所屬分類：新聞動態發佈時間：2026-01-26
Hong Kong ESG trends
HKMA publishes Hong Kong Taxonomy for Sustainable Finance Phase 2A
The Hong Kong Monetary Authority (HKMA) has released Phase 2A of the Hong Kong Taxonomy for Sustainable Finance (Hong Kong Taxonomy), which facilitates green and sustainable capital flows in Hong Kong, supports the region’s transition to a low-carbon economy, and further consolidates Hong Kong’s position as an international sustainable finance hub.
Lianhe Green Insights
The core upgrade of Phase 2A of the Hong Kong Taxonomy for Sustainable Finance lies in shifting from defining "pure green" to establishing a pragmatic financial benchmark that drives the comprehensive low-carbon transition of the economy. Its key innovation is the first systematic inclusion of "transition activities" and "climate change adaptation" objectives, setting transition pathways with clear "sunset dates" for high-carbon industries while addressing the urgent financing needs for climate risk management. Meanwhile, the scope of covered industries has expanded from 4 to 6 (with manufacturing and ICT sectors newly added), and the number of eligible economic activities has increased from 12 to 25, significantly broadening the range of real economy sectors that can receive targeted capital support. This marks Hong Kong’s active efforts to build a more complete, scientific, and regionally tailored sustainable finance system to channel capital towards supporting Asia.
Adjustments to the official version are entirely based on feedback from various stakeholders during the consultation period, focusing on three core pain points: "reducing compliance costs, aligning with international standards, and adapting to regional needs." These adjustments constitute "positive optimizations in response to stakeholder demands," with no instances of "deletion of newly added content."
International ESG trends
ECB to Intensify Monitoring of Physical Climate Risk Impact, Transition Plans for Banks
The European Central Bank (ECB) has announced that it will strengthen the supervision of climate and nature-related risks in its new phase of work. Building on the completion of the 2024-2025 Climate and Nature Plan, the ECB has identified three priority areas: first, assessing banks’ green transition plans; second, analyzing banks’ ability to address risks from the physical impacts of climate change (such as extreme weather); and third, researching risks related to nature degradation and water resources. The ECB stated that it has integrated climate factors into its core work, including incorporating climate considerations into its collateral framework, reducing holdings of high-carbon-emission bonds, and promoting climate stress tests. This initiative aims to address the escalating climate-related economic and financial risks and ensure the stability of the banking system.
Source: https://www.esgtoday.com/ecb-to-intensify-monitoring-of-physical-climate-risk-impact-transition-plans-for-banks/
Lianhe Green Insights
The ECB’s new move marks the deepening of climate risk management from "principle advocacy" to "mandatory regulation." At its core is the integration of banks’ green transition plans into the prudential assessment framework, meaning that climate strategies are no longer voluntary initiatives for banks but directly linked to their capital requirements and regulatory compliance. This forms a policy synergy with ESMA’s previous efforts to crack down on fund "greenwashing," jointly establishing a comprehensive climate finance regulatory network covering both capital markets and the banking system. It not only compels financial institutions to enhance their risk measurement and management capabilities but also, through influencing financing costs—a core economic lever—substantively channels capital toward green transition, embedding macro climate goals into micro financial decisions.
ESMA Guides Investment Firms on Expectations to Avoid Greenwashing in ESG Strategies
EU markets regulator the European Securities and Markets Authority (ESMA) announced the release of a new thematic note aimed at guiding market participants on its expectations for addressing greenwashing risks in marketing of sustainable investment strategies, with a particular focus on ESG integration and ESG exclusion funds.
Source: https://www.esgtoday.com/esma-releases-guide-on-expectations-to-avoid-greenwashing-in-esg-investment-strategies/
Lianhe Green Insights
The new ESMA regulations in the EU, through detailed lists of "do’s and don’ts", have translated anti-greenwashing efforts from general principles into enforceable detailed rules. For instance, with regard to the commonly used term "ESG integration", the guidelines mandate that funds clearly define its meaning, specify the levels of its practical application (such as security selection), and state whether it carries investment binding force. Such stringent requirements on terminological definitions, methodologies and transparency essentially amount to establishing a verifiable operational manual for ESG investing. This has significantly raised the compliance bar, compelling asset managers to move beyond vague marketing claims and adopt concrete, auditable practices. This initiative not only protects investors but also aims to establish a globally leading and credible green finance standard for the EU.
Mainland China ESG trends
Circular of the Five Ministries and Commissions Issuing the Guiding Opinions on Carrying Out the Construction of Zero-Carbon Factories
To implement the Action Plan for the Green and Low-Carbon Development of the Manufacturing Industry (2025–2027) issued by the General Office of the State Council, tap into the energy conservation and carbon reduction potential in the fields of industry and information technology, drive carbon reduction and efficiency improvement as well as green and low-carbon transformation in key industrial sectors, and foster and develop new productive forces, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Ecology and Environment, the State-owned Assets Supervision and Administration Commission of the State Council, the National Energy Administration and other five departments have recently jointly issued the Guiding Opinions on Carrying Out the Construction of Zero-Carbon Factories.
Source: https://www.miit.gov.cn/zwgk/zcwj/wjfb/tz/art/2026/art_47be4bdb2d93437f94662dab59fbd736.html
Lianhe Green Insights
The joint promotion of zero-carbon factory construction by the five ministries and commissions marks the entry of China’s industrial carbon reduction into a phase of systematic implementation. This initiative drives full-chain emission reduction at the factory level, which not only aligns with the "dual carbon" goals but also serves the cultivation of new productive forces. Its core lies in not pursuing absolute zero emissions, but rather emphasizing a pragmatic approach of "reducing carbon emissions as much as possible", and achieving progressive optimization through technological and managerial innovation. This not only provides an operable transformation framework for the industry, but also embodies China’s balanced wisdom in coordinating growth and emission reduction in green development.
57 National Standards for the "New Three Key Industries" Have Been Issued
To support industrial innovation and upgrading, the State Administration for Market Regulation (SAMR) has continuously strengthened the development of the standard system. Up to now, China has issued a total of 57 national standards related to the "New Three Key Industries" (new energy vehicles, lithium batteries and photovoltaic industries). Among them, 13 national standards have been issued for the new energy vehicle sector, covering areas such as remote services for electric vehicles, safety requirements for battery swapping, and conductive charging and discharging systems; 2 national standards including the coding rules for lithium batteries have been released for the lithium battery sector; and 42 national standards such as green product evaluation and ground-mounted photovoltaic modules have been formulated for the photovoltaic sector.
Source: http://www.xzkl.gov.cn/zwyw/qyzc/202601/t20260113_4156910.html
Lianhe Green Insights
China has rapidly built a national standard system for the "New Three Key Industries" including new energy vehicles, lithium batteries and photovoltaic products, demonstrating a forward-looking layout to drive industrial upgrading through standards. This not only provides clear norms for enterprise R&D and market access, but also strengthens industrial chain coordination and overall competitiveness by unifying industry benchmarks and safety requirements. In particular, the notable number of standards in the photovoltaic sector reflects the maturity of the industry’s large-scale and green development. Essentially, this initiative lays an institutional foundation for the development of new productive forces, aiming to seize the initiative in setting rules in the global competition of green technology.
Circular on Issuing the Measures for the Work of Strengthening the Layout Planning and Investment Direction Guidance of Government Investment Funds (Trial)
Recently, the National Development and Reform Commission (NDRC) has officially issued the Measures for the Evaluation and Administration of Investment Directions of Government Investment Funds (Trial), encouraging national-level funds to increase cooperation with top-ranked local funds in terms of capital contribution and shareholding, project investment and other aspects based on evaluation results. Specifically, the Measures stipulates a score of 5 points for the performance in supporting green development, among which 3 points can be obtained if the annual carbon emission reduction ratio of enterprises and projects invested by the fund is 5% or above; 1 point can be awarded if the fund is invested in fields such as ecosystem protection, green transformation of the manufacturing industry and biodiversity conservation; and 2 points can be gained if the proportion of funds invested in the above-mentioned supported fields exceeds 20% of the paid-in capital scale. Overall, with the advancement of the "dual carbon" goals, the importance of environmental protection and energy conservation in project investment is expected to continue to rise prominently.
Source: https://www.ndrc.gov.cn/xxgk/zcfb/ghxwj/202601/t20260112_1403195.html
Lianhe Green Insights
This Measures links national-level fund cooperation resources directly to quantitative scoring, marking the entry of China’s green investment guidance into a new phase of "hard constraints" from "soft advocacy". Its innovation lies in converting carbon emission reduction ratios (≥5%), investment in specific green fields and capital proportion (≥20%) into clear, assessable and comparable scores. In essence, it leverages the right of capital allocation to guide local funds to become the executive engine for the "dual carbon" goals, accelerating the aggregation of green capital into key fields such as manufacturing transformation and ecological protection.
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