Working together to promote sustainable finance in Hong Kong
Mobilising green and sustainable finance in Asia Pacific is critical to meet the region’s energy transition and decarbonisation targets.
The European Chamber of Commerce in Hong Kong (EuroCham) has taken up the challenge with the creation of its Sustainable Finance Working Group, building on the momentum generated by the high-level forum “EU and Hong Kong: The Green Way” in September 2021. Senior representatives of EuroCham have selected Yasmine Djeddai, Head of Sustainable Finance for Asia Pacific at Societe Generale and Johannes Hack, Chief Executive of DZ Bank’s Hong Kong branch, as co-chairs of the new working group.
The creation of the Sustainable Finance Working Group will allow regular dialogue with key stakeholders in Hong Kong on important ESG topics such as fostering the development of ESG talent in Hong Kong. Other priorities include promoting compatible and as convergent as possible approaches with regard to taxonomies and disclosure standards, as well as global best practices in sustainable finance.
Hong Kong has launched various initiatives with the ambition of developing and consolidating its positioning as a leading hub for green and sustainable finance in Asia. The government has launched a HK$200 billion green bond programme to fund its transition to a low carbon economy, including renewable energy and waste management projects. Hong Kong is also exploring to develop a regional carbon trading market as well as a sustainable finance taxonomy leveraging on the cooperation between China and the EU on the Common Ground Taxonomy. Finally, the regulators are planning to make climate-related disclosures aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework mandatory by 2025 across relevant industries.
“I am very pleased with the creation of the EuroCham’s Sustainable Finance Working Group whose members are keen to support Hong Kong in its transition journey. The development of sustainable finance is an essential part of the equation, but it will require all parties to work collectively and develop the required skills, standards and accountability to ensure the best possible outcomes. We hope this new working group will be a forum for the sharing of ideas and best practices between Europe and Asia’s leading financial centers.” Yasmine Djeddai, Head of Sustainable Finance, Asia Pacific, Societe Generale.