Finance
Hong Kong introduces green finance taxonomy to boost fundraising credentials
“The release of the Hong Kong Taxonomy for Sustainable Finance marks a key milestone for Hong Kong’s sustainable finance landscape,” Eddie Yue Wai-man, CEO of HKMA, said in a statement on Friday.
“By providing a common language and framework for sustainable finance, we are equipping market participants with an important tool to make informed decisions, drive impactful cross-border investments and contribute to global efforts in combating climate change.”
The taxonomy covers 12 economic activities under four sectors: energy, transport, construction, and water and waste management.
Having a taxonomy is important to prevent “greenwashing”, the act of making unsubstantiated claims about the environmental benefits of a product or practice.
The HKMA plans to expand the taxonomy soon to cover other sectors like retail and services, said Arthur Yuen Kwok-hang, deputy CEO of HKMA, who added that the authority had received positive feedback following market consultations last May on preparing the taxonomy.
“We encourage the financial sector to use the taxonomy to assess the greenness of projects when they decide to make green loans to these companies,” Yuen said at a media briefing on Friday.
“A green taxonomy is an integral part of the green finance ecosystem. It enables investors to look for green investment opportunities and make informed decisions, thus easing the mainstreaming of sustainable finance flows.”
The taxonomy has adopted local elements such as listing out Hong Kong certifications and standards that could be used to prove the buildings or operations are environmentally friendly and also are in line with guidelines issued by mainland China and the EU.
“This will help companies operating in mainland China and Europe to consider borrowing green loans or raising green bonds in Hong Kong,” Yuen said, noting that Asia alone will require US$66 trillion in climate investments over the next 30 years.
“Addressing climate change requires the support of the financial industry, which in turn will bring about enormous opportunities,” he said. “Hong Kong, which is an international financial centre, is the ideal capital market to support these green financing activities.”
Investments on such a massive scale are needed to meet the global aim of containing global warming within 1.5 degrees Celsius of pre-industrial levels and avoid the worst effects of extreme climate events. Last year was the warmest year on record, according to the World Meteorological Organization.
“Extreme weather is clear evidence of accelerating climate change and a reminder for an urgent need for decarbonisation,” Yuen said.
The Hong Kong government’s decision to extend the US$100 billion Green and Sustainable Finance Grant Scheme for another three years will cover transition bonds and loans for companies to upgrade their equipment to save energy and cut down on pollution.
The move was announced by Financial Secretary Paul Chan Mo-po in his budget speech in February. The current scheme expires on May 10.
“The scheme will encourage more companies and industries in the region to make use of Hong Kong’s financing platform as they move towards decarbonisation,” Yuen said.
Separately, the HKMA will soon launch a cloud-based platform for banks to assess the potential impact of physical risks on residential and commercial buildings in Hong Kong under different climate scenarios, such as flooding and typhoons.
Finance
Crunch Fitness, Petland could get a new neighbor at Pensacola Square
The Pensacola Square shopping plaza, which includes businesses such as Hobby Lobby, Books-A-Million and Crunch Fitness, may be getting a new tenant.
Alabama-based loan agency Regional Finance is looking to open its first Florida branch at unit 117 of Pensacola Square.
Regional Finance has over 350 branch locations across 19 U.S. states at this time, including Alabama, Georgia, Mississippi and North Carolina, and they provide a range of services to their clients, ranging from personal and auto repair loans to furniture, appliance and travel loans.
They submitted an application to the city in order to conduct alterations on the space, which is located next to Petland inside the plaza, and the plans are still under review by city officials at the time of writing.
moved onto a new chapter with the addition of national gym franchise Crunch Fitness, which is bringing flocks of people into the southern half of the plaza since it opened off North Davis Highway.
Plans submitted to the city of Pensacola show it could get a new tenant soon. However, this addition may not appeal to as many potential customers as its neighbors.
Regional Finance has over 350 branch locations across 19 U.S. states at this time, including Alabama, Georgia, Mississippi and North Carolina, and they provide a range of services to their clients, ranging from personal and auto repair loans to furniture, appliance and travel loans.
If the plans for their first Florida branch are approved, the loan agency will join a plaza with multiple popular businesses, including Hobby Lobby, Beall’s and Petland, that still has room to grow.
Trader Joe’s even showed interest in leasing a space inside the plaza at one point, according to a showcase of the property by Cushman & Wakefield.
Crunch Fitness, a gym that signed a 15-year lease for its space, is has help revitalizing interest in Pensacola Square, along with recent additions like Fuji Sushi & Grill & Hotspot as well as incoming tenants like Concentra.
Concentra, one of the top occupational health services providers in the U.S., will open inside the former home of Rainbow clothing.
While the address for the project is 6235 N. Davis Hwy, the alterations won’t be carried out on the Hobby Lobby and Books-A-Million chunk of the plaza.
That section was purchased last year for $7 million by Destiny Worship Center, a not-for-profit corporation based in Destin with locations in Crestview, Freeport, Fort Walton Beach and Panama City Beach but none in Pensacola, sparking concern that the businesses would be replaced by a new church.
Rob Bell, senior advisor and asset manager for Bellcore Commercial, who represented Destiny Worship Center in the sale, emphasized this week that it’s still unlikely Hobby Lobby will leave the plaza anytime soon because they still hold a long-term lease inside the building.
Finance
State aims to reclaim $850K from campaign finance vendor
OKLAHOMA CITY (KFOR) — The state is now looking to recoup around $850,000 from a company they said didn’t meet deadlines to create a campaign finance website.
It’s The Guardian and was supposed to be up and running in October, but that didn’t happen. The Guardian is the name of the state’s online campaign finance reporting system.
“They were unable to deliver a compliant system,” said Ethics Commission Executive Director Leeanne Bruce Boone during their meeting on Friday.
The company at the center of it all is RFD and Associates, based in Austin, Texas. They were hired in December 2024 to begin the project of creating The Guardian 2.0.
The previous company, according to the commission, was with Civix. However, problems arose between the state and that company, so they had to shift and find a new vendor.
The commission appropriated around $2.2 million for the endeavor.
Months went by, and according to the commission’s timeline, deadlines were missed altogether.
Dates in June were missed, and in August, the company received a warning from the Ethics Commission. The Office of Management and Enterprise Services (OMES) had to get involved in October and conduct an independent technical assessment.
The October date was proposed by the company, but it wasn’t met. In November, a formal notice of system failures and vendor non-compliance was noted.
“None of the milestones were met,” said Bruce Boone during the meeting. “Extensive corrective steps over many months. Written warnings were sent.”
At the Friday meeting, the commission voted to cut the contract with the company, and a contract with the previous one was then sent out.
“Terminate the contract and proceed with legal action,” said Bruce Boone.
Bruce Boone said that in total $850,000 was actually spent throughout this process on RFD. The new contract with Civix, she said, is estimated to cost over $230,000 and should last for three years. The effort is needed ahead of the 2026 election.
Now the commission has decided to bring in the Attorney General’s Office to see if they can get the money back.
“I take very seriously my role to ensure that taxpayer dollars are spent fairly and appropriately,” AG Drummond said in a statement. “My office stands ready to take legal action to recover damages, hold those responsible accountable, and work with the Ethics Commission to ensure the public has a reliable means to access campaign finance reports.”
News 4 attempted to get a statement out of the Chief Operating Officer of RFD and Associates, who had been in the meeting but quickly left after the commission voted.
“No comment,” said COO Scott Glover.
What would you say to taxpayers about that?
In response, he said, “I don’t agree with the ethics commission’s decision. That’s all I have to say.”
The Guardian had been delayed by several months, but the commission did respond appropriately and timely manner to requests made for documents.
The Guardian was back online Friday afternoon.
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Finance
One.funding and MV Commercial launch MV Asset Finance
One.funding has partnered with UK-based MV Commercial to introduce MV Asset Finance, which offers an alternative method for MV Commercial’s customers to secure finance, according to a LinkedIn post.
In developing MV Asset Finance, representatives from One.funding worked closely with MV Commercial’s team to better understand business priorities and the requirements of their customer base.
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According to the post, the service aims to remove friction, ensure complete transparency, and enable a seamless process from initial engagement to completion by integrating support within MV Commercial’s operations and presenting it under their brand.
MV Commercial supplies fleet solutions for vehicles within the UK.
The company’s offerings include trucks, trailers, and light commercial vehicles that are available for sale, rental, or contract hire.
Its current rental and Ready to Go fleets consist of 2,000 specialist trucks, vans, and trailers across various depots in Airdrie, Grantham, Livingston, Oxford, Haydock, and London Luton.
One.funding CEO Lee Schofield said: “At One.funding, we’ve 20 years of experience in building point-of-sale finance that fits naturally into how businesses sell. MV Asset Finance shows what’s possible when that experience is embedded into the MV Commercial journey, making it easier for their customers to keep moving and keep growing.”
A recent example involved AMK Plant & Tipper Hire, which added a DAF FAD XD450 Construction eight-by-four tipper truck to its fleet, the company’s first DAF tipper purchase.
The transaction was finalised in three weeks; MV Commercial supplied the vehicle while financing was arranged through the newly launched MV Asset Finance framework.
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