Redefining Resilience through Sustainable Finance
Preface – Carmen TSANG, a graduate of HKUST’s BBA program in Global Business and Operations Management, reveals how her contribution to developing a new market in sustainable finance is helping Asia shift into a carbon-free region.
In the dynamic world of finance, Carmen is involved in creating a new financial market for Asia’s sustainability agenda. More than just a career choice, her decision to work in sustainable finance was driven by a passion for making positive changes.
Starting her career in private banking, Carmen’s transition into sustainable finance reflected her belief that finance can maximize sustainable impact. As the Executive Director, Head of Sustainable Investment Banking, Greater China, at Crédit Agricole CIB, her story resonates not only through her professional achievements, but also by her principled pragmaticism in upholding her personal values.
Gaining Transferrable Skills
Since her days at HKUST Business School, Carmen’s passion for science and involvement in charity work paved the way for her future endeavors. Graduating amidst the emergence of impact investing and sustainability in Asia, her education instilled crucial transferrable skills and a resilient mindset. “The competitive learning environment created a great atmosphere to develop my project management and presentation skills,” she recalls. “I learned a lot just by doing.”
Her education also provided fundamental business and finance knowledge, fostering the agility and flexibility needed to navigate the dynamic nature of sustainable finance. “Sustainable finance demands both business and finance expertise to resonate with stakeholders’ needs,” she asserts.
Shaping The Future Through Change
Carmen’s career is entwined with her professional pursuits and personal values, which she demonstrates with resilience and determination. Within her role at Crédit Agricole CIB, she actively contributes to establishing a transition finance market in Asia to steer the region towards a lower carbon environment. “We must tailor our sustainability efforts based on Asia’s unique climate and economic context. Mobilizing capital through a transition market can allow carbon-heavy industries to shift effectively towards a low carbon economy.” She also emphasizes the significance of the Hong Kong Monetary Authority’s initiative to develop a transition taxonomy, which will provide more clarity and definition to mitigate greenwashing risks.
Looking ahead, Carmen envisions sustainability as a collective effort to ensure a better future for every business and individual. Guided by the European Taxonomy’s integral principle of “Do No Significant Harm”, she hopes the new market can activate a multi-stakeholder initiative to reduce negative social impact and facilitate a just transition for individuals working in carbon-intensive sectors.
Initiating the transition market feels like a daunting task at first. But it also marks a new beginning to involve all industries in sustainable practices. “Some of the technology needed to help carbon-intensive industries transition has yet to be invented. Perhaps, one day, electric airplanes will take over the aviation industry,” she remarks. “But in 10 years’ time, I envision transition finance will grow to as prevalent as green finance in Asia.”
Sustainable Finance is Multifaceted
As Carmen continues to pave the way in sustainable finance, her insights underscore Asia’s perspectives on sustainability. Encouraging professionals and fresh graduates to embrace the versatility of the field, she says: “Sustainability is an emerging field that requires a combination of skills and experiences. Drawing on my own experience, it’s important to explore different opportunities and gain transferable skills.” With determination, pragmatism, and a commitment to maximize positive impact, Carmen’s journey is an inspiration to all who seek to make a difference in the world.
