Regulatory Alerts2024-10-21
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Sustainable Finance Action Agenda
The Hong Kong Monetary Authority issues the Sustainable Finance Action Agenda to mandate that all banks strive for net zero in their operations by 2030 and financed emissions by 2050. The regulator requires banks to publish Paris-aligned transition plans on a comply-or-explain basis starting in 2030 while aligning disclosures with international standards such as the ISSB Standards and BCBS Pillar 3. Additionally, the HKMA commits to achieving net zero for the Exchange Fund's investment portfolio by 2050 and aims to develop Hong Kong as the region's primary sustainable financing platform.
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