HKMA and DFSA Forge Strategic Partnership to Advance Sustainable Finance

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) concluded their inaugural Joint Climate Finance Conference on September 16, 2024. The hybrid event, held in Hong Kong, attracted over 240 participants from financial institutions, industry associations, and international organizations across Asia and the Middle East.

Focus on Transition Finance

Under the theme “Building a Net-Zero Asia – Middle East Corridor,” the conference addressed the demand for transition finance and explored collaborative opportunities between Hong Kong and Dubai. Discussions centered on each region’s vision for a net-zero transition and strategies to encourage investment in sustainable initiatives.

Strategic Partnership

In a significant development, the HKMA and the DFSA signed a Memorandum of Understanding (MOU) to deepen their strategic partnership on sustainable finance. This MOU aims to enhance cross-border dialogue, facilitate the exchange of information on recent trends, and promote joint research and events, further driving progress in this crucial area.

Leadership Statements

Eddie Yue, Chief Executive of the HKMA, emphasized the global nature of climate challenges and the necessity for collaborative responses. “Hong Kong and Dubai, as sustainable finance hubs in Asia and the Middle East, and key gateways between East and West, can and should do more together,” Yue stated. He highlighted the inaugural conference as a first step in building a “Net-zero Asia – Middle East Corridor.”

Ian Johnston, Chief Executive of the DFSA, echoed this sentiment, underscoring the importance of strong partnerships for achieving net-zero targets. Johnston remarked, “The MOU with the HKMA represents a pivotal step in reinforcing the cooperation between Dubai and Hong Kong in climate finance. Through its ambitious Economic Agenda D33, Dubai is committed to leading the charge on environmental, social, and governance initiatives.”

Future Collaboration

The HKMA and the DFSA will continue to work closely to promote sustainable finance, including transition finance. The enhanced partnership is expected to support both regions in mobilizing capital to foster green and sustainable economic growth.

For more details, visit the Hong Kong Monetary Authority.