong Kong’s Financial Ecosystem to Support a Greener and More Sustainable Future (the Strategic Plan). The Strategic Plan is aimed at consolidating Hong Kong’s position as a leading green and sustainable finance and risk management centre and follows Hong Kong Chief Executive Carrie Lam’s pledge during a November 2020 policy address to build a low-carbon economy and develop green finance, in a bid to reach carbon neutrality by 2050[1].
The Strategic Plan has six key focus areas, which are aimed at strengthening Hong Kong’s financial ecosystem to support a greener and more sustainable future in the longer term. Separately, the Steering Group also agreed to implement five near-term action points. Ashley Alder, Co-Chair of the Steering Group and CEO of the Securities and Futures Commission (the SFC), stated that the plan is aimed at mobilising significant volumes of private investment and will have a major impact globally given the international significance of Hong Kong’s capital markets[2].