Hong Kong Cross-Agency Steering Group announces strategic priorities for 2026-2028

The Green and Sustainable Finance Cross-Agency Steering Group (the Steering Group) has set out its strategic priorities for 2026-2028 to enhance the development of sustainable finance in Hong Kong after their meeting on 29 January 2026 (see the Steering Group’s press release). 

The 2026-28 priorities are anchored on the following two pillars (building on the sustainable finance initiatives announced or launched in the past few years): 

• enhancing sustainability disclosure, sustainable finance markets, external engagement and talent development to bolster Hong Kong as a sustainable finance hub; and
• focusing on transition finance and adaptation finance.  

The Steering Group’s strategic priorities for 2026-2028 are summarized as follows: 

Enhance sustainability disclosures: 

The Steering Group has said it will ensure Hong Kong’s disclosure landscape remains globally aligned “while being responsive to market conditions and industry readiness.” The Steering Group states that it will monitor the implementation of the Hong Kong sustainability disclosure standards; develop the sustainability assurance regime; enhance disclosure tools and promote the use of technology (such as AI) to help organisations move from reporting to taking action; and expand training on disclosure and assurance, especially sector specific support.     

The Steering Group will also work with industry to develop best practices for transition plan disclosure, through a “Transition Plan Disclosure Pilot”, to encourage the development and disclosure of credible transition plans aligned with global frameworks. This project aims to promote industry-developed best practices for transition planning and disclosure, to enable volunteer HKEX-listed and A-H companies to produce investor-focused and decision-useful transition plans aligned with internationally recognised frameworks, e.g., Transition Plan Taskforce (TPT), ISSB.  

Deepen sustainable finance markets

The Steering Group states it will reinforce the role of Hong Kong’s sustainable financing and carbon-trading platform in supporting Asia’s sustainability agenda. This will include enhancing Hong Kong’s position as the leading sustainable financing platform in Asia, through the Green and Sustainable Finance Grant Scheme, development and promotion of the Hong Kong taxonomy, and promotion of technology adoption including tokenization. It will also continue to strengthen cross-boundary collaboration with mainland China and international carbon markets. 

External engagement and talent development 

The Steering Group intends to strengthen external engagement, including increasing Hong Kong’s presence at global forums and international engagements, as well as deepening regional partnerships (such as with the Greater Bay Area, ASEAN, Middle-East and the Belt-and-Road economies).  It also intends to support talent development by continuing to promote the Pilot Green and Sustainable Finance Capacity Building Support Scheme. 

Scaling transition finance

The Steering Group is aiming to accelerate the development of transition finance in Hong Kong. This will include operationalising transition finance principles with practical guide and case studies (including on the assessment of transition plans and the use of taxonomies), as well as encouraging wider industry adoption of transition planning by providing guidance and promoting good practices.  

Supporting climate adaptation and resilience

The Steering Group also intends to develop Hong Kong as a regional pioneer in adaptation finance. This will include establishing a work stream to assess market readiness and coordinate efforts across sectors on climate adaptation and resilience, including identifying adaptation finance needs, capability gaps, governance and reporting best practices, and policy support needed. It will also support product innovation and development (such as catastrophe bonds), as well as strengthen capabilities to assess physical risks and their financial impact by providing technology-enabled climate modelling and data analytics tools.

What is the Green and Sustainable Finance Cross-Agency Steering Group?

Established in May 2020, the Steering Group is co-chaired by the Hong Kong Monetary Authority and the Securities and Futures Commission. Members include the Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the Accounting and Financial Reporting Council, and Hong Kong Exchanges and Clearing Limited. The Steering Group aims to coordinate the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies.