Future of green finance in Asia - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
China, EU lead green revolution with finance standards By CHEN JIA | China Daily | Updated: 2021-04-29 09:42 On April 21, China finished the revision of the Green Bond Endorsed Project Catalogue.[CAI MENG/CHINA DAILY]
China and the European Union are jointly leading reform of global green finance by promoting a common scheme of classification, which has focused attention on the importance of investment in addressing challenges of climate change, analysts said.
On April 21, China finished the revision of the Green Bond Endorsed Project Catalogue which is a set of fundamental standards for selecting appropriate investment targets for green bonds.
It removed fossil fuel projects from the list, an action that made the catalog consistent with international rules.
Sherry Madera April 22, 2021 06:00
Sustainable financing has gained significant traction in 2020 and regulators in Hong Kong and across Asia have stepped up efforts to promote the development of green finance and support the region’s transition to a sustainable future. For instance, in December 2020, the Green and Sustainable Finance Cross-Agency Steering Group of the Hong Kong Monetary Authority (HKMA) announced its strategic plan to strengthen Hong Kong’s green and sustainable finance ecosystem. Some of the key areas include promoting the flow of climate-related information at all levels to facilitate risk management, capital allocation and investor protection.
Fund flows into Environmental, Social and Governance (ESG) investments in Asia and across the globe witnessed a sharp increase in 2020 compared to 2019, with Refinitiv’s Sustainable Finance Review indicating that sustainable finance bonds hit an all-time annual record of US$544.3 billion in 2020, more than dou
Hong Kong: Green and sustainable finance - How governmental authorities are navigating climate risks globalcompliancenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globalcompliancenews.com Daily Mail and Mail on Sunday newspapers.
Green and sustainable finance in Hong Kong
The World Economic Forum Global Risks Report 2020, published in January 2020, highlighted significant risks that will be seen across the world in the next decade. Five of the top ten risks identified were climate-related. As such, governments, central banks, and other financial institutions are being called to action.
According to the United Nations (UN), Asia-Pacific is one of the regions that is most vulnerable to climate change risks. Globally, there have recently been extreme weather events, such as widespread forest fires and rising sea-levels, and Hong Kong saw its hottest summer on record.
Hong Kong Monetary Authority (HKMA)