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.
Regulators
HK SFC
Entity Types
B/D; Bank; Corp; IA; Ins
Reference
Sp, 2/18/2021; ESG
Functions
Compliance; C-Suite; Operations; Reporting
Countries
Hong Kong
Products
Banking; Corporate; Fund Mgt; Insurance; Securities
