International GreenTech and GreenFi Centre
58. Promoting green economy for sustainable development is an important theme globally, and our country is advancing towards the "3060 Dual Carbon Targets". Bringing together resources such as technological innovation, finance, commerce and manpower, this economic model can drive economic transformation and sustainable development, generate demand and create strong impetus for growth. The whole industry cluster is growing rapidly, but the formation of a leading green technology and finance cluster has yet to be seen around the world.
59. In fact, Hong Kong has an edge when it comes to establishing an international green technology and financial centre. I&T development over the years has pooled together quite a number of green technology enterprises and talents. The Government also takes the lead in promoting the application of green technology, including setting up the Green Tech Fund. Hong Kong plays the role of a leader and a first-mover in green finance and innovation. Last week, we successfully issued $800 million of tokenised green bond, the first of its kind issued by a government globally. This has accentuated Hong Kong's capacity in providing a flexible and favourable legal and regulatory environment for innovative forms of bond issuance. As for the US$5.75 billion equivalent of government green bonds denominated in US dollar, euro and Renminbi (RMB) issued last month, it was the largest ESG (i.e. environmental, social and governance) bond issuance in Asia.
60. On promoting the adoption of green financing by enterprises, grants have been approved for over 200 related debt instruments issued in Hong Kong since the launch of the Green and Sustainable Finance Grant Scheme in 2021, involving a total underlying debt issuance of nearly US$70 billion.
61. Furthermore, the launch of Core Climate by the Hong Kong Exchanges and Clearing Limited (HKEX) last October for the trading of international voluntary carbon credits signifies a critical step forward in the development of carbon marketplace in Hong Kong.
62. We must actively seize the opportunities brought by our country's dual carbon strategies at the right time. We should also leverage our strengths under "One Country, Two Systems" and as an international financial centre to accelerate the development of Hong Kong into an international centre for green technology and finance. We will proceed in five directions, namely:
| (a) | building a green technology ecosystem to attract top-notch enterprises or start-ups to set up their operations, encourage efficient interaction among industry, academia and research sectors to commercialise R&D outcomes, and boost the demand for green technology through policy support; |
| (b) | green finance application and innovation: facilitating green projects to obtain capital more conveniently and flexibly through financial innovations apart from traditional financing channels; |
| (c) | green certification and alignment with international standards; |
| (d) | training for talents; and |
| (e) | enhancing the exchange and co-operation with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and international markets. |
63. I will set up a Green Technology and Finance Development Committee, inviting industry representatives from green technology, green finance and green standard certification, etc. to assist in the formulation of an action agenda for promoting the development of Hong Kong into an international green technology and finance centre. The Government will organise an International GreenTech Week at the end of this year to pool together representatives, enterprises and investors from the green technology industries around the world.
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