The programme will (i) create a one-stop knowledge hub, (ii) forge a community of practice and innovation, (iii) deploy advisory support for green transformation, and (iv) promote green investment and financing activities. 10. As a first step, we are pleased to formally launch the Alliance’s membership programme by inviting five leading banks in Asia with demonstrated achievements in green finance to join as Cornerstone Members. 11. They are, in alphabetical order, Bank of China (Hong Kong), Citi, Crédit Agricole CIB, HSBC, and Standard Chartered. 12. The Cornerstone Members are committed to making further progress in mainstreaming green finance, achieving carbon neutrality, and having an environmental, social and climate risk management system. 13. They will also support the Alliance’s strategy and outreach plans to expand the membership network, promote green finance market and product development, and spearhead knowledge sharing and thought leadership activities. 14. The Alliance also seeks to amplify the synergy by bringing in institutions that are engaged in cutting-edge research, capacity building, and standard-setting related to green finance. 15. We are delighted to announce that Carbon Trust, the Institute of Public and Environmental Affairs, and the Resource and Environment Branch of China National Institute of Standardization have joined the Alliance as Global Partners. 16. We are also honoured to have the University of Chicago joining the Alliance as a Knowledge Partner to assist the Asia Chapter’s training and thought leadership efforts. 17.
Speeches 07 Jun 2022  Opening remarks at the Alliance for Green Commercial Banks Cornerstone Members Memorandum of Understanding Signing Ceremony Eddie Yue, Chief Executive, Hong Kong Monetary Authority Distinguished guests and friends, 1. Good afternoon. It is my great pleasure to join you to celebrate another milestone of the Alliance for Green Commercial Banks. Today we are going to witness the signing of a memorandum of understanding that brings in five Cornerstone Members to the Alliance, welcome the on-boarding of four Global Partners and a Knowledge Partner, and publish the Alliance’s first thought leadership paper. 2. My special thanks to the IFC advisory team and the HKMA market outreach team for their hard work and close collaboration that brings out the biggest common denominator among various stakeholders. I would also like to personally thank the Cornerstone Members and Partners for their strong support and contribution throughout the engagement process. What we have achieved today is the product of collective efforts. 3. We at the HKMA feel privileged to have partnered with the IFC in launching the Asia chapter of the Alliance for Green Commercial Banks. This is an important joint commitment and undertaking to support financial institutions in Asia on their journey to become leading green institutions 4. Indeed Asia has the largest need for climate finance among the geographical regions. It is estimated that 66 trillion USD of climate investment is required for the region in the coming three decades.