International Experiences in Green Finance Development

40 International Experiences in Green Finance Development: Lessons for Hong Kong Table 7: Key Policies for Green and Sustainable Finance in Hong Kong Time Policy Content Institution Jan 2017 Hong Kong’s Climate Action Plan 2030+ This report responds to the Paris Agreement, an ambitious multilateral treaty that came into force in November 2016. Environment Bureau (ENB) Feb 2018 Hong Kong Government Green Bonds Programme (Announced by the Financial Secretary in 2018-19 Budget) This promotes green finance and enhances the sustainability of the city, with a borrowing limit of HK$100 billion (approximately US$12.8 billion). Financial Services and Treasury Bureau (FSTB) Jun 2018 Green Bonds Grant Scheme (GBGS) This scheme subsidizes eligible green bonds issuers in obtaining certification under the Green Finance Certification Scheme (GFCS) established by the HKQAA. HKMA Sep 2018 Strategic Framework for Green Finance (2018 Strategic Framework) This includes enhancing climate-related corporate disclosures in line with the recommendations of the TCFD. SFC May 2020 Common Assessment Framework on Green and Sustainable Banking The Framework assesses an institution’s readiness and preparedness to address climate and environmental- related risks and allows the HKMA to determine the “Greenness Baseline” of individual banks. HKMA Jun 2020 White Paper on Green and Sustainable Banking This White paper presents the initial thinking of the HKMA about its supervisory approach to addressing climate-related issues, and to a lesser extent, broader sustainability issues. HKMA