January 2026Consultation Report: Prototype of Hong Kong Taxonomy for Sustainable Finance (Phase 2A)23Contents468910101215282829Chapter 1: IntroductionChapter 2: Feedback OverviewChapter 3: Feedback Summary3.1. Consultation questions3.2. Taxonomy (Phase 2A) development 3.2.1. Taxonomy design and structure3.2.2. Taxonomy methodology3.2.3. Sector chapters3.3. Further development and implementation of the Taxonomy3.3.1. Expansion of the Taxonomy3.3.2. Taxonomy implementation4Chapter 1:Introduction5Chapter 1: IntroductionThe Hong Kong Monetary Authority (HKMA) published Phase 1 of the Hong Kong Taxonomy for Sustainable Finance (thereafter referred to as the “Hong Kong Taxonomy” or “the Taxonomy”) in May 2024 as an enabling tool to help market participants make informed decisions regarding green and sustainable finance and scale up relevant capital flows. Building on the publication of Phase 1 of the Taxonomy, the HKMA has adopted a phased approach to further enhance the Taxonomy. On 8 September 2025, the HKMA published the prototype of Phase 2A Taxonomy for public consultation. Phase 2A introduces new green activities, transition elements, and a new environmental objective on climate change adaptation.The consultation period invited diverse perspectives from financial institutions, corporates, industry bodies, non-governmental organisations, and other stakeholders. The HKMA received constructive feedback, reflecting a wide range of views on the proposed scope, criteria, and applicability of the Phase 2A prototype.This report prepared by the HKMA in collaboration with the Climate Bonds Initiative (Climate Bonds) presents the key findings of the consultation, summarising respondents’ comments, areas of broad support, concerns raised, and su...
