Hong Kong Fast-Tracks Sustainable Finance Hub Plan

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by KnowESG
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An official of the Hong Kong Special Administrative Region government announced that Hong Kong would continue to quicken its development into a global centre for green and sustainable finance.

Christopher Hui, secretary for financial services and the treasury of the Hong Kong Special Administrative Region (HKSAR) government, made this statement during a speech at the Asia Summit on Green Economy.

According to Hui, Hong Kong is in a unique position to play a leading role in green finance as a vibrant and resilient international financial centre.

Hui pointed out that, over the years, the sustainable finance platform in Hong Kong has seen an increasing number of local, mainland, and overseas issuers using it. He stated that the amount of green and sustainable debt arranged and issued in Hong Kong has been steadily increasing.

The total green and sustainable debt, which includes both bonds and loans issued in Hong Kong, rose by over 40 per cent from 2021, reaching $80.5 billion US dollars in 2022. The volume of green and sustainable bonds arranged in Hong Kong accounted for one-third of the Asian market.

To speed up Hong Kong's development into an international centre for green technology and finance, Hui stated that the HKSAR government's primary efforts will focus on building a green technology ecosystem and enhancing exchange and cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area and international markets.

The government will also strive for green finance application and innovation, green certification and alignment with international standards, and talent training.

Hui added that Hong Kong aims to achieve a 50 per cent reduction in carbon emissions by 2035 and carbon neutrality by 2050.

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Source: Xinhua

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