Following is the speech by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, at the Opening Ceremony of the Green Tech Summit 2025 today (October 22):
 
Helene (CEO & Co-Founder, GoImpact, Ms Helene Li), Clarence (Co-Founder, GoImpact, Mr Clarence T'ao), Andy (Co-Founder, GoImpact, Mr Andy Ann), Kevin (Chief Executive and Founder, Templaria and Advisory Board Member, GoImpact, Mr Kevin Angelini), distinguished guests, ladies and gentlemen,
 
     Good morning. It is my pleasure to address you at the Opening Ceremony of the Green Tech Summit 2025. I extend my heartfelt gratitude to the organiser GoImpact and all participants, including esteemed partners such as the World Bank and the Climate Bonds Initiative, for your unwavering support in advancing green technology and sustainability. Your collective efforts are instrumental in driving our shared green finance and ESG (environmental, social and governance) ambitions, paving the way for a transformative journey towards a greener future.
 
     Hong Kong is steadfast in our commitment to sustainability, guided by the Central People's Government's 14th Five-Year Plan, which sets goals of peaking carbon emissions before 2030 and achieving carbon neutrality by 2060. Aligned with this vision, Hong Kong has pledged to achieve carbon neutrality before 2050. These targets are not mere aspirations but a call to action, compelling us to leverage our position as a global financial centre to pioneer and drive innovative financing solutions that bridge environmental goals with financial expertise.
 
     Based on market research it is estimated that annual climate investments would have to reach US$9 trillion by 2030 and US$10 trillion by 2050. This demonstrates the immense demand for green and sustainable finance. As the leading international financial centre in Asia, Hong Kong is also rising as an international green and sustainable finance centre, playing our part in mobilising capital for green investments. In 2024, the total green and sustainable debt, including both bonds and loans, issued in Hong Kong exceeded US$84 billion, among which the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, capturing around 45 per cent of the regional total and ranking first in the Asian market for seven consecutive years since 2018. Our financial prowess enables us to fund transformative projects that align with our carbon neutrality objectives.
 
     The Government is also leading by example in the development of the green bond market. Under the Government Sustainable Bond Programme, we have issued green bonds totalling about HK$240 billion equivalent since May 2019. Notable milestones include the world's largest retail green bond in 2022 and the largest ESG bond issuance in Asia in 2023. To further advance innovation, we introduced the world's first tokenised government green bond of its kind in February 2023 and the world's first multi-tranche digitally native green bonds in 2024. Using the capital raised from the issuances, so far we have supported 116 local green projects across six eligible categories to deliver transparent and measurable environmental benefits.
 
     Financing aside, Hong Kong is actively promoting green finance by developing policies and frameworks to support sustainable investments, including ESG-focused financial products. The Government and the financial sector are collaborating to position the city as a leading global hub for green finance, attracting international capital to fund environmentally friendly projects. Hong Kong's status as a strategic nexus for green finance in Asia is central to advancing global sustainability objectives. As of June this year, there are more than 204 ESG funds in Hong Kong authorised by the SFC (Securities and Futures Commission of Hong Kong), with assets under management of around US$150 billion. This sizable market of ESG funds demonstrates Hong Kong's role as the gateway to sustainable finance in Asia, gathering capital to empower green transformation.
 
     Complementing these efforts and achievements, the Green and Sustainable Finance Grant Scheme, extended to 2027, has disbursed around HK$380 million to over 600 green and sustainable debt instruments issued in Hong Kong, with a total underlying debt issuance exceeding HK$1.3 trillion as of September this year. This scheme provides subsidy for eligible bond issuers and loan borrowers to cover part of their expenses on bond issuance and external review services, driving decarbonisation and reinforcing Hong Kong's leadership in transition financing.
 
     Technology application is another driving force for development, and Hong Kong is at the forefront of integrating financial technology with green finance. To accelerate the green transformation of our economy, we are expanding our green fintech ecosystem. In March 2024 and June 2025, the Green and Sustainable Finance Cross-Agency Steering Group launched the Prototype Hong Kong Green Fintech Map and the Hong Kong Green Fintech Map 2025, respectively. Developed in collaboration with stakeholders, these platforms provide comprehensive information on green fintech companies and services in Hong Kong, elevating their visibility and impact and promoting business collaboration.
 
     To further support green fintech development, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme in June last year. This scheme provides early-stage funding to technology companies and research institutes collaborating with local enterprises to develop innovative green fintech solutions. A total of 39 applicants, involving 60 projects, were approved, each receiving a grant of HK$150,000 to facilitate commercialisation and proof-of-concept completion.
 
     On the journey towards green transformation, it is also important to empower our small and medium enterprises (SMEs). In partnership with the Hong Kong University of Science and Technology, our Green and Sustainable Finance Cross-Agency Steering Group launched the greenhouse gas (GHG) emissions calculation and estimation tools in February last year. These tools, freely accessible on the Steering Group's website, empower small and medium enterprises and financial institutions to manage their environmental footprint and enhance sustainability reporting. The Steering Group will continue to enhance these public utility tools, including the GHG emissions tools and the Climate and Environmental Risk Questionnaire for non-listed companies and SMEs, to improve data availability throughout this year.
 
     Furthermore, we are also exploring real-world asset tokenisation for green finance development. The Hong Kong Monetary Authority, in collaboration with the Hong Kong Exchanges and Clearing Limited (HKEX), is studying the application of tokenisation technology in carbon trading. The HKEX is also deepening pilot co-operation with the Greater Bay Area carbon market to test cross-border trade settlement mechanisms and build a regional carbon market ecosystem. In collaboration with Mainland regulatory authorities, we are also studying issues surrounding the country's participation in the international carbon market, including the formulation of voluntary carbon credit standards and methods, as well as the registration, trading and settlement of carbon emission reduction.
 
     Ladies and gentlemen, Hong Kong's leadership in green finance reflects our ability to unite vision, innovation, and collaboration. The Green Tech Summit 2025's focus on green technology mirrors our commitment to leveraging cutting-edge solutions for a sustainable future. From our ambitious carbon neutrality targets to our pioneering green financing and fintech innovations, every step we take builds a resilient and inclusive ecosystem. I urge you to join us in harnessing innovation to create a greener, more sustainable Hong Kong and beyond. Thank you.

Ends/Wednesday, October 22, 2025
Issued at HKT 11:46

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