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19 Dec 2023, 11:32 am

The DFSA and the HKMA join efforts to accelerate sustainable finance across the Middle East and Asia

The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) announced today a partnership aimed at exploring how to further develop policy and regulatory responses to support and enable climate finance in the Middle East and Asia.

Building on the long-standing relationship between the Dubai International Financial Centre (DIFC) and the HKMA, this new partnership aims to bolster cross-border collaboration to advance sustainable finance across the two regions and contribute to the net-zero transition. The DFSA and the HKMA have collaborated on numerous fronts, including fostering and supporting innovation in their respective markets. In December 2017, the DFSA signed a Cooperation Agreement with the HKMA to collaborate on financial innovation.

The flagship initiative of this partnership is the upcoming Joint Climate Finance Conference, set to take place in Hong Kong in autumn 2024. This event will explore common opportunities and challenges in accelerating the flow of transition financing in the Middle East and Asia. Discussions are expected to focus on the role of supervisors and central banks in facilitating sustainable capital flows, how best to leverage frameworks and existing and innovative green financing solutions (ranging from debt to carbon markets), and the importance of robust international cooperation to effect climate action globally.

The Joint Climate Finance Conference will align with the commitments driven by the UAE’s Presidency of COP28 and leverage Hong Kong’s role as a leading green and sustainable finance hub in Asia.

Reflecting on this collaboration, Ian Johnston, Chief Executive of the DFSA, said: “The DFSA is delighted to strengthen our cooperation with the HKMA, reinforcing our shared commitment to promoting sustainable finance across the Middle East and Asia. This strategic partnership will continue to support our efforts to enable a thriving sustainable financial centre in the DIFC and to support the UAE’s focus on sustainable development and ongoing net-zero transition.”

Eddie Yue, Chief Executive of the HKMA, said: “Climate change knows no boundaries. It requires joint actions across regions and sectors to tackle. We are excited about this new project with the DFSA, which provides a platform for more regular knowledge sharing and collaboration between the Middle East and Asia on the important subject of sustainable finance.”

The joint effort between the DFSA and the HKMA stands as a beacon of commitment to sustainable finance, poised to make a lasting impact on the financial landscape of the Middle East and Asia. Together, both regulatory bodies forge ahead, championing a future marked by responsible financial practices and a global transition to a net-zero economy.

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