Bank of China (Hong Kong) (BOCHK) today signed a memorandum of understanding (MoU) to become a member of the Alliance for Green Commercial Banks (the Alliance).
The Asia chapter of the Alliance was jointly launched by the International Finance Corporation (IFC) and the Hong Kong Monetary Authority (HKMA).
The MoU marks a joint commitment of the signatories parties to advancing sustainable finance in Hong Kong, regionally, and internationally.
The Alliance was established by IFC, a development institution focused on the private sector in emerging markets and a member of the World Bank Group.
The Alliance’s Asia Chapter was jointly launched in 2020 with HKMA, the Asia Chapter’s founding member.
The Alliance aims at bringing together pioneers in green finance to drive financial investments in the emerging markets, address climate and environmental risks, and finance economic development.
“BOCHK is honoured to join the Alliance as a cornerstone member,” Sun Yu, vice chairman and chief executive of BOCHK, said.
“The joint collaboration underscores BOCHK’s commitment to promote sustainable finance and reaffirms our support for Hong Kong’s Climate Action Plan 2050 as well as the national dual carbon neutrality goals.
“The financial industry plays a critical role in providing a range of comprehensive and innovative green products and services to support the transition to a green economy.”
BOCHK will collaborate with IFC and HKMA to advocate the adoption of green strategies among its customers, promote best practices in green products and services, and unlock business opportunities that will support the transition to a green economy.