RegStream

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) concluded their inaugural Joint Climate Finance Conference today (16 September). The hybrid conference, which took place in Hong Kong, brought together more than 240 participants from financial institutions, industry associations, and international organisations across both regions.

Under the theme “Building a Net-Zero Asia – Middle East Corridor”, the event discussed the demand for, and the gap in, transition finance, and explored the opportunity for greater collaboration between Hong Kong and Dubai. It highlighted the vision for the net-zero transition in each market, and for encouraging investment into the transition.

The HKMA and the DFSA signed a Memorandum of Understanding (MOU) to further deepen their strategic partnership on sustainable finance. Through this partnership, both authorities will engage in enhanced cross-border dialogue, deepen the exchange of information on recent trends, and conduct joint research and events to further drive progress in this crucial area.

Mr Eddie Yue, Chief Executive of the HKMA, said, “Climate change is a global challenge that requires a collaborative response. Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, and the key gateways between East and West, can and should do more together. The inaugural conference is our first effort to build a ‘Net-zero Asia – Middle East Corridor’. I look forward to many more fruitful collaborations between the HKMA and the DFSA. ”

Mr Ian Johnston, Chief Executive of the DFSA, said, “As we strive to achieve net-zero targets, it is crucial to establish strong partnerships that allow for the exchange of expertise, regulatory alignment, and the promotion of sustainable investment opportunities. The signing of this 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. Today’s signing is a testament to our shared ambition with Hong Kong to accelerate the transition towards a low-carbon economy. ”

The HKMA and the DFSA will continue working closely to promote sustainable finance, including transition finance. The enhanced partnership will support both regions in exploring opportunities to mobilise capital to support the green and sustainable growth of the wider economies.

The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue (left), and the Chief Executive of the Dubai Financial Services Authority, Mr Ian Johnston (right), sign and exchange the Memorandum of Understanding in Hong Kong to promote collaboration on sustainable finance.

(From left) Senior Partner, Hong Kong, Freshfields Bruckhaus Deringer and Co Vice Chair, IFRS Foundation, Ms Teresa Ko; the Chief Executive of the Dubai Financial Services Authority, Mr Ian Johnston; and the Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, share their visions for net-zero transition.

(From left) Managing Director, APAC Head of Sustainable and Transition Solutions, BlackRock, Ms Emily Woodland; Managing Director - Head of Sustainability MENAT, Global Sustainability, HSBC Middle East, Ms Sabrin Rahman; Regional Director for East Asia and the Pacific, International Finance Corporation, Ms Kim-See Lim; Managing Director, Supervision, Dubai Financial Services Authority, Mr Justin Baldacchino; and Head of APAC Research, BloombergNEF, Mr Ali Izadi- Najafabadi, exchange views on how to channel capital into transition.

(From left) Centre Head, Innovation Hub Hong Kong, Bank for International Settlements, Ms Bénédicte Nolens; Head of Investment Banking, Asia Pacific, Natixis Corporate and Investment Banking, Mr Raghu Narain; Chief Development Strategist, Institute for the Environment, The Hong Kong University of Science and Technology, Ms Christine Loh; Managing Director, Head of Technology & Communications, Asia North & Australia, Asia South, Investment Banking, Citi, Mr Ho- Yin Lee; and Senior Director, Asia Pacific, International Capital Market Association, Mr Ricco Zhang, discuss the future of transition. Hong Kong Monetary Authority Dubai Financial Service Authority 16 September 2024