On May 3, 2024, the Hong Kong Monetary Authority officially released the Hong Kong Sustainable Finance Classification Catalogue, which will serve as a voluntary market tool to guide the development of green and sustainable finance in Hong Kong, in order to continue to enhance Hong Kong's leadership in the green and sustainable finance market.
Currently, Hong Kong's sustainable finance classification catalog includes 12 economic activities in four major industry sectors, including electricity generation, transportation, construction, water and waste management. As a local classification catalog in Hong Kong, the catalog was formulated with reference to five principles: 1. Consistent with the goals of the Paris Agreement; 2. Guiding the industry to avoid greenwashing; 3. Achieving compatibility with other regional classification catalogs; 4. Relevant goals and evaluation criteria are based on scientific evidence; 5. Adopting the principles of no major harm and minimum social security.
In the process of formulating this classification catalogue, the Hong Kong Monetary Authority also referred to mainstream classification catalogues such as the China-EU Common Classification Catalogue, the China Green Bond Support Project Catalogue, and the EU Sustainable Finance Taxonomy to promote compatibility between standards and expand the liquidity of green financing products.
Since the Hong Kong Monetary Authority released the first discussion document on the Hong Kong Sustainable Finance Classification Catalogue in May 2023, CCXGF International has actively participated in the public consultation on the classification catalogue. Based on its extensive project experience and huge customer network, it has proposed relevant industry green project analysis standards, included more projects in the classification catalogue and other practical experiences, and received special thanks and recognition from the Hong Kong Monetary Authority.
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| Figure: The Hong Kong Monetary Authority expressed its gratitude for our work in the consultation process of Hong Kong’s Sustainable Finance Classification Catalogue |
As Hong Kong's leading green and sustainable financial services provider, CCXGF International will continue to actively participate in the construction of Hong Kong's green and sustainable financial market, continue to provide advice and suggestions for the formulation of subsequent transitional financial classification catalogues, promote the inclusion of more green industries in the classification catalogues, and contribute to Hong Kong's construction of an international green and sustainable financial center.
