Hong Kong’s strategy to become Asia’s green finance hub

Mr Christopher Hui, the Secretary for Financial Services and the Treasury, discussed the global trends in the financial world during a webinar with more than 80 business leaders from different countries in Central and Eastern Europe. He shared about how businesses can benefit when tapping into the financial market in Hong Kong, in particular in the areas of green finance and private wealth management. “As demonstrated by the Chief Executive’s commitment to achieve carbon neutrality for Hong Kong by the year 2050, we take green finance and sustainable development seriously and set concrete plans for ourselves”, Mr Christopher Hui emphasised.

In his presentation, Mr Christopher Hui painted a bigger picture with regards to sustainable development and green finance, which are closely interlinked in Hong Kong. The HKSAR Government plans to issue green bonds that are worth EUR 18.86 billion within the next five years as a means of financing government green projects in areas like recycling or green buildings, with a view to achieving carbon neutrality by 2050 and even before that to become Asia’s green finance hub.

The issuance of green retail bonds, for the first time ever, is also on the government’s agenda to boost this new emerging market that will contribute to meet the worlwide increasing demand for sustainable investment options. In 2020, around one third of all green bonds issued in Hong Kong were first issues.

The seminar was framed by welcome remarks from the President of the Swiss - Hong Kong Business Association (SHKBA), Dr Esther Nägeli and the Chairman of the Swiss Bankers Association (SBA), Mr Herbert Scheidt, who shared their views and insights about the financial market in Hong Kong and prospects for European startups and businesses.

Backed with the rule of law, international business practice and free flow of capital, Hong Kong is the best platform for international investors to gain exposure to Mainland China. Hong Kong’s standing as a premier wealth management hub and fintech centre is undisputed and will further expand and thrive with the developments and growing population of high net worth individuals in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).