On 30 May 2023, the HKMA released a discussion paper entitled “Prototype of a Green Classification Framework for Hong Kong” following its commission of Climate Bonds Initiative (“Climate Bonds”) as an external consultant to develop a green taxonomy for use across Hong Kong’s financial sectors.
The prototype aims to provide a structure for developing consistent and internationally recognised definitions of “green” and “environmentally sustainable” economic activities in Hong Kong, which are interoperable and inclusive of other green definitions used worldwide. It largely references the Common Ground Taxonomy designed to bridge the Mainland China and EU taxonomies, and also takes into account other frameworks including the ASEAN Taxonomy and Climate Bonds Taxonomy. The prototype has also been developed to align with the core principles of the Paris Agreement, to act as a proof against greenwashing, and to adopt science-based criteria and thresholds.
The HKMA and Climate Bonds are inviting interested stakeholders to share their views on the prototype and/or development and use of the Hong Kong taxonomy. Responses should be submitted on or before 30 June 2023 to the channels mentioned at the end of the discussion paper.
To view the discussion paper, please see here.
To view the HKMA circular, please see here.
