Crédit Agricole CIB further strengthens ties with Hong Kong Government
Held in Hong Kong from 26 February to 2 March, the Hong Kong Green Week – an initiative offering a series of events organised by various parties, showcasing support to Hong Kong's development in green technology and green finance – has drawn participation of experts from industries including finance, construction, and technology. As a long-term partner to Hong Kong Monetary Authority, the organiser of the Finance Stream of Hong Kong Green Week Will open in a new tab , Crédit Agricole CIB was invited to share its expertise to facilitate panel discussions and foster meaningful dialogue.
Crédit Agricole CIB has been supporting the Government of Hong Kong Special Administrative Region (HKSAR Government) to foster its sustainable economic development and to promote the city as the international hub for green technology and financing. The partnership has deepened evidently after the HKSAR Government launched its Green Bond Framework and pledged to reach Net Zero by 2050 where Crédit Agricole CIB has played a part in the government’s series of innovative ESG financing programmes. Just last month, Crédit Agricole CIB supported the HKSAR Government in launching a US$6 million issuance, as a joint green structuring bank and a joint global coordinator. The issuance represents the world’s first multi-currency digital green bond offering Will open in a new tab to date.
One of the largest financial market in the world, Hong Kong is growing to become a green and sustainable financing hub in the Asia-Pacific region. Over US$80 billion of green and sustainable debt was arranged or issued in Hong Kong in the last two years, with the relevant bonds accounting for 35 percent of the Asian market. Hong Kong aims to achieve carbon neutrality by 2050 through four decarbonisation strategies: net-zero electricity, energy-efficient buildings, green transport, and waste reduction.
(CBF)Climate Business Forum: Asia Pacific
The Climate Business Forum: Asia Pacific (CBF), co-hosted by the International Finance Corporation, took place as the anchor event during the Hong Kong Green Week – Finance Stream. Tanguy Claquin, Global Head of Sustainability, shared insights on the significance of establishing a green taxonomy to offer guidance for net-zero transition at a panel. He commented:
“As a banker, I can tell you that you cannot develop the market if there is no guidance about what is green… In Asia, we see a flurry of taxonomies being developed there. There is a need for those taxonomies, but there is also a need for convergence.”
Tanguy Claquin
Global head of sustainability
Crédit Agricole CIB also hosted a cocktail reception together with Hong Kong Monetary Authority and International Finance Corporation to welcome the delegates. In a more relaxed and informal setting, our management - Jean-Francois Deroche, Senior Regional Officer Asia-Pacific, and Edouard O’Neill, Chief Executive Officer Hong Kong together with teams across various business lines, including sustainable investment banking, debt capital markets and sectorial coverage, engaged with our clients and partners to share a comprehensive overview of the Bank’s long-established strategy of espousing ESG in our business activities.
(from left to right: Anna Ng, Regional Head of Operations for East Asia and the Pacific, IFC, Jean-Francois Deroche, Senior Regional Officer Asia-Pacific, Kim-See Lim, Regional Director for East Asia and the Pacific, IFC, Tanguy Claquin, Global Head of Sustainability, Susanna Wong, Senior Manager, Market Outreach Division, External Department, HKMA, Rami Hayek, Senior Adviser, Market Outreach, HKMA, Edouard O’Neill, Chief Executive Officer Hong Kong, Kenneth Hui, Executive Director, HKMA)
“Taxomony for Hong Kong” panel
Carmen Tsang, Head of Sustainability Investment Banking for Greater China, spoke at a panel on the implementation of taxonomies, jointly organised by the Hong Kong Monetary Authority, Hong Kong University of Science and Technology, and the Hong Kong Green Finance Association. The panel focused on how taxonomies support financial institutions and corporates' climate risk assessment, sustainability disclosure, and business development.
“We must acknowledge that taxonomies have their limitations, such as the breadth of activities and environmental objectives covered. My recommendation is for all stakeholders to start using what is available, be open to discussion, and make refinements along the way.”
Carmen Tsang
Head of Sustainable Investment Banking for Greater China
Watch the replay Will open in a new tab of the Taxomony panel.
Throughout the course of the last decade, Crédit Agricole CIB has been an active advocate not only to support the Government in its financing, but also the city’s sustainable finance development. Last year in October, the Bank wrote a thought leadership paper jointly with the Hong Kong Monetary Authority to share its sustainability practices. Read the full paper here Will open in a new tab .
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