DFSA and HKMA join forces to accelerate sustainable finance in the Middle East and Asia

He Dubai Financial Services Authority (DFSA) and the Hong Kong Monetary Authority (HKMA) today announced 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 Dubai International Financial Center (DIFC) and HKMA, this new partnership aims to strengthen cross-border collaboration to promote sustainable finance in the two regions and contribute to the net zero transition.

He DFSA and the AMHK 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 emblematic initiative of this association is the next Joint conference on climate finance, which will take place in Hong Kong in autumn 2024. This event will explore common opportunities and challenges to accelerate the flow of transition finance 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 existing and innovative green financing frameworks and solutions (ranging from debt to carbon markets) and the importance of strong international cooperation to influence climate change. action at a global level.

He Joint conference on climate finance It will align with commitments driven by the UAE COP28 Presidency and build on Hong Kong’s role as Asia’s leading green and sustainable financial centre.

Ian Johnston, chief executive of the DFSAsaying,

“The DFSA is pleased to strengthen our cooperation with the HKMA, reinforcing our shared commitment to promoting sustainable finance in the Middle East and Asia. “This strategic partnership will continue to support our efforts to enable a thriving sustainable financial center in the DIFC and to support the UAE’s focus on sustainable development and the ongoing net zero transition.”

Eddie Yue, CEO of the HKMAaggregate,

“Climate change knows no borders. It requires joint actions between regions and sectors to address it. “We are excited about this new project with DFSA, which provides a platform for more regular knowledge exchange and collaboration between the Middle East and Asia on the important topic of sustainable finance.”

The joint effort between DFSA and the AMHK It stands as a model of commitment to sustainable finance, poised to have a lasting impact on the financial landscape of the Middle East and Asia. Together, both regulators move forward, championing a future marked by responsible financial practices and a global transition to a net-zero economy.

News source: Emirates News Agency