Hong Kong Green Week
Hong Kong holds its first Green Week to explore how to promote the global green economy to achieve sustainable development and support the development of green technology and green finance in Hong Kong.
This Hong Kong Green Week involves many government agencies in the financial field. For example, the Hong Kong Monetary Authority (HKMA) cooperates with different international and local institutions to organize a series of financial themed activities, including a three-day event with the World Bank on Asia Pacific Climate Business Forum. The Financial Services and the Treasury Bureau will also cooperate with InvestHK to explore the application of green financial technology in supporting the development of sustainable capital markets and strengthen Hong Kong as an international green technology and financial center.
Related Post: Hong Kong Releases Sustainable Finance Development Measures
Hong Kong’s Green Finance Measures
In addition to the above-mentioned green activities, Hong Kong has also launched many measures this year to promote the development of green finance. These measures include:
- Issuance of digital green bonds: Hong Kong has issued digital green bonds denominated in HKD, RMB, USD and EUR with a total value of approximately HK$6 billion under the government green bond program in early February. This issuance is a further development based on the first batch of tokenized green bonds issued last year, and has achieved several new breakthroughs, including expanding investor participation through existing market infrastructure, issuing in a digital native form, streamlining issuance procedures, introducing standardized elements, and integrating green bond disclosures into digital platforms.
- Release of greenhouse gas emission calculation and estimation tool: The Green and Sustainable Finance Cross-Agency Steering Group (CASG) officially launched the greenhouse gas emission calculation and estimation tool on the website and made it free for public use to facilitate sustainable information disclosure by Hong Kong enterprises and financial institutions. These tools can help users calculate their greenhouse gas emissions based on actual activity levels and estimate the greenhouse gas emissions of their investments or loans where data is limited.
- Optimize the official website of the CASG: The I Green and Sustainable Finance Cross-Agency Steering Group has fully updated its official website. In addition to adding the above-mentioned greenhouse gas emission calculation and estimation tools, it has also added an electronic version of the climate and environmental risk questionnaire for non-listed companies. This questionnaire was jointly developed and launched by CASG and CDP to assist companies in sustainable disclosure.
- Release of green financial technology funding plan: Hong Kong plans to launch a funding plan specifically for the development of green financial technology in the first half of this year to provide early funding for green financial technology projects and expand the green financial technology ecosystem.
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