Staff Reporter

Published:

3 months ago

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

Hong Kong Budget

Also Read

Hong Kong ends 4-year reign as most expensive location for expatriates

Hong Kong posts $34.8b deficit in April

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!

I want to download the media kit

Top News

Hang Seng Bank to launch RMB counter on 19 June

The bank’s shares will be designated as dual counter securities by the stock exchange.

23 hours ago

8-storey building on Kwa Wan Road, Kowloon sells for $1.071b

New Fortress Investment Limited won the auction.

Commercial Property

23 hours ago

Office demand to remain subdued in 2023: JLL

Given the situation, rents will likely fall by 3%-5% this year.

Commercial Property

23 hours ago

Here are two factors impacting workplace productivity in HK

A report showed that workers will return to the office if they have their dedicated space.

HR & Education

1 day ago

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.’

20 hours ago

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.

1 day ago

Phillips’ ‘minimalist’ HQ showcases diverse collection of Asia’s finest art

The 50,000-square-foot headquarters features a purposely built auction room on the ground floor.

Commercial Property

3 days ago

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.