On December 17, 2020, Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) published its Strategic Plan to Strengthen Hong Kong’s Financial Ecosystem to Support a Greener and More Sustainable Future (Strategic Plan). The Strategic Plan sets out six key focus areas to strengthen Hong Kong’s financial ecosystem and support the development of sustainable finance in the Special Administrative Region. It is likely that this comprehensive plan will be implemented rapidly given the support of the seven members of the Steering Group, which represent a critical mass of Hong Kong’s financial regulatory bodies and include the Hong Kong Monetary Authority, Securities and Futures Commission and Hong Kong Exchanges and Clearing Limited.
As part of the longer-term Strategic Plan, the Steering Group has agreed to implement five near-term action points including mandatory climate-related disclosures aligned with the Recommendations of the Task Force on Climate-related Financial Disclosures by 2025 and adopting an international sustainability taxonomy to be developed by mid-2021.
Continue reading on MayerBrown.com for a summary and analysis of the Strategic Plan and the steps Hong Kong has already taken to progress this ambitious agenda, as well as insights and implications for various market participants.