The Alliance also brings together financial and research institutions and innovative technology providers to develop a green community in emerging markets to collectively finance the infrastructure and business solutions needed to advance sustainable economic development. вЂњBuilding the capacity of commercial banks and other financial institutions in Asia will help to scale up green finance markets and increase the risk resilience of the sector.вЂќ вЂњThe HKMA is committed to making Hong Kong SAR a leading global hub for green finance,вЂќ said Eddie Yue, Chief Executive of the HKMA. The AllianceвЂ™s Asia chapter was jointly launched in 2020 with the Hong Kong Monetary Authority (HKMA), the chapterвЂ™s founding member and first regional anchor. It aims to bring together pioneers in green finance to catalyze the financial innovation, investment, and leading practices in emerging markets that are urgently needed to address climate and environmental risks. The Alliance is an initiative established by the IFC, the largest global development institution focused on the private sector in emerging markets. The Bank of China (Hong Kong), Citi, CrГ©dit Agricole CIB, HSBC, and Standard Chartered, which collectively represent more than $7 trillion in assets, have become cornerstone members of the Alliance. On Tuesday, five of the worldвЂ™s leading financial institutions became cornerstone members of the Alliance for Green Commercial Banks (the Alliance).

вЂњWe will not be able to achieve an equitable long-term solution to this crisis without a climate finance ecosystem that many of you here today, and your organizations, have committed to building,вЂќ Mora said. вЂњWe estimate that cities in the East and the Pacific alone offer $18 trillion in climate-smart investment opportunities by 2030.вЂќ вЂњThis crisis is the investment opportunity of our lifetime,вЂќ Mora said. These climate-smart technologies, Mora said, include those on waste management and renewable energy, green buildings, electric vehicles, and public transportation, among others. In a recent press briefing, IFC Regional Vice President for Asia and the Pacific Alfonso Garcia Mora said the East Asia and the Pacific region offers $18 trillion worth of opportunities for climate-smart technologies. While AsiaвЂ™s cities consume 80 percent of the regionвЂ™s energy and create 75 percent of its carbon emissions, climate-smart technologies abound in the region, according to the private sector arm of the World Bank Group. Mora said these opportunities can be harnessed through recent efforts to address climate change by financial institutions such as sustainable bond issuance that has reached $1 trillion in 2021 alone. FINANCIAL institutions, especially their efforts to address climate change, are expected to grab opportunities offered by climate-smart technologies, officials of the International Finance Corp.

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