Hong Kong Cross-Agency Steering Group announces 2025 key priorities for sustainable finance

The Green and Sustainable Finance Cross-Agency Steering Group (the Steering Group) has set out three key priorities this year to enhance the development of sustainable finance in Hong Kong after their meeting on 6 February 2025 (see HKMA’s press release). 

The priorities build on sustainable finance initiatives announced or launched in the past year, such as the Roadmap on Sustainability Disclosure, the Hong Kong Taxonomy for Sustainable Finance, and the Hong Kong Green Fintech Map.

The Steering Group’s key priorities for 2025 are summarised as follows:

• Developing a comprehensive sustainability disclosure framework: The Steering Group plans to promote adopting the International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards) in Hong Kong. This is in line with the milestones outlined in the Roadmap on Sustainability Disclosure published by the Hong Kong SAR Government in December 2024, and objectives set out in the Sustainable Finance Action Agenda published by the Hong Kong Monetary Authority (HKMA) (see our previous blog post).
• Reinforcing Hong Kong’s role as a leading sustainable and transition finance hub: To increase the flow of green and sustainable finance, the Steering Group is working with the industry to expand the Hong Kong Taxonomy for Sustainable Finance by incorporating transition elements and add new sustainable activities. The Steering Group is also developing, with industry, operational guidelines for implementing transition finance with a sector-specific approach and launching a Transition Finance Knowledge Hub on their website. The Steering Group reiterated their dedication to making Hong Kong a carbon trading hub for the Asia-Pacific, by boosting stakeholder engagement and offering regional capacity-building initiatives.
• Harnessing data and technology to facilitate sustainability reporting and promote sustainable financing activities: The Steering Group recognises the potential of green fintech in supporting sustainable finance develop and enhancing information transparency. In collaboration with the industry, it will be developing the Hong Kong Green Fintech Map set to be published in early 2025. The Steering Group will also continue to improve the public utility data tools available on their website, including tools for greenhouse gas emissions calculations and a Climate and Environmental Risk Questionnaire for non-listed companies and small and medium enterprises.

The key priorities aim to progress the sustainability initiatives previously set out by the HKSAR Government and the HKMA, reaffirm Hong Kong’s commitment to position itself as the sustainable finance hub in Asia and support the development of sustainable finance in the region.