Page 76 - 2023 White Paper on the Business Environment in China
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3 White Paper on the Business Environment in China
with sustainable development, Hong Kong, in a key role in driving the growth of green and
collaboration with other cities in the GBA, has sustainable markets in the GBA.
continued to strengthen its GSF regulatory
framework and deploy necessary resources to Building GSF capacity and sharing knowledge
promote the regional GSF center.
Hong Kong is taking steps to cultivate talent,
To capture opportunities in GSF, the Hong create data platforms and facilitate information
Kong government has announced its intention56 exchange as it works to build capacity and lay
to develop GSF and promote Hong Kong as a the foundation for the financing of green and
premier financing platform for governments and sustainable industries in the GBA.
green enterprises around the world, particularly
in mainland China. To support this goal, the One such effort is the Pilot Green and
government and regulators have implemented Sustainable Finance Capacity Building Support
various initiatives to upgrade the GSF ecosystem Scheme58, which provides subsidies of around
and provide necessary support for market HK$200 million to market practitioners and
participants pursuing GSF. These top-down efforts prospective practitioners to undergo relevant
will help Hong Kong stay at the forefront of the training and acquire professional qualifications.
GSF market and strengthen its role as a regional In addition, universities in Hong Kong have
financial hub in the GBA. launched courses related to green and
sustainable finance to provide the needed talent
Incentives for the development of green and for the sector's development.
sustainable markets
The Hong Kong Stock Exchange has also
To encourage the development of a green and introduced the Sustainable & Green Exchange
sustainable financial center in the GBA, Hong Kong (STAGE), an online portal that provides
has introduced various practices and funding to information, access and transparency on
enrich and improve its financial system with a a range of sustainable, green and social
focus on green and sustainable factors. investment products. STAGE offers investors
and asset managers easy access to information
One example is the HKMA’s Green and for investment due diligence, selection and
Sustainable Finance Grant Scheme (GSF Grant monitoring of sustainable and green investments.
Scheme), which was released in May 2021. As
the global green bond market has seen rapid To further support the growth of green and
growth in recent years, the GSF Scheme aims to sustainable finance in Hong Kong, the HKMA
support green and sustainable bond issuance and and the SFC have established the Green and
lending, further enriching Hong Kong's green and Sustainable Finance Cross-Agency Steering Group.
sustainable finance ecosystem and strengthening This group aims to coordinate the management
its position as a regional hub57. of climate and environmental risks to the financial
sector, accelerate the growth of green and
In addition, the HKSAR Government has taken sustainable finance in Hong Kong, and support the
a leading role by proposing to issue its own green government's climate strategies.
bond as a way to demonstrate its commitment
to sustainable development and the fight against GBA integration for GSF opportunities
climate change, and to promote the development
of green finance. The government's Green Bond The credibility and transparency of ESG
Programme has a borrowing ceiling of HK$200 investment can be improved through the use
billion. These efforts will help Hong Kong play of taxonomy, which is a system for precisely
identifying the “green” and “socially responsible”
56 Policy Address, https://www.policyaddress. characteristics of economic activities and
gov.hk/2022/public/pdf/policy/policy-full_tc.pdf
57 HKMA, https://www.hkma.gov.hk/eng/news- 58 Pivot GSF Capacity Building Support Scheme,
and-media/press-releases/2021/05/20210504-4/ https://www.greentalent.org.hk/
76
with sustainable development, Hong Kong, in a key role in driving the growth of green and
collaboration with other cities in the GBA, has sustainable markets in the GBA.
continued to strengthen its GSF regulatory
framework and deploy necessary resources to Building GSF capacity and sharing knowledge
promote the regional GSF center.
Hong Kong is taking steps to cultivate talent,
To capture opportunities in GSF, the Hong create data platforms and facilitate information
Kong government has announced its intention56 exchange as it works to build capacity and lay
to develop GSF and promote Hong Kong as a the foundation for the financing of green and
premier financing platform for governments and sustainable industries in the GBA.
green enterprises around the world, particularly
in mainland China. To support this goal, the One such effort is the Pilot Green and
government and regulators have implemented Sustainable Finance Capacity Building Support
various initiatives to upgrade the GSF ecosystem Scheme58, which provides subsidies of around
and provide necessary support for market HK$200 million to market practitioners and
participants pursuing GSF. These top-down efforts prospective practitioners to undergo relevant
will help Hong Kong stay at the forefront of the training and acquire professional qualifications.
GSF market and strengthen its role as a regional In addition, universities in Hong Kong have
financial hub in the GBA. launched courses related to green and
sustainable finance to provide the needed talent
Incentives for the development of green and for the sector's development.
sustainable markets
The Hong Kong Stock Exchange has also
To encourage the development of a green and introduced the Sustainable & Green Exchange
sustainable financial center in the GBA, Hong Kong (STAGE), an online portal that provides
has introduced various practices and funding to information, access and transparency on
enrich and improve its financial system with a a range of sustainable, green and social
focus on green and sustainable factors. investment products. STAGE offers investors
and asset managers easy access to information
One example is the HKMA’s Green and for investment due diligence, selection and
Sustainable Finance Grant Scheme (GSF Grant monitoring of sustainable and green investments.
Scheme), which was released in May 2021. As
the global green bond market has seen rapid To further support the growth of green and
growth in recent years, the GSF Scheme aims to sustainable finance in Hong Kong, the HKMA
support green and sustainable bond issuance and and the SFC have established the Green and
lending, further enriching Hong Kong's green and Sustainable Finance Cross-Agency Steering Group.
sustainable finance ecosystem and strengthening This group aims to coordinate the management
its position as a regional hub57. of climate and environmental risks to the financial
sector, accelerate the growth of green and
In addition, the HKSAR Government has taken sustainable finance in Hong Kong, and support the
a leading role by proposing to issue its own green government's climate strategies.
bond as a way to demonstrate its commitment
to sustainable development and the fight against GBA integration for GSF opportunities
climate change, and to promote the development
of green finance. The government's Green Bond The credibility and transparency of ESG
Programme has a borrowing ceiling of HK$200 investment can be improved through the use
billion. These efforts will help Hong Kong play of taxonomy, which is a system for precisely
identifying the “green” and “socially responsible”
56 Policy Address, https://www.policyaddress. characteristics of economic activities and
gov.hk/2022/public/pdf/policy/policy-full_tc.pdf
57 HKMA, https://www.hkma.gov.hk/eng/news- 58 Pivot GSF Capacity Building Support Scheme,
and-media/press-releases/2021/05/20210504-4/ https://www.greentalent.org.hk/
76
