jack anderson
November 11, 2024 04:26
The Hong Kong Monetary Authority (HKMA) is working with multilateral organizations to strengthen Asia’s climate investment strategy with the goal of sustainable growth and emissions reductions.
The Hong Kong Monetary Authority (HKMA) has announced strategic partnerships with several multilateral organizations to strengthen climate investment initiatives across Asia. According to the Hong Kong Monetary Authority, the collaboration was unveiled at the Asia Climate Investment Seminar held on November 11, 2024.
Strategic cooperation for sustainable finance
HKMA joined forces with the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the International Finance Corporation (IFC) of the World Bank Group to strengthen efforts for sustainable finance in Asia. The partnership aims to invest at least $500 million in investments focused on sectors pivotal to achieving net zero emissions. Key areas include renewable energy infrastructure, sustainable transport and innovative energy solutions.
Leadership and Vision
Howard Lee, CEO of HKMA Exchange Fund Investment Office, highlighted Hong Kong’s role as Asia’s leading green finance hub. He argued that strategic partnerships are important in demonstrating the feasibility of aligning financial returns with sustainable development, citing the city’s important contributions to international green and sustainable bonds.
Suzanne Gaboury, ADB’s Director-General for Private Sector Operations, highlighted the region’s urgent need for climate investments to promote green growth. Serving as Asia’s climate bank, ADB is strengthening its climate financing efforts and collaborating with like-minded partners to finance impactful development projects.
Commitment to Climate Action
Gregory Liu, Secretary General of the AIIB’s Financial Institutions and Fund Clients Department, expressed the AIIB’s commitment to advancing climate-focused investments. He emphasized the importance of partnerships in accelerating Asia’s transition to a low-carbon economy, thereby laying a strong foundation for critical climate action and regional resilience.
Kim-See Lim, IFC’s regional director for East Asia and Pacific, acknowledged the challenges posed by climate change in Asia. She emphasized the importance of deploying capital to climate projects that are essential to fostering a comprehensive transition to low-carbon growth.
Actis’ role in the initiative
Actis GP LLP, the general partner supporting the initiative, aims to play a key role in this partnership. Shami Nissan, Partner and Head of Sustainability at Actis, highlighted Asia’s importance in achieving a net-zero future, given its rapid industrialization and significant contribution to global carbon emissions.
Partner organization background
The HKMA is Hong Kong’s central banking authority and focuses on maintaining currency stability, financial system integrity, and foreign exchange fund management. ADB and AIIB are key players in regional development, with missions focused on sustainable growth and infrastructure financing. IFC, part of the World Bank Group, is the largest global institution focused on private sector development in emerging markets, while Actis specializes in sustainable infrastructure investments.
Image source: Shutterstock