HKMA and DFSA Forge Strategic Partnership to Advance Sustainable Finance

The
Hong
Kong
Monetary
Authority
(HKMA)
and
the
Dubai
Financial
Services
Authority
(DFSA)
concluded
their
inaugural
Joint
Climate
Finance
Conference
on
September
16,
2024.
The
hybrid
event,
held
in
Hong
Kong,
attracted
over
240
participants
from
financial
institutions,
industry
associations,
and
international
organizations
across
Asia
and
the
Middle
East.

Focus
on
Transition
Finance

Under
the
theme
“Building
a
Net-Zero
Asia
–
Middle
East
Corridor,”
the
conference
addressed
the
demand
for
transition
finance
and
explored
collaborative
opportunities
between
Hong
Kong
and
Dubai.
Discussions
centered
on
each
region’s
vision
for
a
net-zero
transition
and
strategies
to
encourage
investment
in
sustainable
initiatives.

Strategic
Partnership

In
a
significant
development,
the
HKMA
and
the
DFSA
signed
a
Memorandum
of
Understanding
(MOU)
to
deepen
their
strategic
partnership
on
sustainable
finance.
This
MOU
aims
to
enhance
cross-border
dialogue,
facilitate
the
exchange
of
information
on
recent
trends,
and
promote
joint
research
and
events,
further
driving
progress
in
this
crucial
area.

Leadership
Statements

Eddie
Yue,
Chief
Executive
of
the
HKMA,
emphasized
the
global
nature
of
climate
challenges
and
the
necessity
for
collaborative
responses.
“Hong
Kong
and
Dubai,
as
sustainable
finance
hubs
in
Asia
and
the
Middle
East,
and
key
gateways
between
East
and
West,
can
and
should
do
more
together,”
Yue
stated.
He
highlighted
the
inaugural
conference
as
a
first
step
in
building
a
“Net-zero
Asia
–
Middle
East
Corridor.”

Ian
Johnston,
Chief
Executive
of
the
DFSA,
echoed
this
sentiment,
underscoring
the
importance
of
strong
partnerships
for
achieving
net-zero
targets.
Johnston
remarked,
“The
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.”

Future
Collaboration

The
HKMA
and
the
DFSA
will
continue
to
work
closely
to
promote
sustainable
finance,
including
transition
finance.
The
enhanced
partnership
is
expected
to
support
both
regions
in
mobilizing
capital
to
foster
green
and
sustainable
economic
growth.

For
more
details,
visit
the

Hong
Kong
Monetary
Authority.

Image
source:
Shutterstock