Responsible Investment

As the investment manager of the Exchange Fund and a major global asset owner, the HKMA proactively supports responsible investment (RI).

Our Beliefs

The HKMA sees RI as an investment approach that takes into account the impact of environmental, social and governance (ESG) factors on the long-term investment returns and their sustainability.

Investing prudently under the principle of “capital preservation first while maintaining long-term growth”, we believe that giving due attention to ESG factors can help mitigate associated risks and unlock the long-term sustainable value of investments.

The HKMA published the Sustainable Finance Action Agenda (Action Agenda) in 2024, further underscoring our commitment to investing in a sustainable future. The Action Agenda sets a clear target for the Exchange Fund’s Investment Portfolio to achieve net-zero emissions by 2050, alongside a commitment to mobilise our counterparties in supporting Asia’s transition through investment.

Our Responsible Investment Journey

Our RI journey commenced with the adoption of the Principles of Responsible Ownership promulgated by the Securities and Futures Commission in 2016 and was accelerated by integrating ESG factors into our investment processes from 2017.

In 2019, we established the overarching guiding principle to prioritise ESG investments with comparable long-term risk-adjusted returns, underpinning an approach for RI that dovetailed with the investment objectives of the Exchange Fund.

Further demonstrating our commitment to RI and a climate-resilient economy, we joined the PRI as one of its earliest central bank signatories, and became a member of the NGFS and a supporter of the TCFD.

In 2022, we set a target of net-zero emissions by 2050 for the Investment Portfolio of the Exchange Fund. Moving forward, we will continue to step up RI efforts in achieving the target.

In 2024, we launched the inaugural HKMA ESG Expectations, structured around five pillars that outline our preferred ESG practices for our counterparties and service providers to reference and follow.

Our Responsible Investment Framework and Implementation

Related Information

Press Release(s)

Speech(es)

Last revision date : 30 July 2026