, Hong Kong

BUDGET 2023: Hong Kong to allot $200m for New Energy Transport Fund

The government also plans a $350m subsidy to four in-harbour operators.

Hong Kong plans to earmark $200m under the New Energy Transport Fund to support the market’s target to deploy electric vehicles.

Financial Secretary Paul Chan said the amount will be used to progressively commence trials of hydrogen fuel cell electric double-deck buses and heavy vehicles within the year. This will be done in collaboration with franchised bus companies and stakeholders.

The government aims to introduce around 700 eclectic buses and 3,000 electric taxis by the end-2027.

READ MORE: BUDGET 2023: New spending plan backs Hong Kong’s recovery

Chan added that they plan to appropriate $350m for subsidies to four in-harbour ferry operators to develop and trial electric ferries and charging facilities. The trials are expected to start in 2024.

Hong Kong will also look into implementing a loan scheme which may involve about $62.b with a 100% guarantee for the taxi trade to incentivise taxi owners to replace their existing taxis with battery electric taxis.

The market aims to achieve carbon neutrality before 2050 and reduce carbon emissions by 50% before 2035 from 2005 levels.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

‘Wall-less’ office tears down barriers to collaboration amongst AnyMind’s creatives
The office opens up for employees to collaborate, relax, feed off one another’s energy, and enjoy ‘happy hour’ and ‘mental space.’
Auction houses thrive on Asian millennials’ art-buying power
Millennials are seen to be particularly drawn to contemporary art as growth for Christie’s, Sotheby’s, and Phillips are highly anticipated in art hubs Hong Kong and Singapore.
Hong Kong’s livi bank launches game-changing app for SMEs
Going fully digital on opening accounts and approving quick loans to SMEs raises ‘livi Business’ disbursements to over HK$70m (US$8.9m) as of end-April.