The HKMA organises Green and Sustainable Banking Conference and announces results of the Green Fintech Competition
The Hong Kong Monetary Authority (HKMA) organised the Green and Sustainable Banking Conference (11 December). The event brought together around 400 participants from banks, technology firms, regulatory authorities and the academia.
In his opening remarks, Mr Arthur Yuen, Deputy Chief Executive of the HKMA, highlighted that everyone must act fast in the transition to net-zero and banks play a central role in achieving climate goals.
“But action must be guided by knowledge,” Mr Yuen said.
“Banks need to build up knowledge about the latest technologies that support the transition to net-zero before they can effectively channel capital to support transition efforts. The HKMA will enable change through strengthening the green finance ecosystem and supporting banks’ financing of the transition.” he added.
A key objective of the conference is to provide a platform for the banking sector and the technology sector to discuss the role of low-carbon technology and green fintech in the net-zero transition in Hong Kong and the Mainland. The panel sessions discussed how different types of low-carbon technologies, such as hydrogen energy, carbon capture, utilisation and storage, and smart energy management systems, can contribute to the net-zero transition and how the Hong Kong banking sector can assist in scaling up the application of those technologies through their lending and investment decisions.
The conference concluded with the Award Presentation Ceremony of the Green Fintech Competition. The Competition was launched in September 2023 to seek market-ready solutions that can help the banking sector address challenges under the following themes: Net-zero Transition or Transition Planning; Climate Risk Management; Green and Sustainable Finance; and Sustainability or Climate-related Disclosure and Reporting. More than 85 submissions from around 70 companies were received. The winner and a selected finalist of each theme showcased their solutions at an exhibition area at the conference, which included blockchain-based systems for ESG data reporting and analysis and AI-powered tools for physical risk assessment. Please refer to the Annex for the winners and first runners-up of the competition.
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