HK SFC Climate Change And Finance
On Feb. 18, HK SFC CEO spoke on whats next for regulators.
- HK SFC CEO Ashley Alder spoke at the Climate Risk and Green Finance Regulatory Forum 2021, on climate change and finance: what’s next for global regulators?
- Speaking as chair of IOSCO on Feb. 11, speech published on Feb. 18, 2021.
- Spoke on the need to retool the financial system to address the threat of climate change, focusing on some of the major efforts now underway to move that way.
- Key Points
- Sustainability and climate change disclosures are inconsistent and at times misleading.
- Clear definitions have not been agreed at a global level, and can lead to greenwashing.
- A substantive uptake of Task Force on Climate related Financial Disclosures is needed.
- IFRS Foundation proposed to establish a new, global sustainability standard setting board alongside existing International Accounting Standards Board, IOSCO can help.
- Another major initiative for IOSCO would create pathways to mandatory investment disclosures further up the chain-by asset managers and for investment products.
- Must address concerns about ESG and ratings agencies which are largely unregulated.
- In Hong Kong, they are paying particular interest to China and EU's goal to develop a common taxonomy under the International Platform on Sustainable Finance.
- Setting a credible price on carbon, including a forward price, is a possible policy tool.
||B/D; Bank; Corp; IA; Ins
||Sp, 2/18/2021; ESG
||Compliance; C-Suite; Operations; Reporting
||Banking; Corporate; Fund Mgt; Insurance; Securities
|Reg. Last Update
Last substantive update on 02/22/2021