HKMA and DFSA Host Joint Climate Finance Conference to Enhance Sustainable Investment and Innovation

DFSA and HKMA co-host second Joint Climate Finance Conference, showcasing opportunities to accelerate sustainable finance through innovation

The following is issued on behalf of the Hong Kong Monetary Authority:

The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) today (November 26) hosted the second Joint Climate Finance Conference. The hybrid conference, which took place in Dubai, the United Arab Emirates, brought together nearly 250 participants across both regions.

As the flagship initiative of the DFSA-HKMA partnership to support and enable climate finance in the Middle East and Asia, this year's conference focused on financial risks arising from climate change and innovation. It featured a series of dynamic discussions on how the two regions can leverage their strengths in finance and technology to collaborate on the development and deployment of innovative products and solutions, to facilitate energy transition and other sustainable development goals of the region and beyond.

The conference also provided a deep dive into the findings of the DFSA-HKMA joint research "Scaling Sustainable Debt in Emerging Markets", developed with knowledge partner BloombergNEF, on the role of sustainable debt in scaling up climate finance in emerging markets.

Supported by strategic partners including Dubai International Financial Centre Authority, Nasdaq Dubai, and Hong Kong Exchanges and Clearing Limited, the conference featured distinguished speakers in business, commerce, and financial services from across the Asia Pacific and Middle East and North Africa regions. Their participation underscores the event's role as a premier platform for cross-industry dialogue, knowledge sharing, and collaboration on initiatives that drive long-term value and responsible investment in the region.

The Chief Executive of the DFSA, Mr Mark Steward,said, "By combining our strengths as international financial centres, we are creating new pathways for sustainable investment and innovation. Tokenisation and other emerging technologies, which have been discussed in detail today, have the potential to make climate finance more transparent, efficient, and globally accessible - accelerating the transition across the Asia-Middle East corridor."

Deputy Chief Executive of the HKMAMr Darryl Chansaid, "Dubai and Hong Kong are in a unique position to facilitate climate action across Asia and the Middle East, enabling economies in the region to capture the growth opportunities created by technology advancement in green sectors. With the window for decisive action narrowing, we must move fast to bridge the gaps between markets, between capital and projects, and between ambition and execution. The HKMA and the DFSA will continue to provide a platform for the much-needed dialogue and collaboration."

Details of the DFSA–HKMA Joint Climate Finance Conference can be found here.

DFSA and HKMA co-host second Joint Climate Finance Conference, showcasing opportunities to accelerate sustainable finance through innovation Source: HKSAR Government Press Releases

DFSA and HKMA co-host second Joint Climate Finance Conference, showcasing opportunities to accelerate sustainable finance through innovation Source: HKSAR Government Press Releases

DFSA and HKMA co-host second Joint Climate Finance Conference, showcasing opportunities to accelerate sustainable finance through innovation Source: HKSAR Government Press Releases

DFSA and HKMA co-host second Joint Climate Finance Conference, showcasing opportunities to accelerate sustainable finance through innovation Source: HKSAR Government Press Releases

Hong Kong Customs takes territory-wide law enforcement actions against illicit cigarette selling points

Hong Kong Customs has been mounting a decoy operation targeting cigarette retail points in various districts in Hong Kong since November 3. A total of about 128 000 suspected illicit cigarettes, with an estimated market value of about $580,000 and a duty potential of about $420,000, have been seized. Ten persons have been arrested.

Customs has been closely monitoring the market situation. It has also been staying alert to recent reports indicating that some retail points are selling illicit cigarettes, as well as "cheap whites" priced below the level of statutory duty. Customs is highly concerned about the situation and promptly met with relevant parties to gather information, upon which they conducted an investigation and prepared for the operation.

During the operation, Customs officers disguised as customers and conducted test buys at different cigarette retail points, including newsstands, grocery shops and hawker stalls. Some retail points were found to offer cigarettes for sale at a price less than the statutory duty imposed thereon. As at today (November 5), Customs has taken prompt enforcement actions against seven cigarette retail points in Yau Ma Tei, Sham Shui Po, Tsuen Wan, Shau Kei Wan, Tuen Mun and Kwun Tong, and arrested the shop owners and staff. Ten persons, comprising five men and five women aged between 43 and 90, were arrested.

The operation is ongoing in different districts. If newsstands and retail shops are involved in offences related to duty-not-paid cigarettes, Customs will take prompt enforcement actions and will notify relevant departments for follow-up actions on matters related to leases and licences after the conclusion of court proceedings.

Customs reminds cigarette retailers not to sell cigarettes of unknown sources and stay alert to cigarettes supplied at a price less than the statutory duty. Under the Dutiable Commodities Ordinance (Cap. 109), if a cigarette is offered for sale or supply at a consideration the value of which is less than the rate of duty imposed on the cigarette, the cigarette is dutiable goods. In addition, anyone involved in dealing with, possession of, selling or buying duty-not-paid cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080, its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Hong Kong Customs has been mounting a decoy operation targeting cigarette retail points in various districts since November 3. A total of about 128 000 suspected illicit cigarettes, with an estimated market value of about $580,000 and a duty potential of about $420,000, have been seized. Ten persons have been arrested. Photo shows one of the cigarette retail points connected with the cases. Source: HKSAR Government Press Releases

Hong Kong Customs has been mounting a decoy operation targeting cigarette retail points in various districts since November 3. A total of about 128 000 suspected illicit cigarettes, with an estimated market value of about $580,000 and a duty potential of about $420,000, have been seized. Ten persons have been arrested. Photo shows one of the cigarette retail points connected with the cases. Source: HKSAR Government Press Releases