The Hong Kong Monetary Authority (HKMA) and Dubai Financial Services Authority (DFSA) are to jointly host a conference focused on regulators’ role in boosting the transition to a clean economy.
A HKMA spokesperson told Green Central Banking that the event will “explore common opportunities and challenges in accelerating the flow of transition financing in the Middle East and Asia”.
“Discussions are expected to focus on the role of supervisors and central banks in facilitating sustainable capital flows, how best to leverage frameworks and existing and innovative green financing solutions (ranging from debt to carbon markets), and the importance of robust international co-operation to effect climate action globally,” the spokesperson said, adding that more details would be announced in due course.
HKMA chief executive Eddie Yue told the Asian Financial Forum that the first edition of the event would take place in Hong Kong in October, with a second gathering planned in Dubai next year.
The HKMA last year unveiled a set of principles for banks in the Asian financial hub to prepare for the transition towards a net-zero economy.
Last year, a consultation paper by the Hong Kong Stock Exchange (HKEx) proposed that companies listed in the city should start disclosing their climate-related risks as of January 2024.
However, the tightening of Hong Kong’s disclosure rules has since been delayed until January next year “to allow issuers more time to familiarise themselves with the new climate-related disclosure requirements”, according to the HKEx.
The DFSA meanwhile announced new guidelines on climate risks alongside the other financial regulators of the United Arab Emirates just ahead of the country’s hosting of the Cop28 conference last November.
This page was last updated February 1, 2024
Share this article