Following is the keynote speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at ReThink HK 2025 today (September 12):
 
Chris (Founder & CEO of ReThink HK & The ReThink Foundation, Mr Chris Brown), Simon (Chief Executive Officer of Business Environment Council, Mr Simon Ng), distinguished guests, ladies and gentlemen,
 
     Good morning. It is a huge privilege to address you at ReThink HK 2025, part of our Hong Kong Green Week 2025 and a leading platform for sustainable business. I extend my heartfelt gratitude to ReThink for its visionary "Innovating for Impact" programme, which harnesses green technology, AI and also data to drive sustainability. This initiative resonates deeply with the Government's commitment to leveraging technologies to achieve our carbon neutrality goal by 2050, for example through innovations in sustainable energy, buildings and climate solutions. Your collective efforts - participants, partners and stakeholders - are pivotal in advancing our shared environmental, social and governance (ESG) ambitions, setting the stage for a transformative journey towards a greener future.
 
Aligning with national and local Sustainability Goals
 
     This journey is guided by a clear vision from the Central People's Government, as outlined in the 14th Five-Year Plan, which targets a peak in carbon emissions before 2030 and carbon neutrality by 2060. Hong Kong is also fully committed and we are pledging to achieve carbon neutrality before 2050 and reduce carbon emissions by 50 per cent by 2035. These ambitious targets are not just aspirations but a call to action, driving us to lead by example in sustainable development. To realise this vision, we are leveraging our strengths as a global financial hub to pioneer innovative financing solutions, seamlessly connecting our environmental goals with our financial expertise.
 
Pioneering green finance in Asia
 
     Building on this foundation, Hong Kong has solidified its position as Asia's premier green finance hub. Last year, our green and sustainable debt market surpassed US$84 billion, with green bonds alone contributing US$43 billion, securing 45 per cent of the regional market and maintaining our leadership as Asia's top green bond market for the seventh consecutive year since 2018. This financial prowess enables us to fund transformative projects that align with our carbon neutrality objectives.
      
     Under the Government Sustainable Bond Programme, we have issued green bonds totaling HK$240 billion since May 2019. Milestones include the world's largest retail green bond back in 2022, Asia's largest multi-currency ESG bond in 2023, the first tokenised government green bond in 2023, and the world's first multi-tranche digitally native green bonds in 2024. These initiatives have supported 116 local green projects, with the forthcoming 2025 Green Bond Report, due this month, providing transparent insights into their environmental impact.
      
     Complementing this, the Green and Sustainable Finance Grant Scheme, also launched by the Government, extended to 2027, has disbursed over HK$370 million to support over 600 green and sustainable debt instruments, with a total issuance exceeding HK$1.3 trillion. These efforts not only drive decarbonisation but also reinforce Hong Kong's role as a global leader in transition financing, bridging our sustainability goals with innovative financing.
 
Empowering talent for a sustainable future
 
     To sustain this momentum, we recognise that innovation in particular requires skilled talent. Our three-year Pilot Green and Sustainable Finance Capacity Building Support Scheme provides subsidies of up to HK$10,000 for practitioners, students and graduates to develop expertise in green finance. Over 7 600 applications across 95 eligible programmes have been approved, with HK$42 million reimbursed. By extending this scheme to 2028, we are ensuring a robust pipeline of talent to drive our green finance agenda forward. This investment in human capital directly supports the innovative financing models that underpin our green bond initiatives and sets the stage for technological advancements in sustainability.
 
Fostering green fintech innovation
 
     Technology is critical in terms of being an enabler of this vision, and Hong Kong is at the very forefront of integrating financial technology with green finance. The Hong Kong Green FinTech Map 2025, launched in June 2025 by our Green and Sustainable Finance Cross-Agency Steering Group, builds on last year's prototype to enhance the visibility of green fintech companies. Right now, we have more than 60 of those companies as the potential partners to work with ReThink going forward. Additionally, the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, launched in June last year, provides subsidies to technology companies and research institutes. With 39 applicants and 60 projects approved, this initiative fosters collaboration and innovation, echoing ReThink's focus on AI and green technology. These fintech advancements enhance the efficiency and scalability of our green finance initiatives, creating a dynamic ecosystem that drives sustainable progress.
 
Ensuring transparency in sustainability
 
     Transparency is the cornerstone of this ecosystem, ensuring trust and accountability. In March last year, we published a vision statement for a comprehensive sustainability disclosure ecosystem. The Hong Kong Sustainability Disclosure Standards, issued in December last year by the Hong Kong Institute of Certified Public Accountants and also fully aligned with ISSB Standards (International Financial Reporting Standards - Sustainability Disclosure Standards), became effective in August this year, ensuring global consistency in reporting. Also, the Roadmap on Sustainability Disclosure mandates publicly accountable entities to adopt the ISSB standards by 2028, while the Hong Kong Taxonomy for Sustainable Finance, covering 12 economic activities, standardises green classification to reduce greenwashing risks. Phase 2 development has commenced under which the scope of sectors and economic activities will be expanded to introduce transition activities and add new green activities. These disclosure and classification systems provide the clarity needed to attract investment and support the innovative financing models driving our green bond and fintech initiatives.
 
Broadening access and engagement
 
     To ensure inclusivity in our sustainability efforts, we are enhancing market accessibility. In February last year, in collaboration with the Hong Kong University of Science and Technology, which is also a partner of ReThink, we launched free greenhouse gas emissions calculation tools, empowering small and medium enterprises to manage their environmental impact. Additionally, the HKEX (Hong Kong Exchanges and Clearing Limited)'s Core Climate platform, the only international carbon marketplace offering HKD and RMB (Renminbi) settlement, attracted 100 participants by the end of last year. Partnerships with Mainland China's Beijing and Shenzhen Green Exchanges further strengthen regional collaboration, aligning with our taxonomy and disclosure frameworks to foster a dynamic carbon market. These initiatives broadened access to sustainability tools, ensuring that all sectors can contribute to our shared goals, much like the collaborative spirit of ReThink's "Innovating for Impact" programme.
 
A unified call to action
 
     Hong Kong's leadership in green finance is a testament to our ability to unite vision, innovation and collaboration. ReThink HK 2025's focus on AI, green technology and data mirrors our commitment to leveraging cutting-edge solutions to achieve a sustainable future. From our ambitious carbon neutrality targets to our pioneering green bonds, fintech innovations and transparent disclosure systems, every step along the way we take as the interconnected step to build a resilient and inclusive ecosystem. I urge all of you to join us in translating this vision into action, harnessing the power of innovation to create a greener, more sustainable Hong Kong and beyond together.
      
     Thank you.

Ends/Friday, September 12, 2025
Issued at HKT 13:04

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