HONG KONG — The Hong Kong Monetary Authority (HKMA) on Monday established strategic partnership with the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and International Finance Corp. (IFC), aiming to deploy at least $500 million in Asia to fight climate change.
The partners said they will focus on investments in sectors that contribute to achieving net-zero emissions and reducing greenhouse gases in the region, including renewable energy infrastructure, energy solutions and sustainable transportation, according to the HKMA.
“Through strategic partnerships, we aim to demonstrate that achieving both financial return and sustainable development in Asia is not only feasible but essential for our vision of progress and environmental stewardship,” said Howard Lee, chief executive officer of the Exchange Fund Investment Office of the HKMA.
Noting that developing economies in the Asia-Pacific region face significant shortfalls in climate investments needed to clear the path to green growth, Suzanne Gaboury, director general for Private Sector Operations of the ADB, said that ADB, as the climate bank for the region, is scaling up its climate financing and collaborating with like-minded organizations to channel capital into bankable and impactful development projects.
“Our strategic partnership with the HKMA, ADB and IFC reflects AIIB’s commitment to advancing climate-focused investments that drive sustainable growth in Asia,” said Gregory Liu, director general of Financial Institutions and Fund Clients, Global of the AIIB.
Be the first to comment