. these specific functions can be related to our general function of promoting the stability of the banking sector. clearly, if banks are involved in illegal or improper activities ( such as fraud or money laundering ) this may threaten the reputation not only of the bank concerned but also of the banking system as a whole. this in turn may lead to a loss of public confidence in the banks. i believe however that our functions also imply a broader interest in the concept of “ fairness ” in the provision of banking services. this is not to say that the hkma should act as a “ consumer watchdog ” in investigating and adjudicating on disputes between banks and their customers on matters such as the cost or quality of banking services. but at the same time we should not be indifferent to how banks treat their customers in general. if banks consistently provide a bad or unfair service, this may damage the reputation of the banks and destroy customer loyalty and confidence. taken to extremes, the system as a whole could be brought into disrepute. this is why we promoted the code of banking practice issued jointly in 1997 by the two industry associations. the code is intended to be observed by authorised institutions in dealing with their personal customers, and it provides an extremely useful mechanism for the promotion of fair and transparent banking services in hong kong. what tools can banks use to manage ethics in their own organisations? no doubt you will have been discussing this during the course of the seminar and i will not go into a lot of detail in this speech. clearly, the first essential is for the bank itself to be clear about the key ethical values to which it subscribes. it then needs to ensure that the organisation and the employees act in accordance with these values. this can be done through the adoption of codes of conduct. the former commissioner of banking issued a guideline in 1986 which requires all authorised institutions in hong kong to prepare a code of conduct for their staff setting out the standards to which they are expected to adhere. it is also necessary to have policies and procedures designed to ensure compliance with the standards specified in the code of conduct. for example, many companies now employ “ ethics officers ” and give their staff specific training and advice on ethical issues. the guideline issued by the commissioner of banking recommends that all institutions should appoint at least one senior officer to handle queries from staff and other matters relating to the code of conduct. codes of conduct and the means to enforce them are important tools. but i would caution against too

eddie yue : opening keynote - " scaling up sustainable finance in asia " conference opening keynote by mr eddie yue, chief executive of the hong kong monetary authority, at the asifma " scaling up sustainable finance in asia " conference, hong kong, 17 march 2023. * * * alice, diana, distinguished guests, ladies and gentlemen, good morning, let me start by thanking asifma for inviting me to this sustainable finance conference. it is my great pleasure to share with you hong kong's vision and the concrete steps being taken to strengthen our leading role in green and sustainable finance. as we come into spring after a colder - than - usual winter, this is a good time to talk about the advances that happen when the right ecosystem is combined with the right opportunities. in the financial world, green and sustainable finance brings extraordinary opportunities. and if we are looking for the best ecosystem for these opportunities to flourish, hong kong is the place. the climate challenge to asia is huge, and urgent. meeting this challenge will require substantial investment – some us $ 66 trillion over the next three decades based on market estimates. china alone will require more than 100 trillion yuan. the multi - trillion - dollar funding need can hardly be met by the public sector alone, and climate finance plays a crucial role here. it helps the public sector raise funding from the market to finance climate projects and initiatives. it also mobilises private capital to directly fund climate actions. in the process, the private sector gets to mitigate the climate risks of its own assets while at the same time seeking reasonable returns. by doing well, we also aim to do good. as an international financial centre and a green finance hub, our vision is to play a big role in harnessing the power of finance to support the transition efforts in the region. the vision is underpinned by our strong commitment and concrete actions that help create a conducive ecosystem where climate financing can scale, and bring about desirable opportunities and outcomes for the financial sector. a vibrant and competitive climate finance ecosystem needs to be underpinned by a few other critical elements : standards, data and, above all, talent. the work requires leadership from the public sector and partnership with the private sector. in all these areas, the hkma is joining hands with government agencies, fellow regulators as well as stakeholders from the financial sector, academia and business community. much of our joint effort is coordinated through the cross - agency steering group on green and sustainable finance co