howard lee : opening remarks - asia climate investment seminar opening remarks by mr howard lee, deputy chief executive of the hong kong monetary authority, at the asia climate investment seminar, hong kong, 11 november 2024. * * * good morning ladies and gentlemen : i am delighted to announce a strategic partnership in asia climate investments between the hong kong monetary authority, the asian infrastructure investment bank, the asian development bank, and the international finance corporation. this collaboration marks another significant milestone in our collaborative efforts to address the pressing issue of climate change in asia. the significance of climate investments in asia climate change is a paramount challenge of our era, with asia playing an important role in combating this global challenge. accounting for half of the world's greenhouse gas emissions, asia's dense population and geographical risks to extreme weather require immediate action to increase combat these challenges. regarding investments, the hkma has set a net - zero emissions target by 2050 for the investment portfolio of the exchange fund. we have also been directing resources and capital towards climate investments across different asset classes globally, which is an important component of our strategy to help reduce greenhouse gas emissions while making commercial returns. across the different regions, we believe that asia's rapidly growing economies require significant investments in sustainable energy solutions and decarbonisation. strategic partnership between hkma, aiib, adb, ifc while the hkma has been proactively investing more in asia climate investments, we also recognise that we cannot do this by ourselves. addressing climate change demands sustained dedication and collective effort over an extended period. by working together, we can pool our knowledge, expertise, resources, and networks to support the development of low - carbon infrastructure projects that benefit both the environment and the economy. by collaborating with like - minded institutions and private sector partners, we can amplify our impact and create a more sustainable future for the region. in this context, the hkma, aiib, adb and ifc collectively acknowledge the importance of collaborating to seize the climate opportunities in asia, focusing on making investments that will strive to meet our respective net - zero targets. the strategic partnership aims to set an example, calling on all stakeholders to join forces in addressing climate change. 1 / 2 bis - central bankers'speeches for instance, the hkma, together with aiib, adb and ifc, are investors in the actis asia energy transition fund, which is one of the earliest collaborative investments made under this strategic partnership. we believe that

many investors are now actively looking for investment opportunities in asia, particularly mainland china, to diversify their investment portfolios. at the same time, mainland issuers can also make use of our platform to reach out to the increasingly wealthy investor base in the islamic world. 12. clearly, there is a strong foundation for both sides to work together to complement each other, grow the pie bigger and achieve a win - win proposition in developing islamic finance. for this important reason, the hkma entered into a memorandum of understanding ( mou ) with bank negara malaysia in 2009 to strengthen mutual co - operation in the area of islamic finance. we are very pleased to have worked closely with bank negara malaysia to put together and bring this workshop to hong kong under the framework of the mou. building a deep talent pool is crucial for further development of the islamic finance industry. workshops of this kind will undoubtedly help to promote market awareness and knowledge of islamic finance, while also providing an excellent forum for market players to exchange views and business contacts. we will continue to work closely with the treasury markets association to raise the expertise in islamic finance in hong kong. 13. apart from our continuous efforts to put in place a conducive platform, it is also crucial for market players to maximize their readiness to grasp the opportunities brought by the development of islamic finance in hong kong. after all, market players will be the ones who drive the growth of the market ultimately. so, i highly encourage you all to gear up for the new opportunities ahead of us. on this, i am pleased to note that some financial institutions have already started to get ready by mobilizing their staff in the middle east or malaysia to hong kong, as well as providing training to their staff in hong kong. the fact that you are here today is also a good indication that you are keen to prepare yourselves. i hope you would take the most out of this workshop. 14. thank you. bis central bankers ’ speeches