The Hong Kong Monetary Authority has launched a public consultation on an expanded green finance framework covering 39 activities.
Key facts
- •The HKMA expanded its sustainable finance taxonomy from 25 to 39 activities.
- •The new Phase 2B prototype includes 10 additional activities across transportation, manufacturing, and waste management.
- •The framework now covers transition pathways for aviation and steelmaking.
- •Electric vehicles and alternative marine fuels like ammonia and methanol are now included in the scope.
- •The HKMA launched a public consultation on the updated taxonomy during Green Week.
The Hong Kong Monetary Authority (HKMA) has unveiled an expanded sustainable finance taxonomy as part of the city's annual Green Week. The Phase 2B prototype adds 10 new economic activities to the framework, bringing the total number of recognized green or transition activities to 39.
By the numbers
Expanded Scope for Green Finance
The updated framework now includes battery manufacturing and recycling, as well as various low-carbon technologies. It also provides specific transition pathways for hard-to-abate sectors, including aviation and steelmaking. Additional coverage includes electric buses, minibuses, and taxis, alongside sustainable aviation fuels and green marine fuels like methanol and ammonia.
Market Resilience and Consultation
The HKMA has initiated a public consultation regarding the new prototype. Arthur Yuen Kwok-hang, deputy chief executive of the HKMA, stated that climate risks have become tangible financial risks, necessitating reliable assessment methods to direct capital toward projects that improve resilience.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business.
