Hong Kong opens consultation on phase 2 of green finance taxonomy

It added 13 new economic activities and expanded sector coverage.

Hong Kong’s central bank has launched a public consultation on the next phase of a taxonomy for sustainable finance.

The public consultation will last until 8 October 2025.

Building on the publication of Phase 1, the Phase 2A prototype will include an expanded sector coverage to include manufacturing and information & communications technology, adding to the four sectors under Phase 1, according to data from the Hong Kong Monetary Authority (HKMA).

It also increases the number of economic activities, with 13 new activities added. Updates have also been made to the technical screening criteria of a number of activities, the HKMA said.

Transition elements, including interim decarbonisation target, measures to support transition and sunset dates, have been added.

Phase 2A also adds a new environmental objective, namely climate change adaptation. This objective aims to address the growing funding needs for managing physical risks and responding to the increasing frequency of extreme weather events, the HKMA said.

“The Hong Kong Taxonomy is an important market enabling tool for promoting informed decision-making in green and sustainable finance. By providing clear, transparent, and robust definitions of what constitutes green and sustainable activities, the taxonomy aims to scale up relevant capital flows while addressing greenwashing concerns,” the HKMA said in a statement on 8 September 2025.

The consultation paper is available at the HKMA website, and interested parties are invited by the central bank to submit their comments on or before the deadline.