Eddie Yue says it's a great honor to join hands again with IFC on the Alliance for Green Commercial Banks. The Hong Kong Monetary Authority has joined hands with International Finance Corporation, a member of the World Bank Group, to encourage banks in Asia to become greener. The Alliance for Green Commercial Banks was launched by IFC to help develop green commercial banks and encourage more green finance in order to address climate change, and the HKMA will be the first to work with the IFC on the new initiative. As the founding member and first regional anchor for the Asia chapter of the alliance, the HKMA will serve as the hub for green finance among commercial banks in Asia. The HKMA has been working to promote the development of green finance in three stages, including establishing a common framework, consulting the industry and other stakeholders on the formulation of regulatory expectations, since May last year.

Source: The Standard November 09, 2020 09:00 UTC