Hong Kong Green and Sustainable Debt Market Briefing 2022

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The Climate Bonds Connect – Asia Pacific Regional Conference on 9 June 2023 also marked the launch of the latest Hong Kong Green and Sustainable Debt Market Briefing. The latest report provides a comprehensive overview of Hong Kong’s green, social, sustainability, sustainability linked, and transition (GSS+) debt market. It is co-produced by the Climate Bonds Initiative in association with Hong Kong Monetary Authority and Hong Kong Green Finance Association, with support from Standard Chartered Bank.

Highlights of the report:

  • The latest report reveals a tremendous growth in labelled green and sustainable debt (bonds and loans) arranged in the territory in 2022, despite an overall drop in GSS+ bond volume originating from Hong Kong issuers.
  • Green remained the largest GSS+ theme from Hong Kong issuers.
  • Private sector issuers, particularly financial institutions (35%) and real estate corporates (17%), formed the bulk of the issuer universe for GSS+ bonds in Hong Kong.
  • The Hong Kong Stock Exchange (HKEx) remained the largest venue for China’s offshore green bond listings in 2022, taking up 43% of the offshore volume from Mainland China domiciled issuers.
  • 2022 also marked the first social bonds from Hong Kong, with two issuers pricing a combined volume of USD1.6bn.

Market development and outlook:

  • More than USD2tn of green bonds have been issued to date but the market must grow aggressively to reach Climate Bonds’ target of USD5tn per year by 2025. Hong Kong can play an important role to mobilise the capital flow required to support both its own transition and that of Mainland China, contributing to building a green and sustainable future for generations to come.
  • Climate Bonds highlights three drivers of growth for Hong Kong’s GSS+ market in 2023 and beyond.
    1. HKSAR Government is committed to the achievement of its climate goals and its position as a GSF hub for the region
    2. Clear definitions to underpin further scaling including the development of a Hong Kong green taxonomy.
    3. Hong Kong can scale access to international finance for Mainland China through initiatives such as a local taxonomy, the Government Green Bond Programme, and the resultant green finance infrastructure that continues to develop.

Source: Climate Bonds Initiative

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