HKMA and DFSA Forge Strategic Partnership to Advance Sustainable Finance

The Hong Kong Financial Authority (HKMA) and the Dubai Monetary Providers Authority (DFSA) concluded their inaugural Joint Local weather Finance Convention on September 16, 2024. The hybrid occasion, held in Hong Kong, attracted over 240 members from monetary establishments, business associations, and worldwide organizations throughout Asia and the Center East.

Deal with Transition Finance

Underneath the theme “Building a Net-Zero Asia – Middle East Corridor,” the convention addressed the demand for transition finance and explored collaborative alternatives between Hong Kong and Dubai. Discussions centered on every area’s imaginative and prescient for a net-zero transition and methods to encourage funding in sustainable initiatives.

Strategic Partnership

In a major improvement, the HKMA and the DFSA signed a Memorandum of Understanding (MOU) to deepen their strategic partnership on sustainable finance. This MOU goals to boost cross-border dialogue, facilitate the trade of knowledge on current developments, and promote joint analysis and occasions, additional driving progress on this essential space.

Management Statements

Eddie Yue, Chief Government of the HKMA, emphasised the worldwide nature of local weather challenges and the need for collaborative responses. “Hong Kong and Dubai, as sustainable finance hubs in Asia and the Middle East, and key gateways between East and West, can and should do more together,” Yue acknowledged. He highlighted the inaugural convention as a primary step in constructing a “Net-zero Asia – Middle East Corridor.”

Ian Johnston, Chief Government of the DFSA, echoed this sentiment, underscoring the significance of sturdy partnerships for reaching net-zero targets. Johnston remarked, “The MOU with the HKMA represents a pivotal step in reinforcing the cooperation between Dubai and Hong Kong in climate finance. Through its ambitious Economic Agenda D33, Dubai is committed to leading the charge on environmental, social, and governance initiatives.”

Future Collaboration

The HKMA and the DFSA will proceed to work intently to advertise sustainable finance, together with transition finance. The improved partnership is predicted to assist each areas in mobilizing capital to foster inexperienced and sustainable financial development.

For extra particulars, go to the Hong Kong Financial Authority.

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