The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) on Monday held the inaugural Joint Climate Finance Conference.

Over 240 participants from financial institutions, industry associations, and international organizations from the Hong Kong Special Administrative Region (HKSAR) and Dubai attended the event.

Under the theme "Building a Net-Zero Asia -- Middle East Corridor," the event explored opportunities for closer collaboration between the HKSAR and Dubai, highlighting the vision for transitions to net-zero carbon emissions in each market as well as for encouraging investment into the transition.

The HKMA and the DFSA also signed a Memorandum of Understanding (MoU) to further deepen their strategic partnership on sustainable finance. Through this partnership, both authorities will step up cross-border dialogue, deepen the exchange of information on recent trends, and conduct joint research and events to further drive progress.

Climate change is a global challenge that requires a collaborative response, said Chief Executive of the HKMA Eddie Yue.

"Hong Kong and Dubai, as the sustainable finance hubs in Asia and the Middle East, can and should do more together," he said.

The signing of the MoU with the HKMA represents a pivotal step in reinforcing the cooperation between the two sides in climate finance, said Ian Johnston, chief executive of the DFSA.