HKMA Extends Green Finance Grants

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by KnowESG
KnowESG_HKMA Extends Green Finance Grants
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The Hong Kong Monetary Authority (HKMA) announced details on May 3rd for extending the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as planned in the 2024-25 Budget.

Launched in 2021, the GSF Grant Scheme helps cover costs for qualified green and sustainable debt issued in Hong Kong. The 2024-25 Budget proposed a three-year extension for the GSF Grant Scheme, lasting until 2027. It will also include transition bonds and loans, aiming to support businesses in the region using Hong Kong's transition financing platform as they move towards lower carbon emissions.

After consulting with industry experts, the HKMA updated the GSF Grant Scheme guidelines (Updated Guideline). This update takes effect when the scheme is extended on May 10th, 2024.

"Hong Kong is a leading green finance centre in Asia, intermediating more than one-third of the region’s international green and sustainable bonds in recent years," said HKMA Chief Executive Eddie Yue. "The GSF Grant Scheme has helped foster the adoption of sustainable finance, enrich the local ecosystem, and promote good market practice. The extension of the scheme, with an expanded scope to cover transition finance instruments, reaffirms Hong Kong’s commitment to supporting the region’s increasing efforts to tackle climate challenge through transition activities and financing."

The HKMA will keep managing the GSF Grant Scheme and consider feedback from the industry and market developments. The scheme's design, including eligibility requirements, covered expenses, grant amounts, and application process, may be adjusted as needed.

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Source: HKMA

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