Hong Kong Green Finance Association Welcomes the Chief Executive’s 2023 Policy Address

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Hong Kong Green Finance Association (HKGFA) warmly welcomes the Chief Executive’s 2023 Policy Address today and supports the HKSAR Government’s latest initiatives to achieve its carbon neutrality goals. Among the Chief Executive’s many measures to promote the development of green and sustainable business in Hong Kong, were the establishment of the Office of Climate Change and Carbon Neutrality and the launch of a new scheme to promote the development of technological solutions and provide early‑stage funding support for pre‑commercialised green fintech projects.

 

Dr. Ma Jun, Chairman and President of HKGFA, said, “The Chief Executive’s 2023 Policy Address reinforces the HKSAR Government’s commitment to carbon neutrality, GBA collaboration, as well as green tech and green finance development. The launch of the Shenzhen-Hong Kong Financial Co-operation Committee, the grant scheme for green fintech projects, as well as the strategic focus on modern, green and sustainable logistics, a sector key to Hong Kong and the GBA, will create important opportunities for the Hong Kong green finance community. Many other initiatives announced in the Policy Address, including those for renewable energy and green buildings, will also help incubate green tech projects and financing opportunities. HKGFA and its working groups are committed to supporting these initiatives and to working closely with the Office of Climate and Carbon Neutrality on Hong Kong’s decarbonisation agenda.”

 

Notable Highlights of the Policy Address (with reference to the relevant paragraph):

  1. Action plan on modern logistics development; including the formulation of strategies and action measures to realise smart development, modernisation, green and sustainability, internationalisation and facilitation, with a view to promoting high‑quality and development of the logistics industry. (Para 67)
  2. Deepening financial co-operation in the GBA; including the co‑establishing of the Shenzhen‑Hong Kong Financial Co‑operation Committee with the Shenzhen authorities in the first half of 2024. The committee will advise and offer suggestions in respect of bolstering mutual access to the financial markets, co‑operation on financial technologies (Fintech) and green finance, and exchange of financial talents (Para 72)
  3. Promotion of the development of green and sustainable finance in Hong Kong with the launch a dedicated proof‑of‑concept subsidy scheme for green Fintech in the first half of 2024. The new scheme will promote the development of technological solutions and provide early‑stage funding support for pre‑commercialised green Fintech, conducive to expanding the green Fintech ecosystem and developing Hong Kong into a green Fintech hub. (Para 72)
  4. Northern Metropolis integration with the planning of Shenzhen and other GBA cities; including the division of the Northern Metropolis into one of four zones, the boundary commerce and industry zone, which will drive the development of industries such as advanced construction, green environment industries, health care, food technology and modern logistics. (Para 79)
  5. Promotion of the use and supply of new energy in sea, land and air transport so as to spearhead green transformation of the relevant trades and explore the development of new energy industrial chains to promote green economy. We will: (i) develop a green maritime fuel bunkering centre; (ii) promote the supply of sustainable aviation fuel (SAF); (iii) support green transformation of public land transport; (iv) promote the use of electric private cars; and (v) formulate the Strategy of Hydrogen Development in Hong Kong. (Para 86)
  6. Promotion of the sustainable development of agriculture and fisheries industries; including the publication of the Blueprint for the Sustainable Development of Agriculture and Fisheries by the Environment and Ecology Bureau. (Para 87)
  7. Construction of smart and green mass transit; including the implementation of smart and green mass transit in selected areas in Hong Kong. (Para 109)
  8. Establishment of the Office of Climate Change and Carbon Neutrality to help achieve the carbon neutrality targets of our country and Hong Kong, and tackle the carbon emission problem at source, including (i) enhancing energy conservation and decarbonisation in buildings; (ii) extending the recovery and recycling schemes to more products; (iii) establishing the Sam Po Shue Wetland Conservation Park; and (iv) protecting Hong Kong’s ecosystems. (Para 154)
  9. Expansion of the issuance of government green bonds with an increase in the total issuance amount by more than five times within the five years from 2021‑22 to 2025‑26 as compared with the pre‑2021‑22 situation. (Annex II, Para 31)

 

Read the full Chief Executive’s 2023 Policy Address

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