How Hong Kong plans to position itself as a greener city

The government will establish a green-tech committee as part of its efforts.

The government has committed to pursue a greener and sustainable future for Hong Kong.

In his speech at the EU & Hong Kong: The Green Way Forward forum, Financial Secretary Paul Chan that Hong Kong has what it takes to “rise as a world leader in green-tech and green-fi.”

“Our ultimate goal is to bring them together so that they can form a symbiotic relationship which will support an integrated and dynamic green industry cluster with a complete value chain,” Chan added.

In the recent fiscal budget, the government allotted $350m for the construction and testing of electric ferries, tax trade loans to convert to electric taxis, and additional resources for food waste collection.

The green future of Hong Kong

Considering global efforts to reach carbon neutrality, the market for green tech is expected to grow to $3.22t (US$410b) by 2030.

Chan stated there are more than 100 green-tech companies and startups operating in Science Park and Cyberport. 

“No less remarkable is the cluster of green technologies enterprises and startups in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), in particular Shenzhen,” Chan said.

Chan said Hong Kong is a “leading player” in green finance. Green and sustainable debts arranged and issued in Hong Kong reached above $447.41b (US$57b) in 2021.

Last February, the city issued a tokenized green bond, the first of its kind in the global economy.

What’s to come

The finance secretary also announced that it will be building a Green Technology & Finance Development Committee which shall be responsible in formulating an action agenda.

Thus, areas that will be covered by the agenda are as follows:

• Build a green tech ecosystem to attract global investors and; encourage cross-sector collaboration to develop and increase demand for green technology.
• Continue green finance development and assist green projects.
• Develop a green classification framework which will issue green certification and green standard setting.
• Invest in training for local and outsourced talents.
• Amplify collaboration with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and global markets.

$1 = US$0.13