Friends of the Earth Hong Kong and the Hong Kong Financial Development Bureau jointly organized a side event forum at COP29 to promote the transformation of finance and achieve a net zero emissions economy.

On November 4th, the Hong Kong Monetary Authority's Media Center announced that Friends of the Earth Hong Kong and the Hong Kong Financial Development Bureau will co-organize a side event forum titled "Promoting Transformational Finance and Cross-Border Green Financing for Net Zero Emissions Economy" at the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, which will be held in Baku, the capital of Azerbaijan, on November 11, 2024. As an international financial center, Hong Kong plays a key role in guiding international capital towards high-quality environmental projects, making positive contributions to the regional and global Green Economy transformation. To strengthen its leading position in green finance, the Hong Kong SAR government has identified transformational finance as a key focus, expanding local classification frameworks to cover transformational activities and enhancing financial technology capabilities to support the long-term development of green and sustainable finance. The COP29 China side event forum will invite representatives from governments, financial institutions, industries, research institutions, academia, civil society organizations, and innovative technologies to discuss and advocate new concepts, models, and examples of transformative finance development. The forum will cover topics such as green bonds, green investment funds, green credit and insurance, energy transition funds, carbon credit trading, and other related issues. The aim is to strengthen exchanges and cooperation with regional and international partners through this international forum, establish a platform for green finance cooperation, promote the development of transformational finance in Hong Kong and the Greater Bay Area, provide more financial support and innovative solutions for the development of the country and the global Green Economy, and collectively address the challenges of global climate change. As one of the co-organizers of the forum, Mr. Yi Guangtao, Chairman of Friends of the Earth Hong Kong, stated: "Our collaboration with the Hong Kong Financial Development Bureau marks an important step in our progress towards promoting sustainable finance and climate action. Through hosting the COP29 side event activities, we hope to strengthen our commitments to a more resilient and greener future. Hong Kong has unique advantages in leading transformational finance and can effectively guide international capital towards high-quality green projects, supporting Asia's path to decarbonization." Mr. Joseph Hui, SBS, SC, KC, JP, FCIArb, Deputy Chairman of the Hong Kong Financial Development Bureau, emphasized the importance of transformative finance for sustainable financial development in Hong Kong: "Transformative finance has become a new direction for sustainable financial development, with the International Renewable Energy Agency estimating that investment in this area will reach $150 trillion by 2050. Leveraging its robust financial strength and rich professional experience, Hong Kong has a unique advantage in promoting the development of transformative finance and bridging the transformation needs and financial resource gaps of various industries, especially high-carbon emitting industries. At the 29th Climate Change Conference, we will showcase Hong Kong's innovative achievements in sustainable financial development to the international community. We are honored to once again work with Friends of the Earth to jointly promote the global transition to a low-carbon economy." The discussion session of the side event forum will focus on "Government, Regulators, Enterprises, Financial Institutions, and Society Joining Hands to Drive Green Low-Carbon Transformation and High-Quality Development," with guest speakers including Ms. Winnie Chan, Permanent Secretary for Financial Affairs and Treasury of the Hong Kong Special Administrative Region Government, Professor Michael Cheung, Director of Hong Kong Institute of Directors, Ms. Emely Ma, Executive Director of Sustainable Development Finance at DBS Bank (Hong Kong) Limited, and Mr. Liu Peisheng, Co-Founder and CEO of Yingbao Advanced Technology Co., Ltd. Dr. Edmond Lau, Executive Director of the Hong Kong Financial Development Bureau, will lead the guest speakers in discussing the core issues that various sectors of society face in participating in low-carbon transformation: "Hong Kong is fully committed to promoting the development of transformative finance, and has prioritized this in the cross-institutional guidance plan for green and sustainable finance released earlier this year. Building on our existing strengths in sustainable finance, we are constructing a more comprehensive ecosystem, pooling the wisdom of all sectors of the financial industry, covering areas such as policy frameworks, classification standards, talent cultivation, and the application of green technologies. This diverse development strategy will set Hong Kong apart in global low-carbon financial development. We will closely follow international trends and strive to consolidate Hong Kong's position as a hub for transformational finance in Asia, providing funding and professional support for high-carbon emitting industries to facilitate their sustainable transformation."