ECF - Green and Sustainable Finance

Overview 

With the aim of supporting capacity building and talent development for banking professionals, the Hong Kong Monetary Authority (HKMA) has been working together with the banking industry to introduce an industry-wide competency framework - “Enhanced Competency Framework (ECF) for Banking Practitioners” in Hong Kong.

The Enhanced Competency Framework on Green and Sustainable Finance (hereinafter referred to as “ECF-GSF”) is a non-statutory framework which sets out the common and core competences and capabilities required of practitioners who are performing functions related to GSF in the banking industry in Hong Kong. 

With reference to the HKMA’s Guide to Enhanced Competency Framework on Green and Sustainable Finance, the objectives of the ECF-GSF are twofold:

1. To develop a sustainable talent pool of GSF talent for the banking industry; and

2. To raise the professional competence of practitioners who are performing functions related to GSF in the banking industry.

Although the ECF-GSF is not a mandatory licensing regime, authorized institutions (AIs) are strongly encouraged to adopt it for purposes including but not limited to:

1. Serving as a benchmark for accessing and enhancing the core competence of relevant practitioners;

2. Supporting relevant employees to attend the required trainings and assessments in order to obtain the certifications under the ECF-GSF;

3. Supporting the continuing professional development (CPD) of individual employees;

4. Promoting the ECF-GSF as an industry-recognised qualification, including for recruitment purposes.

For more details, please refer to the HKMA's Guide to Enhanced Competency Framework on Green and Sustainable Finance.

Who is ECF-GSF for?

The framework applies to practitioners working in roles related to GSF within AIs. These role include:

1. Green and Sustainable Finance Product and Servicing
   Examples of functional titles:
   Core Level: Relationship Officer, Sustainable Investing Analyst, and GSF Data Analyst
   Professional Level: Senior Relationship Manager, Carbon/GSF Trader, Sustainable Finance Senior Manager, ESG Credit Risk Manager, GSF Data Architect

2. Sustainability / Climate Risk Management
   Examples of functional titles:
   Core Level: Climate Risk Strategy Analyst and Climate Risk Modelling Analyst
   Professional Level: Climate Risk Senior Manager

3. Sustainability Disclosures and Reporting
   Examples of functional titles:
   Core Level: Sustainability Reporting Associate
   Professional Level: Senior Sustainability Reporting Manager

4. Sustainability Strategy, Compliance and Control
   Examples of functional titles:
   Core Level: Sustainability Officer, Strategy Officer, ESG Legal & Compliance Officer, and Internal Audit Officer
   Professional Level: Sustainability Senior Manager, Chief Risk Officer, ESG Legal & Compliance, Internal Audit Manager

HKIB’s Role in ECF-GSF

The HKIB is the administrator of the ECF-GSF, whose major roles including handling certification and grandfathering applications, providing the training programmes, administering the examinations and CPD requirements, and maintaining a public register of qualified certification holders.

Programme Structure

The ECF-GSF has two competency levels: Core Level (benchmarked at QF Level 4) and Professional Level (benchmarked at QF Level 5). Core Level is composed of four modules, while Professional Level is composed of five modules:

Core Level

Module 1: Introduction to Sustainability

Module 2: Fundamentals of Green and Sustainable Finance

Module 3: Sustainability Risk in Banking

Module 4: ESG/Sustainability Strategy, Disclosures and Reporting

Professional Level

Module 5: ESG Essentials

Module 6: Green and Sustainable Finance Product

Module 7: Green and Sustainable Finance Investment

Module 8: Sustainability Risk Management

Module 9: ESG/Sustainability Reporting and Disclosure

Module 10: Sustainability Strategy, Compliance and Control

Detailed programme structure including module outline, contact hours and examination format can be found in the ECF-GSF Programme Handbook.

Certification

Upon completion of specific modules (complete training + pass examination), practitioners can apply various professional qualifications as shown below:

For Core Level ONLY

Candidates completing the “training programme” (including passing the in-class assessment) of each module could obtain a “Certificate of Achievement”, if they also passed the prescribed examination, they could obtain a “Certificate of Completion”.

Grandfathering

Core Level

Practitioners are eligible to apply for a one-off grandfathering from 1 December 2023 to 31 May 2024 (6 months ONLY). The detailed grandfathering requirements are as follow:

• At least 2 years of relevant experience in Core Level job roles in any of the functions as specified in Annex 1 of the HKMA's Guide to Enhanced Competency Framework on Green and Sustainable Finance; AND
• Employed by an AI at the time of application

Professional Level

Practitioners are eligible to apply for a one-off grandfathering from 1 March 2025 to 31 August 2025 (6 months ONLY). The detailed grandfathering requirements are as follow:

• At least 5 years of total relevant work experience in any of the functions as specified in Annex 1 of the HKMA's Guide to Enhanced Competency Framework on Green and Sustainable Finance of which 2 years must be from Professional Level job roles; AND
• Employed by an AI at the time of application

Modular Exemption

An RP who has passed any of the certain training programme(s) is eligible to apply for exemption from Module1/ 2/ 3/ 4/ 6/ 7 /8 /9 /10 of the ECF-GSF Core and Professional Level training programme.  For more details, please refer to the HKMA's Guide to Enhanced Competency Framework on Green and Sustainable Finance.

Existing RPs who meet the above criteria can submit their exemption applications to the HKIB. Modular exemption fee(s) and examination fee(s) will apply where applicable.

Training Exemption

If an RP has completed an in-house training programme organised by an AI with substantially overlapping syllabus coverage with that of the ECF-GSF, he/she can directly enrol in the examination(s) for relevant training module(s) organised by the HKIB. Upon obtaining a pass in the aforesaid examination(s), he/she is required to submit a declaration form to the HKIB to fulfil the certification requirement for completion of the ECF-GSF module(s) concerned. (Examination fee(s) will apply and relevant proof for the in-house training may be required upon request by the HKIB whenever necessary.)

Annual Renewal of Certification and CPD Requirements

The ECF-GSF certification is subject to annual renewal by the HKIB and the renewal of the certificate holder’s membership of the HKIB. An RP is required to:

1. complete the annual continuing professional development requirement; and
2. pay an annual certification fee to renew his/her ECF-GSF certificate.

For the Core and Professional Level qualification, a minimum of 12 CPD hours is required for each calendar year (ending 31 December), of which at least 5 hours should be on topics related to GSF.

For the qualified CPD activities and topics, please refer to the HKMA's Guide to Enhanced Competency Framework on Green and Sustainable Finance.

Application for Subsidy under Pilot Green and Sustainable Finance Capacity Building Support Scheme

(This section is applicable to ECF-GSF Core Level ONLY) 

Programme Provider Identification Code: PP-PKC329

Eligible candidates can apply for the subsidy should they obtained "Certificate of Achievement" or "Certificate of Completion of each module under ECF-GSF Core Level. Below is a summary table for your reference:

Candidates completing the "Training" part, including passing the "in-class assessment", will be awarded "Certificate of Achievement" of respective module, if they also complete the "Examination" part, they will be awarded the "Certificate of Completion" of respective module.

For details on all relevant reimbursable fees under Pilot Green and Sustainable Finance Capacity Building Support Scheme, please refer to "FAQ for Pilot Green Sustainable Finance Capacity Building Support Q.2".

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