Hong Kong plans a green bonds issuance of about HK$170 billion (US$21.8 billion) over five years, working jointly with the Macao Special Administrative Region and the nine cities of Guangdong province that are part of the Guangdong-Hong Kong-Macao Greater Bay Area.
Hong Kong Financial Secretary Paul Chan Mo-po said the issuance is in line with the nation’s carbon-neutrality goal under China’s 14th Five-Year Plan (2021-25).
To follow the guidelines of 14th Five-Year Plan and to achieve the goal of carbon neutrality for the city by 2050 and for the country by 2060, Hong Kong’s government and financial regulators are taking various approaches to promote sustainable development of finance.
Paul Chan Mo-po, Hong Kong's financial secretary
Chan made the remarks at the annual conference of the Guangdong-Hong Kong-Macao Green Finance Alliance in Shenzhen on Friday via recorded video.
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“To follow the guidelines of 14th Five-Year Plan and to achieve the goal of carbon neutrality for the city by 2050 and for the country by 2060, Hong Kong’s government and financial regulators are taking various approaches to promote sustainable development of finance,” Chan said.
Chan also said that Hong Kong is an ideal platform for launching green financial products. The Hong Kong government in February issued US$2.5 billion ingreen bonds of various tranches amid strong demand from investors. In addition, green bonds will be issued in various currencies in the following five years.
“We look forward, hand in hand with Macao and nine cities in Guangdong, to contributing to the development of green finance in the Greater Bay Area,” Chan said.
Guest speakers from different Greater Bay Area cities also shared their insights.
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Meng Meng, secretary-general of the Guangdong Green Finance Committee, shared thoughts about green finance practices in Guangzhou during the past year. She said that although the Greater Bay Area hadmade gains in environmental protection, there is further room to reduce carbon dioxide emissions, especially compared with other leading international bay areas.
Liu Yang, secretary-general of the Shenzhen Green Finance Committee, suggested collaborations, and setting up consistent standards as well as a series of co-organized events to promote communication within the alliance.
Christopher Hui Ching-yu, Hong Kong’s secretary for financial services and the Treasury, shared his views and suggestions about the entire 11-city cluster.
“To construct a sustainable financial ecosystem in the Greater Bay Area, Hong Kong will launch a series of ESG (environmental, social, and governance) bonds, as well as assist the Shenzhen government with launching bonds in Hong Kong,” he said.
