News

Hong Kong develops green finance in push to tackle climate crisis

Green_investmentsThe Hong Kong Monetary Authority (HKMA) has released a set of plans to develop its credentials as a regional centre for green finance as well as combat the climate crisis. “Climate change is one of the major risks threatening the well-being of mankind. It must be tackled on a global basis and across different sectors of the economy,” said Norman Chan, chief executive of the HKMA – considered Hong Kong’s de facto central bank – at a green finance forum on May 7, 2019. “How the banking and financial system operates will clearly have an impact on the way in which climate risk is managed or reduced. The HKMA, in support of the mission to reduce climate change risks and to achieve sustainable finance, will launch three sets of measures,” added Chan. The measures involve developing a common framework to assess the ‘greenness baseline’ of individual banks, setting tangible deliverables for promoting the green and sustainable developments of Hong Kong’s banking industry and implementing, monitoring and evaluating banks’ progress. Next, the HKMA will adopt a principle that priority can be given to green and ESG investments if the long-term return is akin to other investments on a risk-adjusted basis. The third measure is to establish a Centre for Green Finance (CGF). The CGF will act as a platform for technical support and to share experiences for the green development of the Hong Kong banking and finance industry, HKMA said in a statement. ©2019 funds global asia

Executive Interviews

Interview: Asia’s sweet spots

Jul 05, 2019

As the US-China trade war ramps up with a hike in levies, Tai Hui, chief market strategist for Asia-Pacific at JP Morgan Asset Management, tells Romil Patel where he identifies investment value.

Interview: Money needs a place to go

Mar 11, 2019

Peng Fei, chief investment officer at Wanwei Asset Management, tells Romil Patel about allocating capital across risk factors when asset performance is uncertain and unpredictable.

Roundtables

ESG roundtable: Are the ESG stars aligning across Asia?

Jul 05, 2019

Our panel of experts discusses driving higher ESG asset allocation in Asia, growing calls to address the global climate crisis and the importance of governance. Chaired by Romil Patel in Hong Kong.

Singapore roundtable: A money magnet

Mar 11, 2019

Our panel discussed why the Singapore Variable Capital Company makes them bullish, what gives the onshore jurisdiction an offshore feel and “blood on the streets” from China’s slowdown. Chaired by Romil Patel in Singapore.