HKMA launches public consultation on Phase 2B prototype of Hong Kong Taxonomy for Sustainable Finance
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) launched a public consultation today (September 7) on Phase 2B prototype of the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy).
The Hong Kong Taxonomy is an important market enabling tool for promoting informed decision-making in green and sustainable finance. By providing clear, transparent, and robust definitions of what constitutes green and sustainable activities, the taxonomy aims to scale up relevant capital flows while addressing greenwashing concerns.
The Hong Kong Monetary Authority, Photo source: reference image
Following the publication of Phase 2A of the Hong Kong Taxonomy earlier this year, the HKMA has continued to enhance the framework. Guided by market feedback, government policies, industry needs, and the latest developments in technology and climate science, the Phase 2B prototype introduces a number of enhancements that further support Hong Kong's decarbonisation efforts, facilitate the region's transition to a low-carbon economy, and reinforce Hong Kong's position as an international financial centre and a leading hub for green and sustainable finance.
The key features of Phase 2B prototype include:
- Broadening climate change mitigation activities:10 new economic activities are added, with technical criteria for green and transition activities and measures where applicable. Together with re-categorisation of some Phase 2A activities, the total number of economic activities is increased from 25 to 39.
- Accelerating regional transition: Leveraging Hong Kong's position as an international financial centre, Phase 2B scales financing towards climate change mitigation activities that are critical for accelerating regional decarbonisation. Phase 2B adds key enabling technologies that can support the development of other decarbonisation applications, such as the manufacture and recycling of batteries, and the manufacture of low-carbon technologies. It also provides practical transition pathways for hard-to-abate sectors like air transport, and iron and steel, so as to channel capital towards supporting their progressive decarbonisation.
- Enhancing climate change adaptation methodology: Given the highly location-specific nature of climate change adaptation, measures required to address the same climate risk may vary depending on actual circumstances and environmental factors.Phase 2B therefore introduces a process-based approach,providing the market with clear guidance through a systematic framework to ensure that relevant measures make a substantial contribution to climate change adaptation and appropriately manage maladaptation risks (Note 1). With reference to guidelines by the Hong Kong Special Administrative Region Government (Note 2), Phase 2B introduces 24 adaptation measures(including 11 whitelist measures and 13 non-whitelist measures (Note 3)). The initial focus is onshoreline protection and flood management, which are closely related to the key climate risks faced by Hong Kong.
The public consultation commences today and will last until October 7. The consultation paper is available on the HKMA website. Interested parties are invited to submit their comments on or before the deadline.
The Hong Kong Monetary Authority, Photo source: reference image
Note 1: Maladaptation refers to counterproductive outcomes that may result if adaptation measures are not designed properly. For example, the unintended transfer of risk to neighbouring areas when protecting a specific location.
Note 2: Including the Shoreline Management Guideline for Coastal Development by the Civil Engineering and Development Department, and Drainage Services Department Practice Note No. 2/2023 - Guidelines on Flood Resilience by the Drainage Services Department.
Note 3: "Whitelist" measures have undergone rigorous assessment and can be directly adopted and deemed to comply with the Hong Kong Taxonomy, while "non-whitelist" measures must be assessed with the process-based approach.
The Hong Kong Monetary Authority, Photo source: reference image
Speech by SCST at kick-off ceremony of Jockey Club Hoops Connect Community Basketball Programme
Following is the speech by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the kick-off ceremony of the Jockey Club Hoops Connect Community Basketball Programme today (September 7):
Dear Winfried (Chief Executive Officer of the Hong Kong Jockey Club, Mr Winfried Engelbrecht-Bresges), Mr Yao Ming (Founder and Chairman of the YAO Foundation), Dr Axel Schweitzer (President and Owner of ALBA BERLIN Basketball), Mr Andreas Zagklis (Secretary-General of the International Basketball Federation), distinguished guests, ladies and gentlemen, boys and girls,
Good afternoon and it is indeed my real pleasure to join you today for the kick-off of the Jockey Club Hoops Connect Community Basketball Programme.
As Winfried said, basketball is one of Hong Kong's most beloved sports, transcending age and district – from children picking up a ball for the first time to seniors staying active in our neighbourhood courts. The Hoops Connect Community Basketball Programme represents a model of international collaboration, blending best practices from around the world to enrich the lives of young people. ALBA BERLIN brings a European youth development system that is as committed to personal growth as it is to athletic skill, while the YAO Foundation has pioneered the use of basketball as a tool for holistic education across the Chinese Mainland - embracing the philosophy of "moving from teaching basketball to educating through basketball" ().
I am delighted to see the Boys' and Girls' Clubs Association of Hong Kong, the Hong Kong Federation of Youth Groups, and the Hong Kong Playground Association skilfully adapting these proven models into a curriculum tailored for Hong Kong. By integrating structured training, regular competitions, and activities focused on leadership and character building including camps and volunteer service, this programme ensures that we are not just teaching dribbling and shooting; we are building the character and resilience of our teenagers.
Equally commendable is the partnership between the Chinese YMCA and ALBA BERLIN to train the next generation of coaches. This kind of capacity building is exactly what will sustain basketball development in Hong Kong for years to come. I look forward to seeing this five-year programme generate strong synergies with other basketball initiatives across the community, inspiring even more young people to discover a lasting passion for the sport.
The Hong Kong SAR (Special Administrative Region) Government remains steadfast in its commitment to sports development, guided by five key policy directions: promoting sports in the community, supporting elite sports, maintaining Hong Kong as a centre for major international sports events, enhancing professionalism, and developing sports as an industry. In basketball, our Development Programme for Team Sports provides dedicated funding to strengthen the Hong Kong, China Basketball Team and its second-tier squad. Furthermore, from this month through December, the Leisure and Cultural Services Department will stage six thematic sports days across the city, featuring basketball, football, and volleyball. This aligns closely with our country's national drive to elevate the "three major ball games" and encourage every citizen to participate.
I would like to extend my sincere thanks to the Hong Kong Jockey Club Charities Trust for its generous support. Last September, I had the pleasure of officiating at the launch of its Jockey Club Believe & Bounce Basketball Programme. Today, the Hoops Connect initiative carries that commitment forward and works hand in hand with the Government's continuous efforts to promote sports in the community.
Before I close, I invite everyone to stay tuned for the Asian Games, which will commence later this month. Some 580 Hong Kong, China athletes will compete in nearly 40 sports, including women's 5-on-5 and men's 3-on-3 basketball. Please do join me in cheering them on as they take to the international stage.
Congratulations once again on today's launch. May Hoops Connect truly live up to its name – may the hoop bring our youth together and nurture our next generation of basketball talent. Thank you.
Source: AI-found images
