Welcome to Herbert Smith Freehills’ monthly private wealth industry updates in Asia.
Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, Singapore, China, Taiwan, Japan, India, Malaysia, Indonesia, Thailand and the Philippines. We hope that these updates will prove to be a useful resource to keep private clients, business people, and lawyers abreast of legal updates in the region.
SFC reprimands and fines licensed corporation HK$3.5 million for internal control failures relating to monitoring of suspicious trading activities and recording of client order instructions
The SFC has reprimanded and fined a licensed corporation HK$3.5 million for internal control failures relating to monitoring of suspicious trading activities and recording of client order instructions.
This disciplinary action follows an investigation in which the SFC found that the licensed corporation had failed during the relevant periods to:
- effectively implement its internal policy on post-trade monitoring;
- ensure that all unusual transactions flagged by its post-trade surveillance system were properly examined;
- ensure that the findings of the examinations were properly documented; and
- have in place effective compliance procedures to avoid the above failures.
The SFC also found that the licensed corporation had failed to comply with regulatory requirements on the recording of telephone order instructions in relation to at least 1,034 orders. It also failed to supervise its account executives, take adequate and prompt follow-up action against those in breach of its internal policy on recording of telephone orders, and immediately report the breaches of regulatory requirements to the SFC.
The above constituted breaches of various requirements under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, the Securities and Futures (Keeping of Records) Rules, and the SFC’s Guideline on Anti-Money Laundering and Counter-Financing of Terrorism, main code of conduct, and guidelines relating to internal control. [22 Aug 2023]
SFC publishes updated list of prescribed persons which have reached clearing threshold under OTC derivatives regime
The SFC has issued a circular to notify licensed corporations that an updated list of prescribed persons which have reached the clearing threshold under the Securities and Futures (OTC Derivatives Transactions – Clearing and Record Keeping Obligations and Designation of Central Counterparties) Rules has been posted on the SFC’s dedicated webpage for the over-the-counter (OTC) derivatives regulatory regime. [31 Aug 2023]
SFC updates FAQs on Mainland-Hong Kong Mutual Recognition of Funds
The SFC has updated its FAQs on Mainland-Hong Kong Mutual Recognition of Funds – a new Question 5B has been added under Section A, addressing the question of whether prior approval of the China Securities Regulatory Commission (CSRC) is required for a recognised Hong Kong fund which is registered with the CSRC to set up a new share class for offering to Mainland investors. [13 Sep 2023]
SFC bans former RO of licensed corporation for seven months for placing trade orders for clients and failing to maintain proper records of clients’ order instructions
The SFC has prohibited a former responsible officer (RO) of a licensed corporation from re-entering the industry for seven months. He was also the head of dealing and account executive in charge of handling two clients’ accounts.
The SFC found that between 2 January and 28 September 2018, the RO had, unbeknownst to the licensed corporation:
- logged into the respective internet trading accounts of the two clients and placed orders for them in accordance with their instructions for 72 trades without the licensed corporation’s knowledge, which effectively disguised the clients’ accounts as if they have been placed by the clients themselves; and
- failed to maintain proper records of the order instructions from the two clients.
The SFC is of the view that the above conduct circumvented the licensed corporation’s internal policies and prevented it from properly monitoring the operation of the clients’ accounts. [18 Sep 2023]
SFC reprimands and fines licensed corporation HK$2 million and suspends RO for 10 months for its internal control failings and regulatory breaches
The SFC has reprimanded and fined Chee Tak Securities Limited (CTSL) HK$2 million and suspended its responsible officer (RO), Mr Kevin Chiu Koon Yu, for 10 months, over its internal control failings and regulatory breaches. Mr Chiu was also the director, substantial shareholder, and manager-in-charge of all core functions.
The SFC found that between 1 July 2018 and 5 March 2020, CTSL failed to:
- have in place an order recording policy and observe the order recording requirements;
- implement effective internal controls to monitor cross trades between staff members and clients and to ensure fair treatment of clients;
- establish and maintain an adequate and effective monitoring system to detect and assess suspicious transactions in client accounts;
- set up systems and controls to identify and assess third-party deposits into client accounts;
- require or obtain written third-party authorisation for the operation of client accounts; and
- institute internal controls to monitor employee dealings.
The above constituted breaches of the SFC’s main code of conduct, the internal control guidelines and the circular to licensed corporations and associated entities – third-party deposits and payments.
The SFC considers that CTSL’s failures were attributable to Mr Chiu’s failures in discharging his duties as its RO and a member of its senior management, and called into question his fitness and properness to carry on regulated activities. [18 Sep 2023]
Environmental, Social and Governance News
HKEX’s Core Climate signs carbon credit agreement with natural resources company to support low-carbon transition
HKEX’s Core Climate has signed a letter of intent with Kinming Resources Holdings Limited (Kinming Resources), a natural resources company specialising in sand exploration and production, to facilitate the company’s decarbonisation journey by purchasing carbon credits on the Core Climate Platform. Kinming Resources has also purchased over 200,000 tonnes of voluntary carbon credits on the platform.
Core Climate was launched in October 2022 (see our previous update), and is currently the only carbon marketplace that offers HKD and RMB settlement for the trading of international voluntary carbon credits. It offers quality carbon credits from more than 40 internationally certified projects in Asia, South America and West Africa, covering forestry, solar, wind and biomass initiatives. The platform’s participants have tripled to nearly 70 in less than a year.
Under the letter of intent, Kinming Resources intends to purchase voluntary carbon credits on Core Climate to offset carbon emissions generated from the production of natural sand resources that will be supplied to infrastructure and construction projects in the region, with a specific focus in China’s Greater Bay Area. This collaboration will help support the region’s transition to a low-carbon economy, reflecting the critical role that carbon markets will continue to play in practical climate-related solutions. [13 Sep 2023]
Dubai and Hong Kong establish corridor to promote family offices, fintech and green finance
The Governments of Dubai and Hong Kong have signed an agreement to establish an economic corridor for promoting cross border trading, family offices, fintech and green finance, SCMP reported. Dubai’s Department of Economy and Tourism and Hong Kong’s Financial Services and the Treasury Bureau signed the Memorandum of Understanding at the two-day Belt and Road Summit which was held in Hong Kong on 13-14 September 2023. [14 Sep 2023]
HKMA launches Green Fintech Competition to enhance resilience of banking sector to climate risk
As part of the its efforts to enhance the resilience of the banking sector to climate risk, the HKMA has announced the launch of the Green Fintech Competition, to promote the adoption of green fintech solutions in the Hong Kong banking industry.
Green fintech firms in Hong Kong and around the world are invited to participate and showcase how their solutions can be applied to the banking industry. Their solutions should be relevant to any of the four themes: net-zero transition or transition planning; climate risk management; green sand sustainable finance; and sustainability or climate-related disclosure and reporting. The themes and problem statements were developed based on feedback received from the industry, reflecting challenges faced by the Hong Kong banking industry which might benefit from green fintech solutions.
Interested firms will need to submit a market-ready solution for at least one of the above themes by 20 October 2023. Examples of problem statements for each theme can be found on the competition’s designated website. They can choose to tackle the problem statements listed at the website or other problem statements which they think are relevant to the four themes. Further details about the competition can also be found on the designated website.
Solutions will be judged by a panel comprising representatives from both the public and private sectors, including the banking and technology sectors, professional associations and academia. Winners of the competition will be offered a fast-track opportunity to the presentation stage of Cyberport Incubation Program which provides comprehensive business support to facilitate the development of their green fintech solutions.
Finalists will be invited to join and host exhibition booths in the HKMA event ‘Green and Sustainable Banking Conference’ to be held in December 2023 for conducting in-depth exchange with and showcasing their solutions to the industry, as well as exploring opportunity for further collaboration. They can also enjoy tailor-made consultation services from InvestHK to gain further insight into the Hong Kong market so as to ensure their solutions meet the market needs. [21 Sep 2023]
Virtual Asset News
Fintech industry groups in Hong Kong, Shenzhen vow to boost links as the two cities
Two fintech industry groups in Hong Kong and Shenzhen said they will boost links as the two cities seek closer integration, despite challenges in the Greater Bay Area such as restrictions on data flows due to different regulatory frameworks, SCMP reported. The FinTech Association of Hong Kong (FTAHK) and the Shenzhen FinTech Association have started working together for the first time to help their member companies expand in each other’s market. [8 Sep 2023]
HKMA issues alerts on misrepresentation by crypto firms using the word ‘bank’
The HKMA has issued an alert to remind members of the public to beware of crypto firms purporting to be ‘banks’ or describing their products as ‘deposits’, and to warn these crypto firms that this may be a contravention of the Banking Ordinance.
The HKMA is aware of some crypto firms describing themselves using terms such as ‘crypto bank’, ‘crypto asset bank’, ‘digital asset bank’, ‘digital bank’ or ‘digital trading bank’, or claiming to offer ‘banking services’ or ‘banking accounts’. Some crypto firms also use the word ‘deposits’ to describe funds placed with them by clients, or promote ‘savings plans’ as ‘low risk’ with ‘high return’. These descriptions may mislead members of the public into believing that those crypto firms are banks authorized in Hong Kong, to which they can entrust their savings.
Under the Banking Ordinance, only authorised institutions (licensed banks, restricted license banks and deposit-taking companies) which have been granted a licence by the HKMA can carry out banking or deposit-taking business in Hong Kong. It is an offence for any person, apart from AIs, to use the word ‘bank’ in the name or description under which they carry on business, or make any representation that they are a bank or carrying on banking business in Hong Kong. It is also an offence for any person, to carry on a business of taking deposits in Hong Kong or invite members of the public to make any deposit.
The HKMA reminds the members of the public that crypto firms are not supervised by the HKMA and funds placed with them are not protected by the Hong Kong Deposit Protection Scheme. In case of doubt, members of the public should verify whether the entity is authorized to conduct such business by referring to the register of authorised institutions on the HKMA’s website. [15 Sep 2023]
SFC issues statement on JPEX’s false and misleading claims regarding its communication with the SFC
The SFC has issued a statement in light of the overall public interest in relation to JPEX’s suspicious practices and activities, and certain false and misleading claims made by JPEX of its communication with the SFC.
The SFC stated that it deeply regrets that JPEX has publicised confidential correspondence between the SFC’s Enforcement Division and JPEX (which formed part of the SFC’s enquiries and investigations into JPEX), in breach of the secrecy/confidentiality provisions of the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
JPEX has been on the SFC’s radar since March 2022 when the SFC began making enquiries into its suspected false and misleading representations and unlicensed activities. JPEX purports to be a regulated virtual asset trading platform (VATP) is unregulated, was placed on the SFC’s Alert List in July 2022, following its failure to cooperate and substantially respond to the SFC’s requisitions.
The SFC affirms that JPEX has never approached the SFC in respect of any potential licence application, and that no entity in the JPEX group is licensed by the SFC or has applied to the SFC for a licence to operate a VATP in Hong Kong. As such, there has been no communication between the SFC and JPEX on licensing-related matters.
Following the subsequent information obtained which led to the suspicion of fraud, the SFC referred the matter to the police. [20 Sep 2023]
SFC publishes lists of VATPs
Following the announcement on 25 September 2023, the SFC published several lists of VATPs on its website as part of its efforts to disseminate information on VATPs in a clear, transparent and timely manner. The lists include (i) list of licensed VATPs, (ii) list of VATP applicants, (iii) list of closing-down VATPs, and list of VATPs which are deemed to be licensed.
Investors are reminded that entries on the list of VATP applicants are not licensed by the SFC and may not be compliant with the SFC requirements. The list is issued to facilitate the public’s determination of whether a VATP has misrepresented its licence application status.
The SFC also issued a list of suspicious VATPs on its website to help investors to easily identify suspicious VATPs doing business in Hong Kong and enhance public awareness. [20 September 2023]
SFC steps up measures to reinforce information dissemination and investor education on VATPs
The SFC has introduced a series of measures to reinforce information dissemination and investor education, in light of recent public concerns about unregulated virtual asset trading platforms (VATPs).
Against the backdrop of the recent JPEX incident which highlights the risks of dealing with unregulated VATPs and the need for proper regulation to maintain market confidence, the SFC is putting in place the following measures:
- Publication of “List of licensed VATPs”, “List of closing down VATPs”, “List of deemed licensed VATPs” and a list of VATP applicants (in light of public demand), to ensure that information is disseminated in a clear, transparent and timely manner.
- Enhance and issue a dedicated list of suspicious VATPs which is easily accessible on the SFC’s website, and providing more information about these VATPs to alert investors at an earlier stage.
- The SFC and the Investor and Financial Education Council will soon launch a public campaign to raise awareness in guarding against fraud, and will further enhance investor education through mass media, social media and education talks, facilitating the public’s understanding of the risks associated with virtual assets (VAs) and potential fraud.
- The SFC will continue to strengthen its intelligence gathering process towards different businesses related to VAs, and will continue to take follow-up and enforcement actions against suspicious VATPs that may have violated the law, and refer cases to the police when necessary.
- The SFC encourages members of the public to come forward and file complaints via its online complaint form regarding any suspicious activities they may encounter.
- The SFC will work with the police to set up a dedicated channel to share information on suspicious activities of and breaches by VATPs and to investigate the JPEX incident to bring the wrongdoers to justice.
- The SFC will also work with the HKSAR Government to regularly review the regulatory regime in Hong Kong and consider timely measures in light of new market developments, which may include regulation of VA-related businesses other than the VATPs. [25 Sep 2023]
MAS: Guidance on strengthening AML/CFT controls on risks of misuse of legal persons/arrangements and complex structures
MAS has published an information paper which sets out typologies and case studies observed by MAS during its inspections of FIs, and its supervisory expectations to ensure robust anti-money laundering and countering the financing of terrorism (AML/CFT) controls.
FIs are asked to review their existing controls to ensure that the AML/CFT controls are adequate to mitigate the risks set out in the information paper. FIs should also ensure that their AML/CFT controls adapt to fast changing typologies to remain effective in mitigating risks. [30 Aug 2023]
MAS: Effective detection of sanctions-related risks
The Monetary Authority of Singapore (MAS) has issued a circular addressed to CEOs of all financial institutions (FIs) which sets out additional guidance that FIs should consider in order to ensure that they have robust processes in place to effectively detect and manage sanctions-related risks. Specifically, FIs are instructed to maintain strong board and senior management oversight over sanctions-related risks, and continue to strengthen their sanctions-related detection capabilities. [31 Aug 2023]
MAS responds on crypto concerns
MAS has issued a response to a letter printed in the Financial Times on 22 August 2023 under the heading ‘Singapore treads uneasily in the crypto sandbox’. In the response, MAS comments that the letter ‘conflates several unrelated issues’, and advises that (1) MAS does not have a ‘crypto sandbox’; (2) while crypto companies (like any company or individual with a bank account) may access Singapore’s FAST interbank payment system, this does not have the effect of linking retail bank deposits to crypto payments; and (3) recent malware scams mentioned in the letter have nothing to do with cryptocurrencies. [4 Sep 2023]
SGX RegCo: Developing and executing a credible climate transition plan
The Singapore Exchange Regulation (SGX RegCo) has published a column on the key elements of developing, executing and disclosing a credible climate transition plan. The column identifies three key attributes common to credible climate transition plans:
- comprehensive understanding of material climate-related risks;
- strong governance structures to ensure accountability for resourcing, financing, and executing the transition plan; and
- monitoring of actionable, science-based near- and long-term decarbonisation targets. [8 Sep 2023]
MAS: FAQs on licensing and business conduct
The Monetary Authority of Singapore (MAS) has published answers to frequently asked questions (FAQs) on licensing and business conduct (other than for fund management companies). The answers provide guidance on areas including:
- the scope of capital markets services licensing;
- appointment of representatives;
- business conduct rules; and
- application of the Securities and Futures Act (SFA) and the Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R) to banks, merchant banks, finance companies and insurers. [13 Sep 2023]
MAS publishes 4th Enforcement Report
MAS has issued its 4th Enforcement Report which details robust enforcement actions taken against financial institutions (FIs) and individuals for market abuse, financial services misconduct and money laundering (ML) related offences over the period from January 2022 to June 2023. These include:
- $7.10 million in composition penalties for anti-ML related breaches and $12.96 million in civil penalties for market abuse cases;
- 18 prohibition orders issued against unfit representatives;
- 39 criminal convictions of individuals involved in market misconduct and related offences
The report includes some new features to provide more granular disclosure of MAS’ enforcement activities and more comprehensive coverage of the combined investigation efforts of MAS and the Singapore Police Force’s Commercial Affairs Department (CAD) in tackling offences under the Securities and Futures Act and the Financial Advisers Act:
Additionally, the publication sets out MAS’ enforcement priorities for 2023 and 2024, which include:
- enhancing capabilities to tackle misconduct in the digital asset ecosystem, including by working with foreign regulators and law enforcement agencies to obtain and share information on errant entities and individuals; and
- continued focus on asset and wealth managers’ compliance with the applicable laws and regulations, particularly business conduct and anti-ML and countering the financing of terrorism requirements, and holding senior management accountable for their FI’s lapses where appropriate. [19 Sep 2023]
MAS: Compliance Toolkit for financial advisors
SPF | More Than S$2.4 Billion In Assets Seized Or Issued With Prohibition Of Disposal Orders In Anti-Money Laundering Probe
Singapore’s central bank said on 26 September that it was looking into whether banks involved in a S$2.4 billion ($1.75 billion) money laundering scandal in the global wealth hub had taken all reasonable steps to mitigate risks. The investigations are ongoing.
MAS will take action if its findings reveal shortcomings in the banks’ controls, a spokesperson said in an emailed statement.
Singapore police last month arrested and charged 10 foreigners including from China, in one of the biggest anti-money laundering swoops. Assets worth S$2.4 billion were seized, including luxury real estate, cryptocurrencies and cars. [26 Sep 2023]
CSRC plans to fine-tune cash dividend system
The China Securities Regulatory Commission (CSRC) is planning to amend a series of rules including guidelines for the distribution of cash dividends of listed companies, sources told China Securities Journal and 21st Century Business Herald. Among others:
- the regulator would require companies listed on the main board of stock exchanges that do not pay a certain proportion of dividends to disclose and explain the reasons of this decision.
- it also plans to amend the relevant rules to facilitate the implementation of interim dividend payouts by companies and increase the frequency of dividend payouts. [11 Sep 2023]
AMAC spells out measures to deepen public fund reform, strengthen investor confidence
A meeting of the Public Fund Committee of the Asset Management Association of China (AMAC) spelled out four measures to deepen reform, strengthen investor confidence and fulfill the responsibilities of professional investors with practical actions, China Securities Journal reported. The meeting called for:
- exploring diversified development paths, strengthening core investment research capabilities, improving long-term assessment and incentive and restraint mechanisms, and adhering to the concept of long-term value investment.
- deepening fund fee rate reform, creating a good fund sales ecology, improving product innovation and service levels, and encouraging residents to convert their savings into investment.
- strengthening professional ethics, ensuring legal and compliant operations and improving the risk management system.
- strengthening pension service capabilities and creating products that meet individual pension needs. [13 Sep 2023]
Shenzhen explores inclusion of REITs in Stock Connect with Hong Kong
The Shenzhen government will explore the inclusion of real estate investment trusts (REITs) in the scope of the Hong Kong-Shenzhen Stock Connect and ways to harmonize its REITs rules with those in Hong Kong, Xinhua, Shanghai Securities News and Securities Times reported. The move is part of a series of measures unveiled to support the development of infrastructure REITs in Shenzhen. Among others, the city will also:
- support related originators in the Greater Bay Area to choose to issue infrastructure REITs on the Shenzhen Stock Exchange based on asset types and listing rules.
- support the Shenzhen Stock Exchange in researching and issuing “Belt and Road” and “Guangdong-Hong Kong-Macao Greater Bay Area” infrastructure REITs.
- pilot the issuance of infrastructure REITs in areas such as urban rail transit, comprehensive pipeline corridors, and major scientific and technological infrastructure.
- study the establishment of a government-led, market-oriented industrial investment fund focused on investment in infrastructure REITs. [15 Sept 2023]
Taiwan Issues New Regulatory Guideline for Crypto Sector
Taiwan’s FSC (Financial Supervisory Commission) has published new guiding principles for crypto issuers and firms. The guiding principles were released by the FSC’s Virtual Assets Bureau, which was established after the Cabinet gave the agency full jurisdiction over the crypto sector in March.
The FSC said its guiding principles are meant to strengthen industry self-discipline, taking into account regulatory frameworks from the EU, Japan, South Korea and other countries, as well as feedback from local industry players, experts and academics.
The Guiding Principles cover the following areas:
- Management of virtual asset issuance
- Review mechanism for the listing and delisting of virtual assets
- Separate custody of platform assets and client assets
- Transaction fairness and transparency
- Contract formulation, advertising solicitation and complaint handling
- Management mechanisms for operating systems, information security, and hot and cold wallets
- Information announcement and disclosure
- Internal control and institutional review
- Individual virtual currency dealers
- Overseas virtual currency dealers [27 Sep 2023]
Japan says will not rule out options if forex speculation persists
Masato Kanda, a top currency diplomat, has said that agencies will not rule out any options on currencies if speculative moves persist, Reuters reported. Kanda, Vice Minister of Finance for International Affairs, was talking to reporters after the dollar broke above JPY 147 to edge closer to JPY 148 overnight, this year’s strongest ever against the Japanese currency. [6 Sep 2023]
Japan Plans to Allow Startups to Issue Digital Tokens – Report
The move is part of broader efforts to boost the startup ecosystem in Japan, enabling firms to diversify their funding sources while also providing more options for investors.
The change is applicable to funds raised from investment firms that are set up as Investment Limited Partnerships (LPS), a structure common among VC firms. [15 Sep 2023]
Malaysia Commences Trading on Bursa Carbon Exchange
Bursa Malaysia has announced that its subsidiary, Bursa Carbon Exchange (BCX), has commenced trading and facilitation of off-market transactions of carbon credits.
Two standardised contracts were offered:
- the Global Technology-Based Carbon Contract (GTC), focusing on global technology-based GHG reduction projects
- the Global Nature-Based Plus Carbon Contract (GNC+), which features global nature-based GHG reduction projects with cobenefits in the Agriculture, Forestry and Other Land Use (AFOLU) sector
As part of efforts to expands its offerings on BCX, Bursa Malaysia announced in April that it secured membership with IETA (International Emissions Trading Association), a non-profit advocacy group for emissions trading. [27 Sep 2023]
RBI Governor addresses the Global FinTech Festival in Mumbai on Fintech and the changing financial landscape
The RBI has published the keynote delivered by Shri Shaktikanta Das, Governor of the RBI on 6 September at the Global Fintech Festival in Mumbai. The RBI Governor spoke about the changes in the financial landscape with the advent of FinTechs, with particular emphasis on the role of digital public infrastructure and role of the RBI in fostering innovation. When highlighting some recent tech-based initiatives undertaken by the RBI, the Governor outlined central bank digital currency (CBDC) pilots. He explained that having enabled full inter-operability of CBDC with unified payments interface (UPI) QR codes, the RBI is targeting one million CBDC transactions per day by December 2023. [6 Sep 2023]
Thai Digital Assets Exchange to Launch First Investment Token
The Thai Digital Assets Exchange, or TDX, is set to debut its first digital asset for trading on its platform on 25 September 2023, Regulation Asia reported. TDX is a subsidiary of the Stock Exchange of Thailand, and was established in 2020 to provide digital asset exchange services. TDX is licensed to operate a digital asset exchange by the Ministry of Finance since March 2022. The first digital asset will be an investment token known as REALX, which is backed by three Bangkok luxury condominium projects of Origin Property Group. [25 Sep 2023]
SECP consults on Philippine Sustainable Finance Taxonomy Guidelines
The Securities and Exchange Commission Philippines (SECP) has issued a consultation paper seeking feedback on its proposed Philippine Sustainable Finance Taxonomy Guidelines (SFTG). The SFTG will serve as a tool to classify whether an economic activity is environmentally or socially sustainable, as well as a guide for stakeholders in making informed investment or financing decisions.
Responses are requested by 6 October 2023. [18 Sep 2023]
Indonesia to Launch Carbon Exchange Next Week
Indonesia’s OJK (Financial Services Authority) has announced plans to inaugurate a carbon exchange on 26 September 2023. The carbon exchange aims to offer companies and financial institutions a mechanism to offset their emissions, and to provide funding for carbon reduction projects.
OJK said on 18 September 2023 that the launch marks a new chapter in Indonesia’s efforts to reduce greenhouse gas emissions. The country has committed to cutting its emissions by more than 30 percent by 2030 and to achieving net-zero emissions by 2060. [19 Sep 2023]