Hong Kong has long been Asia’s frontrunner in green and sustainable finance, Financial Secretary Paul Chan Mo-po said on Monday, noting that the city issued over $34 billion in sustainable debts and managed assets worth more than $140 billion in the first half of 2025.
“While the world may be facing substantial geopolitical challenges, Hong Kong is fully committed to becoming a reliable and resourceful partner in the global green transformation,” Chan said at the Hong Kong Green Finance Association (HKGFA) annual forum.
The event kicked off this year’s Hong Kong Green Week with a No 8 typhoon warning signal in force as severe tropical storm Tapah pounded the territory with powerful winds and rainstorms on Monday morning. The warning was lowered to a No 3 signal in the afternoon.
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Undeterred by the extreme weather, policymakers, regulators and industry insiders convened at the forum to examine the global climate transition and to discuss strategies for navigating climate finance in an era marked by geopolitical uncertainties.
Delivering his speech, Chan highlighted Hong Kong’s potential to become a hub for transition finance, which can support “hard-to-abate sectors to decarbonize”. He also pointed to the recent progress on the Hong Kong Taxonomy for Sustainable Finance, stressing its pivotal role in scaling up capital flows to accelerate green transformation.
Earlier in the day, the Hong Kong Monetary Authority announced the launch of a public consultation to expand the taxonomy, extending sector coverage and including transition finance elements.
The taxonomy serves as a critical tool to classify economic activities based on their alignment with specific sustainability objectives, helping to channel relevant capital flows while mitigating risks of greenwashing.
Ma Jun, HKGFA chairman and president, underscored the special administrative region’s continuing leadership in advancing green finance on various fronts, including its alignment of local disclosure standards with the International Sustainability Standards Board, and pioneering the issuance of tokenized green bonds.
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Ma added that Hong Kong, alongside the Chinese mainland, is positioned to lead Asia’s climate response by driving standard-setting, facilitating policy dialogue, and fostering innovation throughout the region.
In the first half of this year, Hong Kong’s issuance of sustainable debts reached over $34 billion, up 15 percent from a year earlier, according to Chan. Over 200 ESG (environmental, social and governance) funds have been authorized in the city, with assets under management exceeding $140 billion, up more than 50 percent in just three years, he added.
Contact the writer at gabylin@chinadailyhk.com
