IFC, HKMA unveil new alliance to address climate change
The International Finance Corporation has signed a new partnership with the Hong Kong Monetary Authority (HKMA) to encourage commercial banks in Asia to adopt strategies and targets to become greener.
The signing makes the HKMA the first partner to work with IFC on the initiative. Under the agreement, the HKMA and IFC will over the next five years bring together financial institutions, banking industry associations, research institutions, and innovative technology providers from across Asia to develop, build, and boost the capacity for green finance and promote climate investments.
The HKMA and IFC will jointly launch targeted initiatives and campaigns in the region to undertake green finance research, provide market insight, tailor capacity building/training support, and provide practical guidance for banks in order to develop their own roadmap to mainstream green finance as their core business and revamp existing green financial products and services.
