By way of recap, the HKMA announced during the Green Finance Forum held on 7 May 2019 that it will adopt a number of measures to support green and sustainable banking in Hong Kong and will roll out these measures in three phases:
Phase I – developing of a common framework to assess the “greenness baseline” of individual AIs.
Phase II – launching a consultation with the banking industry and other relevant stakeholders on the appropriate supervisory expectation to be set on green and sustainable banking. The aim is to define tangible deliverables to promote green and sustainable finance.
Phase III – following implementation of deliverables set under Phase II, the HKMA is expected to closely monitor and evaluate the progress of each AI under this phase.
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