Photo by Chapman Chow from Unsplash

Hong Kong sets aside US$30b for decarbonisation initiatives

Its goal is to achieve carbon neutrality before 2050.

In the next 15 to 20 years, Hong Kong will allocate US$30b (approximately $234b) for its decarbonisation initiatives.

Its goal is to achieve carbon neutrality before 2050 and reduce carbon emissions by 50% before 2035.

The government will focus on four major decarbonisation strategies including phasing out coal for daily electricity generation, promoting green buildings, promoting green transport, and waste reduction.

Development of hydrogen fuel has also been announced as a strategy in the Chief Executive’s 2023 Policy Address.

In 2022, the total green and sustainable debt arranged or issued in Hong Kong exceeded US$80b, up more than 40% YoY.

About 67% or Hong Kong’s carbon emissions come mainly from electricity generation. 90% of electricity generation are from buildings, 19% from transport, and 8% from waste.

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

HK scraps MPF Offsetting Scheme to enhance employee protection
Starting 2025, employers are no longer allowed to offset long service and severance payments from its Mandatory Provident Fund contributions.