On May 30, 2016 the Hong Kong Financial Services Development Council (HK FSDC) published a report (FSDC Paper Number 23) which posits that Hong Kong “is uniquely placed to be the regional leader in green finance.”
The report “makes a number of recommendations for action in the near future, including:-
- The issue by the government and public-sector controlled issuers of benchmark ‘green bonds’.
- The establishment of a Green Finance Advisory Council or similar body to provide on-going focus and assistance.
- The hosting of a Global Conference on green finance and investment, followed by a seminar series.
- Building a pipeline of green finance professionals, through universities and professional institutions.
- Establishing a Green Labelling Scheme, covering projects and securities, thus attracting issuers and new investors to Hong Kong.
Other recommendations include encouraging asset owners (including public asset owners) and investment managers to study future risks to investments from a climate and environmental perspective; and making our equity, bond and private equity markets more attractive for ‘green’ companies and those who invest in them.
Hong Kong is in a position to be the primary centre for green finance in the region. It should act to establish and consolidate a leading position without delay.”