The Hong Kong Monetary Authority (HKMA) launched a public consultation today (8 September) on Phase 2A prototype of the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy).
The Hong Kong Taxonomy is an important market enabling tool for promoting informed decision-making in green and sustainable finance. By providing clear, transparent, and robust definitions of what constitutes green and sustainable activities, the taxonomy aims to scale up relevant capital flows while addressing greenwashing concerns.
Building on the publication of Phase 1 of the Hong Kong Taxonomy in May 2024, the HKMA has adopted a phased approach to further enhance the taxonomy, starting with Phase 2A, and progressing through subsequent phases.
The Phase 2A prototype introduces several enhancements aimed at supporting Hong Kong’s decarbonisation efforts, facilitating the region’s transition to a low-carbon economy, and reinforcing Hong Kong’s position as an international financial centre and a leading green finance hub. The prototype development has been guided by market feedback, government policies, industry needs, and the latest technological advancements.
The key enhancements made in the Phase 2A prototype include:
- Expanded sector coverage: Two new sectors critical to the decarbonisation of the region and beyond, namely manufacturing and information and communications technology, have been added to the four sectors under Phase 1, increasing the total number of sectors from four to six;
- Increase in economic activities: 13 new economic activities have been added, bringing the total number of economic activities from 12 to 25. Updates have also been made to the technical screening criteria of a number of activities introduced under Phase 1;
- Transition elements: Transition elements, including interim decarbonisation targets, measures to support transition and sunset dates (which specify the time by which transition elements will conclude), have been added; and
- New environmental objective: A new environmental objective, namely climate change adaptation, has been introduced to address the growing funding needs for managing physical risks and responding to the increasing frequency of extreme weather events.
The public consultation commences today and will last until 8 October 2025. The consultation paper is available on the HKMA website. Interested parties are invited to submit their comments on or before the deadline.
Hong Kong Monetary Authority
8 September 2025
