• HKMA and DFSA hosted a joint conference on building a “Net-Zero Asia – Middle East Corridor.”
• The two authorities signed an MOU to deepen their strategic partnership in sustainable finance.
• The collaboration aims to drive progress in climate finance through shared expertise and regulatory alignment.

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) wrapped up their inaugural Joint Climate Finance Conference on September 16, 2024. Held in Hong Kong, the hybrid event brought together over 240 participants from financial institutions, industry groups, and international organizations across Asia and the Middle East.

Under the theme “Building a Net-Zero Asia – Middle East Corridor,” the conference addressed the growing demand for transition finance and the need for stronger collaboration between Hong Kong and Dubai. The event also explored opportunities for greater investment to support the global net-zero transition.

In a significant step forward, the HKMA and DFSA signed a Memorandum of Understanding (MOU) to deepen their partnership in sustainable finance. The agreement strengthens cross-border dialogue, promotes knowledge sharing, and encourages joint research and events to advance climate finance initiatives.

Eddie Yue, Chief Executive of the HKMA, emphasized the importance of global collaboration, stating: “Climate change is a global challenge that requires a collaborative response. Hong Kong and Dubai, as sustainable finance hubs, can and should do more together.”

He added that this conference is just the beginning: “The inaugural conference is our first effort to build a ‘Net-zero Asia – Middle East Corridor.’ I look forward to many more fruitful collaborations between the HKMA and the DFSA.”

Ian Johnston, Chief Executive of the DFSA, highlighted the significance of the MOU: “The signing of this MOU with the HKMA represents a pivotal step in reinforcing the cooperation between Dubai and Hong Kong in climate finance.”

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Johnston also noted Dubai’s commitment to sustainability through its Economic Agenda D33: “Dubai is committed to leading the charge on environmental, social, and governance initiatives. Today’s signing is a testament to our shared ambition with Hong Kong to accelerate the transition towards a low-carbon economy.”

The enhanced partnership between the HKMA and DFSA will further drive sustainable finance efforts, focusing on transition finance and mobilizing capital to support green growth in both regions.