The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) concluded their inaugural Joint Climate Finance Conference today. The hybrid conference, which took place in Hong Kong, brought together more than 240 participants from financial institutions, industry associations, and international organisations across both regions.

Under the theme ‘Building a Net-Zero Asia – Middle East Corridor’, the event discussed the demand for, and the gap in, transition finance, and explored the opportunity for greater collaboration between Hong Kong and Dubai. It highlighted the vision for the net-zero transition in each market, and for encouraging investment into the transition.

The DFSA and the HKMA also signed a Memorandum of Understanding (MoU) to further deepen their strategic partnership on sustainable finance. Through this partnership, both authorities will engage in enhanced cross-border dialogue, deepen the exchange of information on recent trends, and conduct joint research and events in order to further drive progress in this crucial area.

Ian Johnston, Chief Executive of the DFSA, said: “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. 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. Today’s signing is a testament to our shared ambition with Hong Kong to accelerate the transition towards a low-carbon economy.”

Eddie Yue, Chief Executive of the HKMA, said: “Climate change is a global challenge that requires a collaborative response. Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, and the key gateways between East and West, can do and should do more together. The inaugural conference is our first effort to build a ‘Net-zero Asia – Middle East Corridor’. I look forward to many more fruitful collaborations between the HKMA and the DFSA.”

The DFSA and the HKMA will continue working closely to promote sustainable finance, including transition finance. The enhanced partnership will enable both regions to explore opportunities for mobilising capital in order to champion a broader range of sustainable and green initiatives within their respective markets and wider economies.