Highlights

• HKMA and DFSA held their first climate finance conference.
• “Building a Net-Zero Asia – Middle East Corridor” looked at transition finance and collaboration.
• HKMA and DFSA signed an MOU to deepen their partnership in sustainable finance.
• More to come on sustainable finance and capital mobilisation.

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) held their first Joint Climate Finance Conference recently.

The hybrid event in Hong Kong attracted over 240 participants from financial institutions, industry groups and international organisations from both regions.

The conference was themed “Building a Net-Zero Asia – Middle East Corridor” and looked at the need for transition finance and the gap that exists. It also explored opportunities for Hong Kong and Dubai to work together and highlighted each market’s vision for net zero and how to encourage investment in the transition.

HKMA and DFSA signed a Memorandum of Understanding (MOU) to deepen their partnership in sustainable finance through more cross-border communication, sharing of information on the latest trends and joint research and events.

HKMA Chief Executive, Mr Eddie Yue, said global cooperation is key to tackling climate change. As two major sustainable finance hubs in Asia and the Middle East, Hong Kong and Dubai should work more together. The conference marks the start of their initiative to build a “Net-Zero Asia – Middle East Corridor” with more to come from the two authorities.

DFSA Chief Executive, Mr Ian Johnston, said strong partnerships are needed to achieve net-zero targets. He described the MOU with HKMA as a key step to deepen cooperation between Dubai and Hong Kong in climate finance. He also mentioned Dubai’s Economic Agenda D33 on environmental, social and governance initiatives and looked forward to working towards a low-carbon economy.

Follow KnowESG's Sustainable Finance news for regular news and views.

Discover an extensive network of ESG providers here

Check out KnowESG's latest ESG Course updates

Source: HKMA