HONG KONG, Nov. 9 (Xinhua) -- International Finance Corporation (IFC), a member of the World Bank Group, signed a new partnership with the Hong Kong Monetary Authority (HKMA) on Monday to encourage commercial banks in Asia to adopt strategies and targets to become greener, the Hong Kong Special Administrative Region (HKSAR) government said.
The signing of the agreement makes the HKMA the first partner to work with IFC on the initiative to help develop green commercial banks and encourage more green finance in order to address climate change, the HKSAR government said in a statement.
"The HKMA is keenly aware that a global collective effort is required to combat climate change, and that the financial sector will play a crucial role in developing green and sustainable finance," said Eddie Yue, chief executive of the HKMA.
Under the agreement, over the next five years, the HKMA and IFC will bring together financial institutions, banking industry associations, research institutions, and innovative technology providers from across Asia to develop, build, and boost the capacity for green finance and promote climate investments.
IFC research estimates that cities in emerging markets alone have the potential to attract more than 29 trillion U.S. dollars in climate-related investments by 2030. The Asia-Pacific region has the highest climate-smart investment potential of any region in the world. Enditem