Green finance grant scheme starts 10 May

The scheme will grant subsidies to bond issuers and loan borrowers to cover expenses.

The Hong Kong Monetary Authority (HKMA) has announced the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) will begin on 10 May, and will last for three years.

The GSF Grant Scheme will provide subsidy for eligible bond issuers and loan borrowers to shoulder expenses on bond issuance and external review services.

“The launch of a new Green and Sustainable Finance Grant Scheme to support green and sustainable bond issuance and lending will further enrich the green and sustainable finance ecosystem in Hong Kong,” HKMA CEO Eddie Yue said.

He noted the global green bond market has grown in the past ten years to US$270b in 2020. Hong Kong, in particular, has taken steps to strengthen the City’s position as a regional green and sustainable finance hub.

This includes the issuance of two rounds of government green bonds since 2019 and the establishment of the Green and Sustainable Finance Cross-Agency Steering Group.

The grant for each green and sustainable bond issue will amount to half of the eligible expenses, up to $2.5m if the bond, issuer or guarantor possess a credit rating by an agency recognized by the HKMA; or $1.25m if none possess a rating.

HKMA noted in its guidelines each issuer may apply for two green and sustainable bond issuances at most.

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