Hong Kong’s central bank published the next phase of its sustainable finance taxonomy, as the city steps up efforts to channel capital towards green and transition activities and support its shift to a low-carbon economy.
The Hong Kong Monetary Authority (HKMA) said it has released Phase 2A of the Hong Kong Taxonomy for Sustainable Finance, expanding the framework used to classify economic activities that contribute to green and sustainable development.
The taxonomy is being developed in phases to provide a clear and transparent reference for financial institutions, investors and corporates.
Phase 1 was launched in May 2024, while the Phase 2A prototype was put out for public consultation in September 2025.
According to the HKMA, feedback was received from a broad range of stakeholders, including banks, asset managers, corporates, professional bodies, non-government organisations, think tanks, and public-sector entities.
Respondents broadly supported the expanded coverage of economic activities, as well as the inclusion of transition elements and a new climate change adaptation category.
The authority said the updated Phase 2A taxonomy reflects refinements made following the consultation, aimed at improving clarity, usability, and practical application for market participants.
A consultation report summarising stakeholder feedback and the HKMA’s responses was also published.
The taxonomy is intended to facilitate green and sustainable capital flows by providing a common language for identifying eligible activities, helping to reduce fragmentation and the risk of greenwashing, while supporting Hong Kong’s positioning as a regional sustainable finance hub.
The HKMA said the Hong Kong Taxonomy is a living document and that work on the next phase is already under way.
Future development will take into account market developments, government policies, industry priorities and technological advances, with continued engagement planned with the financial sector and other stakeholders.
The release of Phase 2A brings Hong Kong’s taxonomy closer to international standards while tailoring it to regional transition needs, particularly in hard-to-abate sectors.
As sustainable and transition finance grows in Asia, clearer taxonomies are increasingly seen as critical infrastructure for scaling capital deployment and maintaining investor confidence.