Hong Kong Green & Sustainable Finance Cross-Agency Steering Group Launches Prototype Hong Kong Green Fintech Map with Directory Listing of More than 50 Green Fintech Firms Operating in Hong Kong, Products Include ESG Data & Analytics, ESG Disclosures & Regulatory Reporting, Climate Risk Modelling & Assessment, Green Digital Finance & Investments and Carbon Credit Trading & Analytics
6th March 2024 | Hong Kong
The Hong Kong Green & Sustainable Finance Cross-Agency Steering Group has launched the Prototype Hong Kong Green Fintech Map (directory listing of more than 50 green fintech firms operating in Hong Kong), with the firms providing products including ESG data & analytics, ESG disclosures & regulatory reporting, climate risk modelling & assessment, green digital finance & investments and carbon credit trading & analytics (ESG ~ Environmental, Social & Governance). Hong Kong SFC (1/3/24): “The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) today launched the Prototype Hong Kong Green Fintech Map with Cyberport and Invest Hong Kong (InvestHK) to help corporates and financial firms identify green and sustainable financial technology (Green Fintech) solutions that meet their business needs (Notes 1 and 2). The Map is a directory of Green Fintech firms operating in Hong Kong and includes over 50 firms as of today. Their product offerings cover: (i) environmental, social and governance (ESG) data and analytics, (ii) ESG disclosures and regulatory reporting, (iii) climate risk modelling and assessment, (iv) green digital finance and investments, and (v) carbon credit trading and analytics. The Map was launched at the event “Green Fintech: Catalyst for Scaling Sustainable Finance” during the Hong Kong Green Week (Note 3). The Map is available on the website of the Steering Group (Note 4). The list of Green Fintech firms will also be featured on the FintechHK Community Platform, which is a centralised fintech platform to foster vibrant growth of Hong Kong’s fintech ecosystem, and will be updated periodically.” In February 2024, The Hong Kong Green & Sustainable Finance Cross-Agency Steering Group launched a new website with enhanced database, one-stop information hub for financial institutions, corporates & public, a new digitalized disclosure questionnaire for non-listed companies, and new greenhouse gas emissions calculation tools. Hong Kong currently has 219 authorized ESG funds with $169.6 billion AUM (Assets under Management).
” Hong Kong Green & Sustainable Finance Cross-Agency Steering Group Launches Prototype Hong Kong Green Fintech Map with Directory Listing of More than 50 Green Fintech Firms Operating in Hong Kong, Products Include ESG Data & Analytics, ESG Disclosures & Regulatory Reporting, Climate Risk Modelling & Assessment, Green Digital Finance & Investments and Carbon Credit Trading & Analytics “
Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government: “The Government attaches high importance to the advancements in green finance and Fintech. The introduction of this map symbolises the integration of green finance and Fintech, which will be conducive to accelerating the transition towards a green economy and fostering the development of the Green Fintech ecosystem. It also echoes the Green and Sustainable Fintech Proof‑of‑Concept Subsidy Scheme to be launched by the Government in the first half of this year.”
Julia Leung, CEO of the Hong Kong Securities & Futures Commission (SFC) and co-chair of the Steering Group: “Green Fintech is an important catalyst for the development of sustainable capital markets. The Map will encourage early adoption of technological solutions in the financial sector and benefit financial institutions in many ways, from facilitating regulatory compliance, informing investment decisions to developing new financial products.”
Alpha Lau, Director-General of Investment Promotion of Invest HK: “Green Fintech is a key enabler to unlock capital to foster a more sustainable future. By onboarding the Green Fintech companies, corporations, and investors into the FintechHK Community Platform, it will be much easier for local and global Green Fintech companies to connect with potential buyers, users, and investors. The goal is to accelerate the adoption and scalability of Hong Kong’s Green Fintech ecosystem.”
Peter Yan, CEO of Cyberport: “Green Fintech is a catalyst for the development of green finance, driving sustainable finance through practices such as product innovation, environmental compliance, and distribution. It also empowers consumers to make green and ESG-conscious financial decisions in their everyday lives. We hope that the map can effectively promote more Green Fintech application, and nurture a more comprehensive Green Fintech ecosystem.”
Notes:
- In the Policy Measures of the 2023 Policy Address, the Government announced that a “Green Fintech Map” would be published to support the development of Green Fintech in Hong Kong.
- The Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong’s Faculty of Law is engaged as the knowledge partner to develop the Green Fintech classification. The classification will be updated taking account of the latest green fintech developments in Hong Kong.
- The Hong Kong Green Week is held from 26 February to 2 March 2024, offering a series of events to support the city’s development in green technology and green finance.
- Established in May 2020, the Steering Group is co-chaired by the SFC and the Hong Kong Monetary Authority. Members include the Financial Services and the Treasury Bureau, Environment and Ecology Bureau, Insurance Authority, Mandatory Provident Fund Schemes Authority, Accounting and Financial Reporting Council, and Hong Kong Exchanges and Clearing Limited. Please see the Steering Group’s website for details on its initiatives and members.
Hong Kong Green & Sustainable Finance Cross-Agency Steering Group Launches New Website with Enhanced Database, One-Stop Information Hub for Financial Institutions, Corporates & Public, New Digitalized Disclosure Questionnaire for Non-listed Companies, New Greenhouse Gas Emissions Calculation Tools, Hong Kong Has 219 ESG Funds with $169.6 Billion AUM
24th February 2024 – The Hong Kong Green & Sustainable Finance Cross-Agency Steering Group has launched a new website with enhanced database, one-stop information hub for financial institutions, corporates & public, a new digitalized disclosure questionnaire for non-listed companies, and new greenhouse gas emissions calculation tools. Hong Kong currently has 219 authorized ESG funds with $169.6 billion AUM (Assets under Management). About the Steering Group – Established in May 2020, the Steering Group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission. Members include the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, Hong Kong Exchanges and Clearing Limited, Insurance Authority, the Mandatory Provident Fund Schemes Authority, and the Accounting and Financial Reporting Council. The Steering Group aims to coordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies. Visit new website
Julia Leung, CEO of the Securities & Futures Commission (SFC): “These new tools feature easy navigation and are catered for the local market. They do not only reference widely adopted international standards, but also incorporate Hong Kong and Mainland elements and data in the calculation and estimation modelling. We encourage market participants to make use of the tools to improve sustainability practices and enhance market transparency.”
Prof. Alexis Lau, Director of the Institute for the Environment at HKUST: “Addressing climate change requires concerted efforts across the business spectrum, from multinational giants to SMEs. At HKUST, we’ve designed these GHG emissions tools specifically with SMEs in mind, ensuring it is practical, user-friendly, and tailored to the specific data and regional contexts they navigate. These tools equip businesses with the means to accurately calculate and manage their environmental footprint, propelling us all towards a more sustainable future.”
Prof. Christine Loh, Chief Development Strategist of the Institute for the Environment at HKUST: “These easy-to-use tools represent an early step by Hong Kong to assist SMEs to periodically estimate their carbon footprints so that they can disclose it to stakeholders. In the era of climate change, making such data transparent across the economy is becoming a new element of corporate governance. It is vital that these tools are widely promoted, as their success lies in broad usage.”
Hong Kong Green & Sustainable Finance Cross-Agency Steering Group Launches New Website with Enhanced Database, One-Stop Information Hub for Financial Institutions, Corporates & Public, New Digitalized Disclosure Questionnaire for Non-listed Companies, New Greenhouse Gas Emissions Calculation Tools, Hong Kong Has 219 ESG Funds with $169.6 Billion AUM
21st February 2024 – The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has revamped its official website (CASG website) with enhanced database and tools to offer a one-stop green and sustainable finance information hub for financial institutions, corporates and the general public.
Key enhancements of the CASG website include:
- Sustainability disclosure e-Portal: The Climate and Environmental Risk Questionnaire for Non-listed companies (Questionnaire) has been digitalised. The Questionnaire is an easy-to-use template developed and launched in 2022 by the Steering Group and CDP to help corporates, particularly small and medium-sized enterprises, get started in sustainability reporting. The digitalisation facilitates reporting and will support broader consent-based data sharing between corporates and financial institutions (Note 1).
- Greenhouse gas (GHG) emissions calculation and estimation tools: Together with the Hong Kong University of Science and Technology, the Steering Group has developed two tools to support the calculation and estimation of GHG emissions. The calculation tool enables users, especially small and medium-sized enterprises, to calculate their GHG emissions based on actual activity levels. The results can be automatically exported to answer relevant questions in the Questionnaire. The estimation tool enables users, primarily financial institutions, to estimate the GHG emissions associated with their investments or loans where data of underlying companies is limited.
- Centralised sustainability data and information: Sustainability related data, regulation, news and events, training and internship opportunities will be featured on the CASG website with user-friendly browsing and search functions.
The Steering Group will continue to enhance the CASG website to support Hong Kong’s decarbonisation efforts and role as a regional and global green and sustainable finance hub.
About the Steering Group – Established in May 2020, the Steering Group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission. Members include the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, Hong Kong Exchanges and Clearing Limited, Insurance Authority, the Mandatory Provident Fund Schemes Authority, and the Accounting and Financial Reporting Council. The Steering Group aims to coordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies.
Note:
- CDP is a global non-profit organisation that runs the world’s environmental disclosure system for companies, cities, states and regions. Nearly 20,000 organisations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalisation, and over 1,100 cities, states and regions.
Hong Kong Green & Sustainable Finance Cross-Agency Steering Group to Work on 3 New Initiatives in 2024 to Capture Financing & Investment Opportunities for APAC Low-Carbon Transition: Adopt International Financial Reporting Standards Sustainability Disclosure Standards, Technology to Support Sustainability Reporting & Data Analysis, Support Development Of Transition Finance in Hong Kong to be a Leading Sustainable Finance Hub
10th January 2024 – The Hong Kong Green & Sustainable Finance Cross-Agency Steering Group has agreed to work on 3 new initiatives in 2024 to capture financing & investment opportunities for APAC low-carbon transition: 1) Adopt International Financial Reporting Standards (IFRS) sustainability disclosure standards, 2) Technology to support sustainability reporting & data analysis, 3) Support development of transition finance in Hong Kong to be a leading sustainable finance hub. For details on the initiatives of the Steering Group and its members, please visit Hong Kong Sustainable Finance. More info below:
Julia Leung, Co-Chair of the Steering Group and CEO of Hong Kong SFC: “As an international financial centre, Hong Kong’s development of a roadmap for the local sustainability disclosures ecosystem is a key priority. Adopting the IFRS Sustainability Disclosure Standards locally requires collective action by both the public and private sectors. We have been actively engaging with regional stakeholders and promoting technological solutions to support interoperability with global markets and alignment of common metrics, thereby bolstering Hong Kong’s position as a leading sustainable finance hub.”
Eddie Yue, Co-Chair of the Steering Group and Chief Executive of the Hong Kong Monetary Authority (HKMA): “Disclosure remains a key focus of the Steering Group. We are working on the local adoption of the IFRS Sustainability Disclosure Standards while taking steps to ensure the availability of the data, talents, capability and technologies needed for their implementation. At the same time, we continue to work with local and international stakeholders in promoting the development of transition finance, which is particularly relevant to Asia where there is a pressing need to balance sustainability with economic development.”
Hong Kong Green & Sustainable Finance Cross-Agency Steering Group to Work on 3 New Initiatives in 2024 to Capture Financing & Investment Opportunities for APAC Low-Carbon Transition
8th January 2024 – The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) met on 8 January 2024 (today) to consider its work plan for this year and agreed on three key initiatives to capture financing and investment opportunities from the Asia-Pacific Region’s low carbon transition. The Steering Group also welcomed the Accounting and Financial Reporting Council (AFRC) as a new member.
- Adopting International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards locally as appropriate. A new working group, co-led by the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC), reported to the Steering Group on the progress in developing a roadmap on the appropriate adoption of the IFRS Sustainability Disclosure Standards. The roadmap will comprise four key areas — sustainability reporting, assurance, data and technology, and capacity building. The working group will start engaging with stakeholders to identify Hong Kong-specific circumstances that should be considered when implementing international reporting standards.
- Leveraging technology to support sustainability reporting and data analysis. The Steering Group decided to organise an event in Q1 2024 to showcase potential green fintech use cases to scale the sustainable finance market. In the coming months, it will launch enhancements to its website (Note 2), including the Climate and Environmental Risk Questionnaire for Non-listed companies (Questionnaire) in digital format (Note 3), and new greenhouse gas emissions calculation and estimation tools jointly developed with the Hong Kong University of Science and Technology (Note 4). It will also explore new features that would enable broader consent-based sharing of the data collected through the Questionnaire.
- Supporting the development of transition finance to consolidate Hong Kong’s role as a leading sustainable finance hub. The Steering Group identified transition finance as a priority for 2024. Its members have continued to make progress in integrating transition considerations into their policy work to support sustainable finance development. The Steering Group will broaden the development of its local taxonomy to cover transition activities, work with regional and international partners on capacity building and elevate Hong Kong’s thought leadership in the net-zero transition.
For details on the initiatives of the Steering Group and its members, please visit https://sustainablefinance.org.hk/en/.
About the Steering Group
Established in May 2020, the Steering Group is co-chaired by the HKMA and the SFC. Members include the AFRC, Environment and Ecology Bureau, FSTB, Hong Kong Exchanges and Clearing Limited, Insurance Authority and the Mandatory Provident Fund Schemes Authority. The Steering Group aims to coordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies.
Notes:
- In the Policy Measures of the 2023 Policy Address, the Government committed to work with relevant financial regulators and stakeholders to develop a roadmap on the appropriate local adoption of the International Financial Reporting Standards(IFRS) Sustainability Disclosure Standards to align with international standards.
- Launched in March 2023, the Steering Group’s website serves as a one-stop shop for useful information, resources and data conducive to the development of green and sustainable finance in Hong Kong. Existing repositories under the Centre for Green and Sustainable Finance will be migrated to the Steering Group’s website, with enhanced functionalities to facilitate better access to information and data.
- The Questionnaire was jointly developed by the Steering Group and CDP, an international non-profit organisation that runs the global environmental disclosure system for companies, to aid corporates’ sustainability reporting processes and raise their sustainability profiles to lenders, investors and supply chain clients with a view to facilitating better access of sustainability financing. It will also facilitate financial institutions’ collection and assessment of company-level data for risk assessment and relevant business decisions.
- The Steering Group announced in June 2022 its plan to create a free and publicly accessible GHG emissions tool, and has subsequently been engaging with the Hong Kong University of Science and Technology to develop the tool.
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