The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) sets out three key priorities for this year to foster the growth of sustainable finance in Hong Kong following its meeting today (6 February).

1. Developing a comprehensive sustainability disclosure ecosystem.With the publication of the Roadmap on Sustainability Disclosure in Hong Kong (Note 1) by the Hong Kong Special Administrative Region (HKSAR) Government, the Steering Group will take further actions to support the implementation of the International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards) in Hong Kong. The Steering Group will work closely with stakeholders to provide technical assistance on sustainability reporting, develop a sustainability assurance framework, and deliver capacity building programmes in collaboration with the industry.
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3. Reinforcing Hong Kong’s role as a leading sustainable and transition finance hub.To scale up the flow of green and sustainable finance, the Steering Group is engaging the industry to expand the Hong Kong Taxonomy for Sustainable Finance (Note 2) to incorporate transition elements and add new sustainable activities. The Steering Group also works alongside the industry to develop operational guidance for practising transition finance in a sectoral approach. Furthermore, the Steering Group will set up a Transition Finance Knowledge Hub on its website. Following the progress of carbon market developments at COP29 (Note 3), the Steering Group reaffirmed its commitment to develop Hong Kong into an Asia-Pacific region carbon trading hub, through increasing engagement with stakeholders and providing capacity building programmes across the region.
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5. Harnessing data and technology to facilitate sustainability reporting and promote sustainable financing activities. The Steering Group is developing the official Hong Kong Green Fintech Map (Note 4) with the industry, which will be published in the first half of 2025, in view of the potential of green fintech solutions in facilitating large-scale mobilisation of sustainable capital and enabling information flow with greater transparency and accessibility. To support sustainability reporting and increase data availability, the Steering Group will continue to enhance the free-for-all public utility data tools on its website throughout the year, including two greenhouse gas emissions calculation and estimation tools and the Climate and Environmental Risk Questionnaire for Non-listed companies/small and medium-sized enterprises.

For details on the initiatives of the Steering Group and its members, please visit https://sustainablefinance.org.hk/en/.