Climate disclosures: Hong Kong must up its game on sustainability to elevate its role as green finance hub, experts say
- All players must understand and adhere to the latest requirements issued by the ISSB this week, said speakers at the Post’s Redefining Hong Kong event
- ‘We will up our game to meet the global demand and requirements,’ says undersecretary for financial services and the treasury
Hong Kong needs robust regulations and standards around climate and sustainability-related disclosures to take its role as a hub for green finance to the next level, speakers from the government, the city’s stock exchange operator and companies including HSBC and EY said during a conference on Thursday.
Hong Kong is already an important financing centre for the global transition to a low-carbon economy, but all relevant players in the city must understand and adhere to the latest disclosure requirements to further cement Hong Kong’s hub status, said speakers at Redefining Hong Kong, organised by the South China Morning Post.
“We need to make sure that we have the robust regulations, the robust requirements, for good disclosure,” said Jonathan Drew, head of global banking sustainability for Asia-Pacific at HSBC. “[This] is a challenge in making sure we get our fair share [of the green finance market].”
Green and sustainable debt issued in Hong Kong, including both bonds and loans, increased by more than 40 per cent year on year in 2022 to US$80.5 billion. The city accounted for a third of such debt issued across Asia in that period, Joseph Chan, undersecretary for financial services and the treasury, said during Thursday’s conference.
