The Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) will work together to explore and develop effective policy and regulatory responses that support climate finance in the Middle East and Asia.
The DFSA, an independent financial services regulator within the Dubai International Financial Centre (DIFC), a purpose built financial free zone in the city.
This new partnership builds upon the existing relationship between the DIFC and the HKMA, with a focus on enhancing sustainable finance and contributing to the global net-zero transition.
In December 2017, the DFSA signed a cooperation agreement with the HKMA to collaborate on financial innovation.
Their current partnership includes the forthcoming Joint Climate Finance Conference, scheduled to be held in Hong Kong in autumn 2024.
The conference aims to address the challenges and opportunities in accelerating the flow of financing for climate transition in the Middle East and Asia.
Key discussion points will include the roles of supervisors and central banks in sustainable capital flows, leveraging frameworks for green financing solutions, and the necessity of strong international cooperation for effective climate action.
The event aligns with the United Arab Emirates’ (UAE) Presidency of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change, and leverages Hong Kong’s status as a hub for green and sustainable finance in Asia.
Ian Johnston, Chief Executive of the DFSA said,
“The DFSA is delighted to strengthen our co-operation 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.”
Featured image credit: Edited from Freepik
