HKIB ECF-GSF Professional cheat sheet
HKIB ECF-GSF Professional · Keep the key ideas within reach.
Green and Sustainable Finance (Professional Level)
HKIB ECF-GSF Professional Level builds on the ECF-GSF Foundation syllabus and assumes working knowledge of: (a) global climate science (IPCC AR6), (b) international policy frameworks (UNFCCC Paris Agreement, SDGs), and (c) core sustainable finance instruments (green bonds, sustainability-linked loans, ESG funds).
Key Hong Kong regulatory architecture: HKMA's Green and Sustainable Finance Cross-Agency Steering Group (established May 2020) coordinates policy across HKMA, SFC, HKEX, Insurance Authority, MPFA, and AFCD; its strategic priorities include carbon market development, climate risk management, and green taxonomy.
HKEX mandatory climate disclosure: from 1 January 2025, all Main Board issuers must disclose Scope 1 and Scope 2 GHG emissions and climate-related risks aligned with IFRS S2 (HKFRS S2); previously voluntary under Appendix 27. The 'comply or explain' regime for Scope 3 applies from 2026.
HKMA Green and Sustainable Finance Grant Scheme (GSF Grant Scheme): subsidises eligible bond issuers and loan borrowers for external review costs (up to HK$800,000 for bonds, HK$400,000 for loans) and for arranging fees; effective from 2021, enhanced in 2024 to cover transition finance.
Hong Kong Green Bond Framework (2024): aligned with ICMA Green Bond Principles, Climate Bonds Standard, and Common Ground Taxonomy (CGT); eligible categories include renewable energy, energy efficiency, pollution prevention, green buildings, and clean transportation; requires post-issuance allocation and impact reporting.
SFC climate risk management for asset managers: Fund Manager Code of Conduct (FMCC) amendments (effective August 2022) require climate-related risks to be considered in investment and risk management; SFC's 2024 circular on ESG funds sets disclosure expectations for retail ESG funds (naming, investment focus, and metrics).
HKMA supervisory approach: climate risk is a 'High' priority under the HKMA's Supervisory Policy Manual (SPM) module GS-1 (Climate Risk Management) issued in 2021; authorized institutions (AIs) must embed climate risk into governance, strategy, risk management, and disclosure; HKMA conducts climate stress tests and thematic reviews.
Carbon market infrastructure: HKEX Core Climate (launched October 2022) is a voluntary carbon marketplace for Hong Kong, China, and Asia; it trades carbon credits and instruments (VERs, CERs) with HKEX clearing; the HKMA-HKEX partnership explores carbon-linked products and a Greater Bay Area (GBA) carbon market.
Taxonomy and interoperability: the Common Ground Taxonomy (CGT) developed by the EU and China (IPSF) provides a mapping of green activities; Hong Kong's Green and Sustainable Finance Cross-Agency Steering Group is developing a local taxonomy aligned with CGT to reduce greenwashing and facilitate cross-border green finance flows.