Hong Kong Targets Global Leadership in Green Technology and Finance

Hong Kong Targets Global Leadership in Green Technology and Finance

by February 19, 2024

Hong Kong’s Financial Secretary, Paul Chan Mo-po, highlighted the city’s significant potential to become a critical international center for green technology and finance.

Paul Changreen technology and finance

Paul Chan

In a recent blog post, Chan underscored the success of over 200 high-quality green tech enterprises from Hong Kong, many of which have expanded globally, showcasing the city’s robust entrepreneurial spirit in the green sector.

With an investment exceeding HK$800 million in green technology research and development projects, the government is actively fostering innovation in this critical area.

The upcoming inaugural “Hong Kong Green Week” aims to catalyse discussions on green finance and technology, seeking to unlock sustainable finance opportunities and envision a greener future for Hong Kong and the international community.

The city’s green finance landscape is also thriving, with over US$80 billion (HK$625 billion) in green and sustainable debt arranged or issued in Hong Kong two years ago, capturing 35 percent of the Asian market share. This achievement aligns with the global trend of escalating investments in clean energy transformation, which saw a 17 percent increase last year, reaching US$1.77 trillion (HK$8.60 trillion)

Given its expanding range of services, tools, and goods, Chan emphasised the significant economic growth potential of the green technology industry.

Additionally, the Financial Secretary shed light on the enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macau Greater Bay Area.

The updated scheme, launching next week, aims to broaden investment opportunities and facilitate cross-border asset diversification for Guangdong, Hong Kong, and Macau residents, promising further growth for Hong Kong’s finance industry.

Featured image credit: Edited from Freepik