Greater Bay Area Green Finance Alliance Officially Launched
The Hong Kong Green Finance Association (“HKGFA”) announced the official launch of the Guangdong-Hong Kong-Macau Greater Bay Area Green Finance Alliance (“GBA-GFA”) at the inaugural launch ceremony on 4 September. The Alliance aims to facilitate the greening of the Greater Bay Area.
The event brought together delegates and distinguished guests from the governments across the Greater Bay Area, as well as business leaders and academia. These included Paul Chan Mo-po, Financial Secretary of the Government of the Hong Kong Special Administrative Region, and Dr. Ma Jun, Chairman and President of HKGFA. Over 100 guests attended the physical launch event in Guangzhou, while over 3,500 guests also participated in the event via online webinar.
Source: The Hong Kong Green Finance Association (HKGFA)
In his opening remarks, Mr. Chan said: “Green finance is an important initiative of the central government. The Greater Bay Area Green Finance Alliance, therefore, is pivotal in promoting the green finance standards and certification in Greater Bay Area. We are looking forward to working closely with the Alliance to maintain close collaboration with all cities in the Greater Bay Area, so as to jointly foster the development of green finance in the Area.”
The GBA-GFA is a collaboration between the Hong Kong Green Finance Association (HKGFA), the Green Finance Committee of Guangdong Society for Finance and Banking (GDGFC), the Green Finance Committee of Financial Society of Shenzhen Special Economic Zone (SZGFC), and the Macau Association of Banks. The Alliance aims to promote research and incubate green investments that will benefit the GBA by leveraging the vast green investment demand in Guangdong and green finance capacities in Hong Kong and Macau.
The Alliance is already supporting five green finance-related projects: the Green Building Project, Blockchain Solar Project and Carbon Connect will be led by Hong Kong; the Research and Practical of Solid Waste Disposal will be led by Shenzhen; and the Green Supply Chain Financing Action Guide will be led by Guangdong.
Collaborated with “Hong Kong 2050 is Now” platform, the Green Building Project aims to decarbonise the Greater Bay Area and to maximise green finance opportunities in the building industry. The project is taking multipronged actions by conducting green building research, covering green building certification benchmarking and policy gap analysis with carbon lens, and developing green financing solutions, including areas in green development loans for green building, green financing for retrofitting projects, green mortgages and more.
The Blockchain Solar project combines green energy policy and fintech solutions to deliver innovative funding structures and new classes of digital sustainable investments to facilitate the acceleration of smaller scale solar energy projects in highly-dense urban areas.
The objective of “Carbon Connect” is to establish a standardised carbon marketplace for cross-border trading that covers the Greater Bay Area and to put investors who are interested in carbon trading on the same platform by connecting domestic and overseas carbon market trading channels. “Carbon Connect” allows global investors to enter China’s carbon market more conveniently via the Greater Bay Area. Meanwhile, Hong Kong’s well-established financial infrastructure can serve as a trading centre for the “Carbon Connect”.
Green finance has always been a critical focus for the Hong Kong S.A.R. government, where considerable efforts have been made in developing Hong Kong into one of the most dynamic and transparent green finance markets in the world.