Dubai and Hong Kong discuss climate finance innovations
DUBAI, 26 November / WAM / The Dubai Financial Services Authority, in partnership with the Hong Kong Monetary Authority, today hosted the second session of the Joint Climate Finance Conference, which highlighted the financial risks arising from climate change and the role of innovation in addressing them.
The conference was topped off with a detailed presentation of the results of the joint research report prepared by the Dubai Financial Services Authority in cooperation with the Hong Kong Monetary Authority, entitled “Expanding the Scope of Sustainable Debt in Emerging Markets,” in cooperation with Bloomberg New Energy Finance as a knowledge partner on the role of sustainable debt in expanding the scope of climate finance in emerging markets.
Mark Steward, CEO of the Dubai Financial Services Authority, stressed that merging the capabilities of Dubai and Hong Kong as two international financial centers opens new horizons for sustainable investment and innovation, noting that coding and other emerging technologies have the ability to make climate finance more transparent, efficient, and globally available, which accelerates the pace of transformation across the Middle East and Asia corridor.
Daryl Chan, Executive Vice President of the Hong Kong Monetary Authority, said that Dubai and Hong Kong enjoy a leading position that enables them to facilitate climate action across Asia and the Middle East, and open the way for economies in the region to invest in growth opportunities arising from technological progress in green sectors, calling for rapid action to bridge the gaps between markets, between capital and projects, and between ambition and implementation.
He stressed that the Hong Kong Monetary Authority will continue to work with the Dubai Financial Services Authority to provide a platform for constructive dialogue and ongoing cooperation.
The conference activities, which attracted approximately 250 experts from representatives of financial institutions, industrial associations, and international organizations across the two regions, included a series of discussion sessions on how the two regions can invest their capabilities in the financial and technical fields in order to cooperate in developing and applying innovative solutions that facilitate the energy transition and achieve other sustainable development goals at the regional and global levels.
The conference, sponsored by a number of strategic partners such as the Dubai International Financial Center Authority, Nasdaq Dubai, and the Hong Kong Stock Exchange and Clearing Limited, attracted an elite group of prominent experts and speakers in the business, trade and financial services sectors from the Middle East, North Africa and Asia-Pacific regions.
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