CARE2022 Hong Kong Conference

74 reported before did not have the data or had not digitalised their data. MioTech would offer them the software to do so, and to promote the concept of data value chain on how to collect, manage, compile, and manage data. Once companies started the process, they would want to benchmark and compare themselves with their peers, and then to get ready to disclose information internally and then externally. MioTech saw its business as part of the building bricks of a whole new ecosystem in climate and sustainability technology. Innovation in finance using technology Bank of International Settlement Innovation Hub (BISIH) in Hong Kong collaborates closely with HKMA. It worked on Project Genesis 1.0 and 2.0 to demonstrate the art of the possible by making the green finance market more transparent, efficient, and effective using innovation technology and public-private partnerships. Project Genesis 1.0 focused on improving the transparency and access to the government green bond market by retail investors. Two prototypes were developed using both a public blockchain and a permissioned blockchain to allow retail investors to trade tokenised green bonds and track the environment impact through an app, with the possibility to integrate with the HKSAR’s iAM Smart and Octopus which had established large footprints and community acceptance.28 Project Genesis 2.0 explored the use of blockchain, smart contracts, and IoT to tackle greenwashing in the green bond market by attaching digitised carbon forwards to a green bond, and to transform the carbon market from an ex post reward to an ex ante enabler for green project.29 BISIH also emphasised the value of human relations beyond data and technology because the sustainability and climate transition required the contribution and cooperation of many types of knowledge and experience, which could only be mastered through dialogue and collaboration. 6 Financing the Climate Transition Finance and green training Hong Kong Green Finance Association (HKGFA) is a nonprofit that provides a platform to facilitate the development of green finance and sustainable investments in Hong Kong, and beyond through mobilising public and private resources and talent.30 As a green finance industry emerged in Hong Kong, members of HKGFA focus on leading and hosting industry dialogue in advising and harmonising sustainability policies and frameworks, building capacity, including promoting the emergence of green I&T, advocating the unifying of common standards through Common Ground Taxonomy and ISSB, and developing educational programs for market professionals to upgrade their knowledge (such as through collaboration with HKUST to run a certificate course in sustainable finance) to satisfy near-term needs. Deepening the collaboration and capacity of sustainability talent across the ecosystem is essential to accelerating sustainable finance to support a corporate’s transition to Net Zero. HKGFA will continue working with the HKSAR Government, policymakers, regulatory bodies and the private sector to advance Hong Kong’s role as a leading green and sustainable financial hub. Standards setting for Asia Asia Carbon Institute (ACI),31 a brand-new non-profit based out of Singapore and Hong Kong, intended to fill a gap in Asia to create standards for voluntary carbon credits and to ensure harmonization with international standards. The intention of ACI is to accelerate the climate transition, and carbon credits were seen as an accelerant to fund projects that otherwise could not be financed, such as building retrofits. While there were already international carbon credit standards by such organizations as VERRA and The Gold Standard,32 they were developed primarily with nature-based solutions in mind, such as protecting forests. Such credits would be limited in quantity. Asia needed to have credible projects that suited their circumstances – high density cities, and heavy in manufacturing – hence ACI would focus on projects that brought additionality to green projects in urban settings. Moreover, only by having an organization with Asia’s development in mind and with knowledge about Asian economies, would it be possible to also help generate jobs and develop talent on the ground in Asia. Panel 2 discussion