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[Green Finance] Business Alliance between the HKMA and the International Finance Corporation

2020-11-09T05:02:43.089Z


The Monetary Authority today (9th) signed a cooperation agreement with the International Finance Corporation (IFC) on the Green Commercial Banking Alliance. Monetary Authority President Yu Weiwen said that the world is increasingly concerned about climate change, and the banking industry has urgent needs.


Financial News

Author: Zhan Yongyu

2020-11-09 12:51

Last update date: 2020-11-09 12:52

The Monetary Authority today (9th) signed a cooperation agreement with the International Finance Corporation (IFC) on the Green Commercial Banking Alliance.

Monetary Authority President Yu Weiwen said that the world is paying more and more attention to climate change, and the banking industry has a pressing need to transform and promote the development of green finance. Therefore, in the future, we will continue to cooperate with banks to cope with the risks of future climate change.

The green bond issuance plan issued by the government involves an investment of 100 billion Hong Kong dollars. It will also cooperate with relevant mainland authorities to support the central government's goal of achieving "carbon neutrality" by 2060.

Liu Yingbin, senior assistant president of the HKMA, said that under the epidemic situation, companies are being pushed to pay more attention to environmental, social and governance (ESG). In the next six months, a banking regulatory framework will be formulated, focusing on bank governance, institutional strategies and risks.

He also mentioned that the principle of managing the Exchange Fund is to give priority to ESG investment when the investment returns of green and ESG investment are similar to those of other investment projects.

Regarding the risks of green investment, he believes that investment volatility is low, because most projects are long-term investments, investors are usually not nervous about short-term fluctuations and tend to hold.

The types of green investment products continue to increase, and their performance is mostly linked to sustainability.

[Green Finance] HSBC issued a green certificate of deposit for the first institution in Hong Kong 2.05% for 6 months

[Green Finance] Sustainable Development Consulting Company: Hong Kong Government Should Take the Lead in Promoting Green Standards

[Green Finance] UBS: Asia has a fundamental shift in awareness of sustainable investment

[Interview] Chen Haolian: Hong Kong is positioned as a green financial center to study the next round of green bond issuance arrangements

Hong Kong Monetary Authority Yu Weiwen Green Finance

Source: hk1

All news articles on 2020-11-09

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