Thank you, Deputy Prime Minister Heng Swee Keat, for delivering the keynote address at the 7th Annual GRASFI Conference at Singapore Management University. Your insights have been invaluable and are greatly appreciated by all participants!
Deputy Prime Minister at Prime Minister's Office, Singapore
Glad to welcome members of Global Research Alliance for Sustainable Finance and Investment (GRASFI) to Singapore for their first in-person meeting in Asia, hosted by the Singapore Management University and the Singapore Green Finance Centre.
I hope this will be valuable to them to better understand Asia, which emits around half of global emissions, but is also rich in #biodiversity and offers a promising range of nature-based solutions.
Climate change is a clear and present danger for the world, and will require all of us to play our part, and make adjustments at the global, country, industry and individual levels.
In particular, the financial sector plays a critical role in mobilising private capital to invest in a credible transition and in supporting #innovation.
At the opening of the 7th GRASFI conference, I called for academics, industry and government to work together to advance sustainable finance — by developing better definitions and outcome measures of sustainable finance, shaping regulations to facilitate sustainable finance flows, and uplifting skills and broadening our talent base.
To meet our climate goals, we will need to push the frontiers of innovation across different fields — in science and technology to better understand climate science, to fund and develop new solutions, as well as to shape norms and nudge changes in our behaviours.
I hope attendees had a meaningful time sharing their experiences and learning from each other. Look forward to more collaborations in the region and beyond!
(MDDI Photos by Timothy David)
It’s a great honor to cohost the International Seminar on “Connectivity of Asian Voluntary Carbon Markets (VCMs)” on August 26th and 27th in Hong Kong. The seminar concluded with a strong consensus on the need for more regular dialogues to overcome challenges like lack of investor trust, mutual recognition of standards, interconnectivity & interoperability of infrastructures, and clear regulatory frameworks. The collective vision is to jointly elevate the role of VCMs in achieving broader environmental goals across Asia.
Jointly organized by the Hong Kong Green Finance Association (HKGFA), the Capacity-building Alliance of Sustainable Investment (CASI), MVGX Group（新加坡数字绿色交易所集团）, and supported by the Institute of Finance and Sustainability (IFS), this pivotal event brought together more than 50 experts from across Asia.
Participants from Mainland China, Hong Kong SAR, India, Indonesia, Malaysia, Singapore, and Vietnam, including policy advisors, regulators, and senior representatives from market exchanges and NGOs, engaged in deep discussions aimed at enhancing the quality and connectivity of VCMs across the region.
Key Highlights:
Dr. Ma Jun, Chairman of HKGFA and CASI, emphasized the potential of VCMs to drive significant decarbonization but highlighted existing challenges such as standard proliferation, transparency, and high costs associated with carbon credit development.
Mr. Joseph HL Chan Under Secretary for Financial Services and the Treasury Bureau (FSTB) of Hong Kong SAR, outlined Hong Kong’s commitment to facilitating regional dialogue and establishing cross-border channels to connect China’s carbon markets with global partners.
We thank the esteemed speakers and all the attendees who joined us for this pivotal event.
#GreenFinance#Sustainability#CarbonMarkets#VoluntaryCarbonMarkets#EnvironmentalSustainability#AsiaFinance#HongKong
The International Seminar on “Connectivity of Asian Voluntary Carbon Markets (VCMs)” took place on August 26th and 27th in Hong Kong.
Jointly organized by the Hong Kong Green Finance Association (HKGFA), the Capacity-building Alliance of Sustainable Investment (CASI), MVGX Group（新加坡数字绿色交易所集团）, and supported by the Institute of Finance and Sustainability (IFS), this pivotal event brought together more than 50 experts from across Asia.
Participants from Mainland China, Hong Kong SAR, India, Indonesia, Malaysia, Singapore, and Vietnam, including policy advisors, regulators, and senior representatives from market exchanges and NGOs, engaged in deep discussions aimed at enhancing the quality and connectivity of VCMs across the region.
Key Highlights:
Dr. Ma Jun, Chairman of HKGFA and CASI, emphasized the potential of VCMs to drive significant decarbonization but highlighted existing challenges such as standard proliferation, transparency, and high costs associated with carbon credit development.
Mr. Joseph HL Chan Under Secretary for Financial Services and the Treasury Bureau (FSTB) of Hong Kong SAR, outlined Hong Kong’s commitment to facilitating regional dialogue and establishing cross-border channels to connect China’s carbon markets with global partners.
The seminar concluded with a strong consensus on the need for more regular dialogues to overcome challenges like lack of investor trust, mutual recognition of standards, and clear regulatory frameworks. The collective vision is to elevate the role of VCMs in achieving broader environmental goals across Asia. We thank the esteemed speakers and all the attendees who joined us for this pivotal event.
#GreenFinance#Sustainability#CarbonMarkets#VoluntaryCarbonMarkets#EnvironmentalSustainability#AsiaFinance#HongKong
We're excited to share insights from the most updated The Chief Executive's 2024 Policy Address, the highlight of Hong Kong's pivotal role in sustainable finance this year includes:
🔹 Leading Sustainable Finance Hub: With the establishment of HKEX's global carbon market (Core Climate), Hong Kong continues to lead Asia as the only carbon market in the world that allows international voluntary carbon credits to be settled in both HKD and RMB.
🔹 Sustainable Finance Action Agenda: In an effort to strengthen the commitment to green finance, the HKMA will roll out this agenda. This year, the FSTB will present a path for completely implementing the ISSB Standards, making Hong Kong one of the first places in the world to match local needs with these international standards.
Regarding the above-mentioned approaches, PAL Advisory Limited is proud to support these initiatives driving sustainability and transparency in finance. Let's lead the way to a greener future! 🌍💚
#PALAdvisory#ISSB#ESG#GreenFinance#Sustainability#HongKong#HKEX
Hong Kong Trade Development Council (HKTDC) is proud to be a supporting organisation of the 2024 Hong Kong Green Finance Association (HKGFA) Annual Forum!
🗓️ Date: 9 October 2024 (Wednesday) 8:45 AM - 5:30 PM
📍 Location: Hong Kong Convention and Exhibition Centre/ Virtual
📢 Registration Now Opens with 20% Early Bird Discount at
https://lnkd.in/gGY76J4D
This year’s HKGFA Annual Forum, titled “Financing Asia’s Net Zero Transition”, will examine the current progress in the region and explore ways to accelerate Asia’s sustainable finance transition.
It is a high-profile assembly of key financial and industry leaders, government officials, and regulators at the forefront of sustainable finance, featuring:
🌏 Key Topics:
Stock-take of regional progress towards Net-Zero
Advancing Climate Tech through strategic capital
Developing credible transition plans
Innovative transition financing solutions
Integration of carbon pricing and latest markets developments
Financing opportunities in natural capital and biodiversity
💡 Why Attend?
Gain cutting-edge insights on key issues in green and sustainable finance
Network with sector specialists, professionals and decision-makers
Discover the latest trends and opportunities in transition finance
View Full Agenda: https://lnkd.in/gAY_dN97
For inquiries, please contact info@hkgreenfinance.org#2024HKGFAAF#greenfinance#sustainablefinance#netzero#sustainability
There has never been a more exciting time to see an acceleration in momentum for Asian economies to embrace carbon pricing as a policy tool to address climate and trade-related challenges.
CMI’s latest International Carbon Market Update highlights global carbon market trends, with a spotlight on emerging markets in the Asia Pacific.
How will these markets evolve over time? Are we seeing a convergence of compliance and voluntary markets within national frameworks? How can businesses leverage these developments to achieve SDG goals while maintaining their competitiveness?
Join us at the Singapore Carbon Market & Investor Forum on 15 and 16 August 2024 as we convene government, policy, and business leaders across the region to explore these issues in greater depth. See the full program at https://lnkd.in/gSZydpCr
#Carbon Market Institute (CMI)#CMISingaporeForum
New Publication Alert
Romanus Osabohien,PhD, Amar Hisham Bin Jaaffar, Oluwayemisi K. Adeleke, Alhassan Abdul-Wakeel Karakara (Ph.D.)
The study explores the interaction between global value chains (GVCs), globalization and sustainable development in ASEAN countries. The findings reveal that GVC participation significantly impacts sustainable development, with a 1 % increase in GVC involvement leading to a 0.11 % rise in sustainable development. Additionally, globalization metrics such as trade openness and merchandise trade, excluding foreign direct investment, also positively influence sustainable development. When combined with GVCs, these factors further enhance sustainable outcomes. The study also highlights the positive impact of trading in low-carbon goods on sustainable development.
https://lnkd.in/d7372TYz
Thrilled to share the third edition of our SI Digest series, "How Will Carbon Markets Affect Singapore’s Sustainability Efforts?" brought to you by the SMU Sustainable Investment Club (SMU SI). This article dives into the integral role of carbon markets in the global decarbonization effort, with a special focus on Singapore's journey towards sustainability.
In this piece, we unravel the complexities of compliance and voluntary carbon markets, their challenges, and the evolving landscape in Singapore. We also highlight the recent publication by the National Environment Agency and the Ministry of Sustainability and the Environment on the Eligibility List, specifying the international carbon credits eligible for companies to offset up to 5% of their carbon tax liability.
Our heartfelt appreciation goes to SMU SI's Research Director, Adele Lim, and Singapore Green Finance Centre’s Research Fellow Maria Teresa Punzi for their comprehensive and insightful exploration of this topic, aimed at enhancing our understanding of the impact and possibilities that carbon markets hold for Singapore and the global community. Special thank you to Puar Si Liang for his support in this article!
Discover how carbon markets are shaping Singapore's sustainability efforts and join the conversation on the implications and opportunities this presents for businesses and the environment. Share your thoughts and engage with us in the comments below!
Stay connected with our LinkedIn page for more insightful articles in our SI Digest series, exploring the latest trends in sustainable finance.
#SMUSustainableInvestment#CarbonMarkets#SustainabilityEfforts#SIDigest#SMUSI#SustainableFuture
Link to website: https://lnkd.in/gMp65inH
Hong Kong continues to solidify its position as the regional hub for green and sustainable finance thanks to its unique role in bridging the gap between carbon products, such as carbon credits, and opportunities between the Mainland and the rest of the world.
The growing popularity of carbon credits was highlighted earlier this year during a panel discussion at Hong Kong Green Week’s Finance Stream, where panellists shared insights on carbon credits and accounting and their role in transition finance in Asia.
But what are carbon credits? Carbon credits exist as a measure to mitigate the net environmental impact of commercial undertakings, and the demand for carbon credits is projected to continue increasing as net-zero goals become more widely adopted by countries and companies.
Playing a key role in meeting the growing demand for carbon credits and trading schemes are global carbon markets. These markets exist as either voluntary or compliance markets, each featuring different approaches to carbon offsetting.
Voluntary markets allow for the purchase of carbon credits from verified third-party organisations by buyers and represent a tonne of emissions avoidance or removal, whereas compliance markets are structured as emissions trading schemes and follow a market-regulated carbon price.
The Green and Sustainable Finance Cross-Agency Steering Group has released an assessment of carbon market opportunities for Hong Kong in 2022. The assessment supports the development of Hong Kong as a regional carbon trading centre, learn more here: https://lnkd.in/ggnBrB94#CarbonCredits#GreenFinance#HKMAEducation
Insights from the 15th Lujiazui Forum in #Shanghai 🌏
I had the honour of moderating a panel discussion at the Lujiazui Forum 2024, held on June 19-20. This year's theme, "Promoting World Economic Growth with High-quality Financial Development," brought together global leaders to address economic challenges and explore innovative solutions.
The forum emphasized sustainable, inclusive financial systems, focusing on digital transformation and low-carbon development to drive future growth amid global inflation and economic uncertainties. Our session on institutional innovation and green finance incentives highlighted strategies for achieving carbon neutrality, enhancing China's #greenfinance ecosystem, and improving the efficiency of its carbon market, with a focus on fostering cooperation with Europe.
The distinguished panel featured:
• Tu Guangshao, Chairman of the Executive Council of Shanghai Finance Institute
• Krishna Srinivasan, Director of the Asia and Pacific Department of the International Monetary Fund
• Ma Jianyang, Chairman of Shanghai Clearing House
• Dr. Thomas Schindler, CFO of Allianz Global Investors
• Zhu Jian, Chairman of Guotai Junan Securities Co., Ltd
• Phil Brown, CEO of Clearstream Banking S.A.
• Roland Boehm, Divisional Board Member at Commerzbank AG#Frankfurt and Shanghai are linked by a strong partnership, solidified by a Memorandum of Understanding in 2021, promoting financial excellence and sustainable development. China's goals of carbon peaking by 2030 and neutrality by 2060, along with Germany's targets to cut emissions by 2045 to zero, underscore the need for innovative mechanisms and market incentives to fund these projects.
The panel highlighted the importance of institutional innovation and market incentives in advancing green finance. We discussed enhancing #ESG investment ecosystems, learning from European experiences, and encouraging commercial institutions to innovate in green financial products.
The #LujiazuiForum remains a crucial platform for dialogue, driving solutions for global economic growth. Thanks to the organizers for a thought-provoking event and to all the panellists for their contributions.
Looking forward to seeing the positive impacts of these discussions unfold.
Excited to share our latest research findings on the financial markets of Hong Kong and Singapore! 📈🌏 The two financial hubs compete in several ways, particularly in serving institutional investors and championing green transitions. In our recently published paper in the Pacific-Basin Finance Journal, we delve into the carbon-return relationships.
🌱 Our research uncovers
a fascinating pattern: corporate carbon emissions in firms listed on the Hong
Kong Stock Exchange negatively predict future stock returns. Surprisingly, this
trend is not mirrored in the Singapore Stock Exchange.
📊 Further analysis
points to mainland China firms listed in the Hong Kong Stock Exchange as the
driving force behind this return predictability. The data suggests that
investors in Hong Kong are slowly incorporating carbon information when it
comes to mainland China firms.
🔍 Our study opens up
avenues for understanding the dynamics of these financial markets and sheds
light on the evolving role of carbon-related factors in shaping investment
landscapes. Check out the full paper for more details about Hong Kong and
Singapore financial markets! 📑💡
https://lnkd.in/gjb9w4v9Jie (Jay) CaoWeiming (Elaine) Zhang, Ph.D., CFAYaojia (Zoe) Zhang#FinanceResearch#HongKong#Singapore#CarbonEmissions#InvestmentInsights
Founder of Swiss Sustainability Consulting, Sustainable finance executive with passion to drive change
1moCongratulations on the event Nikki!