Speech by SFST at Asia Climate Summit 2026 opening ceremony (English only)
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Director Cao (Deputy Director of Carbon Trading Division 1 of the Ministry of Ecology and Environment, Mr Cao Yuanshu), Dirk (President and Chief Executive Officer of the International Emissions Trading Association, Mr Dirk Forrister), distinguished guests, ladies and gentlemen,
Good morning. It is a great pleasure and honour of mine to join you today at the opening ceremony of the Asia Climate Summit 2026. I thank the International Emissions Trading Association (IETA) for their outstanding efforts in organising this important event.
This year, for the first time, the Asia Climate Summit is being hosted in Hong Kong—a milestone moment for our city. We are proud to serve as the backdrop for these critical discussions, as we welcome participants from all corners of the globe. With your insights and expertise, I am confident that this Summit will not only identify opportunities but also forge collaborations driving real progress in the years ahead for global green development.
The story of progress has always been one of transformation. Today, as the world faces the defining challenge of our time—climate change—Hong Kong is embracing its role as a leader, innovator, and connector in this era of green transformation. We have taken a long-term, comprehensive approach to sustainability, underpinned by clear and ambitious goals. By 2035, we aim to reduce carbon emissions by 50 per cent, and by 2050, we are committed to becoming carbon neutral. These are bold targets, but they are necessary ones. We frame sustainability not just as a goal, but as the bedrock of Hong Kong's future economic prosperity.
Indeed, Hong Kong's established position as a vibrant, resilient, and highly competitive international financial centre — reinforced by our status as the world's largest cross-border wealth management centre and the premier offshore Renminbi business hub — firmly positions us at the forefront of green finance. Leveraging our deep capital markets, sophisticated regulatory framework, and extensive international connectivity, we are uniquely placed to channel global capital towards sustainable and low-carbon initiatives across Asia and beyond. The tangible results of our efforts are clear: last year, the total volume of green and sustainable debt issued in Hong Kong surpassed US$76 billion. Notably, green and sustainable bonds arranged here amounted to around US$38 billion, ranking first in the Asian market for eight consecutive years since 2018.
Since 2019, we have successfully issued close to US$33 billion equivalent in green bonds under the Government Sustainable Bond Programme. In November last year, we issued the world's first ever digital green bonds integrating tokenised central bank money, settling in both e-CNY and e-HKD. This pioneering transaction underscores our unique ability to bridge traditional finance with green development, and cutting-edge fintech and digital currency innovation.
Hong Kong Exchanges and Clearing Limited (HKEX) continues to advance our carbon market infrastructure through its international marketplace, the Core Climate. Launched in October 2022, it offers HKD and RMB settlement for voluntary carbon credits. As of March this year, Core Climate boasted over 130 registered participants and offers credits from more than 60 projects verified by leading international standards, solidifying its position as a vital platform for regional carbon trading.
Leveraging Hong Kong's strategic location in the Greater Bay Area, HKEX is actively exploring further collaboration with Guangzhou Emissions Exchange, Shenzhen Green Exchange and Macao International Carbon Emission Exchange, supporting the development of a robust and vibrant green finance ecosystem across Hong Kong and the Greater Bay Area. Looking ahead, Core Climate holds significant potential to foster the development of an even broader ecosystem for green products with a view to accelerating the adoption of renewable energy solutions particularly in the Greater Bay Area. The Green Electricity Certificates would be the most promising one in the pipeline. Riding on HKEX's listing platform, we see real opportunities to identify and spotlight Hong Kong-listed enterprises actively involved in green and environmentally sustainable activities. By enhancing transparency and accessibility, this will empower investors to confidently identify and channel capital into green opportunities in Hong Kong.
Beyond establishing a vibrant marketplace for carbon credits, transparency and high-quality sustainability disclosure form the essential building blocks of a credible and robust green finance ecosystem. Our Roadmap on Sustainability Disclosure, published in late 2024, sets out a clear, phased pathway for large publicly accountable entities to fully adopt the International Sustainability Standards Board (ISSB) standards by no later than 2028. This forward-looking commitment was globally recognised in June 2025, when the IFRS (International Financial Reporting Standards) Foundation confirmed that Hong Kong is among the first jurisdictions worldwide to target full adoption of these international benchmarks.
Further strengthening this commitment, we are particularly excited to have a strong network of partners working with us in support of the sustainability disclosure ecosystem. The Hong Kong Institute of Certified Public Accountants was recently designated as an official training partner of the IFRS Foundation. This partnership significantly bolsters our local capacity to deliver high-quality sustainability disclosure training, ensuring that Hong Kong's professionals and organisations are well-equipped to meet the highest international standards. Also, the Hong Kong Quality Assurance Agency (HKQAA) is working with us to strengthen engagement with businesses and facilitate digital dynamic disclosure for Hong Kong enterprises, so as to strengthen the city's resilient and future-ready financial ecosystem. We are most excited that the HKQAA will soon make its ESG Disclosure platform available to the wider banking sector in this quarter.
Ladies and gentlemen, the Asia Climate Summit 2026 represents more than just an event—it is an important gathering that shapes the future of carbon markets and green innovation. Hong Kong, as a "super-connector" and "super value-adder", stands ready to bridge opportunities between the Mainland, Asia, and beyond. We are committed to playing an essential role in the global journey towards achieving net-zero emission.
Before I conclude, I want to learn from Director Cao that we may do some advertising. In September, you have your event in Hubei, in fact we also have ours in Hong Kong and that is the Green Week. No competition but welcome to both events at your pleasure.
I wish you all a productive and insightful summit. Together, let us strive for a greener and more sustainable future. Thank you.
Ends/Wednesday, July 8, 2026
Issued at HKT 10:21
Issued at HKT 10:21
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