Dubai Financial Services Authority, Hong Kong Monetary Authority Host Inaugral Climate Finance Conference

The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) concluded their inaugural Joint Climate Finance Conference on Monday. The hybrid Joint Climate Finance Conference was held in Hong Kong with more than 240 participants from financial institutions, industry groups, and international organizations from both regions.

The conference was focused on the "Building a Net-Zero Asia – Middle East Corridor" theme and the discussions centered on the growing need for transition finance, the gaps in funding and opportunities for greater collaboration between Hong Kong and Dubai.

It also explored each market's vision for achieving a net-zero transition and ways to attract investment in this effort.

The HKMA and the DFSA signed a Memorandum of Understanding (MoU) to strengthen their strategic partnership in sustainable finance. The agreement will lead to more cross-border discussions, sharing of recent trends and joint research and events to progress in this important field.

"As we strive to achieve net-zero targets, it is crucial to establish strong partnerships that allow for the exchange of expertise, regulatory alignment, and the promotion of sustainable investment opportunities," Ian Johnston, Chief Executive of the DFSA, was quoted as saying by WAM.

"The signing of this MoU with the HKMA represents a pivotal step in reinforcing the cooperation between Dubai and Hong Kong in climate finance. Through its ambitious Economic Agenda D33, Dubai is committed to leading the charge on environmental, social, and governance initiatives," he added.

The HKMA and the DFSA will continue their close work to promote sustainable finance, including transition finance. Their strengthened partnership aims to find ways to raise capital to support green and sustainable economic growth in both regions.

Eddie Yue, Chief Executive of the HKMA, acknowledged that climate change is a global issue that needs a collaborative approach, adding that "Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, and the key gateways between East and West, can and should do more together."

She further said that the inaugural conference is "our first effort to build a 'Net-zero Asia – Middle East Corridor'."

Last month, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability Abdulla Balalaa participated in the UN's Critical Energy Transition Minerals (CETM) Panel in Nairobi, Kenya.