China ESG - Weekly news update: ​Hong Kong Establishes "Alliance for Green Commercial Bank"

Hong Kong Establishes "Alliance for Green Commercial Bank" to Promote Green Financial Development

On November 9, 2020, the Hong Kong Monetary Authority (HKMA) signed a cooperation agreement with the International Finance Corporation (IFC) to establish the Alliance for Green Business Banking. The alliance will start in Asia and gradually expand to other parts of the world, aiming to bring together banks, other financial institutions, research institutes, and technology innovators to help the banking industry combat climate change and promote green finance. This collaboration underscores Hong Kong's position as Asia's leading financial center," said Mr. Raymond Yu, Chief Executive of the Hong Kong Monetary Authority. As a founding member of the Green Business Banking Alliance, Hong Kong already has a thriving and efficient ecosystem that can match the supply of and demand for green finance," said Mr. Yu, CEO of the Hong Kong Monetary Authority.

Source: China Xinhua News

FTSE Global Equity Index Series expands China A-share portfolio

With the continuous expansion of FTSE Russell and MSCI, foreign capital has become a force to be reckoned with in China's A-share market. As of November 20, the cumulative net inflow of funds into the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect under the connectivity mechanism has reached RMB 129.9 billion since 2020.

On November 21, FTSE Russell announced the results of the quarterly review of the global equity index on its website, which included only one new A-share stock, namely, Guolian Securities Co., Ltd. A total of 23 stocks from Hong Kong, A-share and overseas-listed ADSs were included in the index, including new energy vehicle company Li Auto Inc. This time, no A-share stocks were excluded.

Source: Wind

Deutsche Börse Buys Majority Stake in ISS for ESG Play

Deutsche Börse has agreed to buy an 80% stake in governance, ESG data and analytics provider Institutional Shareholder Services (ISS) in a deal that values the firm at nearly $2.3 billion. The transaction is expected to close in the first half of 2021 subject to customary closing conditions and regulatory approvals.

Source: Finextra

CFA Forges Ahead with ESG Standard Despite Criticism

The #CFA will enter an already crowded market. Industry association #Eurosif launched its voluntary ESG disclosure standard in 2008 while the International Organization of Securities Commissions, the global umbrella body for securities regulators, recently announced its own push to harmonise sustainability disclosure standards.

Source: Financial Times

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