The Zhitong Finance App has learned that the Hong Kong Monetary Authority is studying requiring banks to strengthen climate finance information disclosure. Assistant Chief Executive of the HKMA (Banking Policy) Chen Yi said that the Bureau plans to conduct an investigation next year to understand how banks use the “Hong Kong Sustainable Finance Classification Catalogue”. The survey results will determine how to incorporate the catalogue into regulatory practices.

In an interview with the media, Chen Yi said that no specific details have been determined, but generally speaking, this may mean that banks need to disclose to the bureau, such as the size of investment or financing assessed according to the classification catalogue. He pointed out that the activities covered by the category will continue to expand in the future.

At the beginning of this month, the HKMA launched a public consultation on the new prototype of the “Hong Kong Sustainable Finance Classification Catalogue” launched two years ago to assist banks in classifying financing for coastal management and flood control management projects. Both of these are important climate risks facing Hong Kong. The new catalogue also adds more economic activity and technical standards to define which businesses fall under green finance or transformation finance.

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