Climate Startups Grow by 82% in Hong Kong
Hong Kong is becoming a world leader in climate solutions and sustainable finance.
The city is attracting green tech startups with its infrastructure prowess.
Hong Kong is poised to become a global hub for clean technology and sustainable finance, with the government ushering in sustainability by backing green initiatives and encouraging climate technology startups to set up their businesses in the city.
Hong Kong's Financial Secretary Paul Chan, in his recent budget speech, said that the city has witnessed enormous growth, an 82% increase in green tech and finance startups compared to 2023. He also highlighted the launch of the GreenTech Hub at InnoCentre in Kowloon Tong to support startups working on climate solutions.
What is GreenTech Hub in Hong Kong?
GreenTech Hub supports startups by providing incubation programmes, funding, mentorship, and collaboration opportunities. This sustainable initiative is managed by the Hong Kong Science and Technology Parks Corporation (HKSTP), and over 200 green tech firms are already part of it. The hub will give them essential paraphernalia to scale up their business operations.
READ MORE: The Growing Need for ESG Companies, Sustainability, and Climate Solutions
Green businesses at the hub
It is hosting several promising firms. For example, One Energy, specialising in motorcycles, has launched battery-swapping stations across Hong Kong. At present, only a small percentage of the city's 75,000 motorcycles are electric, and One Energy plans to launch around 100 more battery-swapping stations by the end of this year.
Another company, Azure Era Energy Saving Technology, which specialises in radiative cooling technology, has developed optical films that reflect solar radiation and reduce indoor temperatures by up to 15°C. The city's many glass buildings could benefit from this technology by lowering energy use and improving climate control.
Luquos Energy's (a startup at the hub) CEO Simon Wang, said: "Our battery system stores energy using a sulphur-based liquid solution, which is naturally non-flammable and costs less than half the price of lithium-ion batteries."
Green innovation network
The GreenTech hub is also a networking and collaboration platform for businesses, researchers, and investors. It brings together a wellspring of financial institutions, academic researchers, and technology companies to support talent development, product testing, and commercialisation of research. This will help transition green technologies from development to real-world applications.
ALSO READ: 15,000 Kenyan Farmers Transition to Climate-Smart Farming
Howard Lee, associate director, GreenTech at HKSTP, commented: "The hub’s extensive network supports the training and development of talent, facilities to innovate, test and apply new technologies, as well as opportunities to connect with investors and accelerate the transformation of research and development projects into market-ready solutions."
Are you looking to scale up sustainability in your business operations? Explore our ESG Marketplace, where you can find more than 600 ESG and sustainability providers offering an array of services.
Follow KnowESG's Sustainable Finance News for regular news and views.
Check out KnowESG's latest ESG Events updates
Source: South China Morning Post
