Green Future Plan
Hong Kong releases a green future plan in the 2024-25 Budget, aiming to promote Hong Kong’s green transition and meet business and financing needs.
The theme of the budget is to promote high quality development, and green future is an important direction for high quality development. As economies around the world move towards carbon neutrality, the green future plan will help Hong Kong achieve green neutrality in many industries.
Related Post: Hong Kong Releases Sustainable Finance Development Measures
Contents of Green Future Plan
The 2024 green future plan includes many industries, such as green finance, green technology, green shipping, green aviation, green cities and sustainable development of fishery and agriculture. The specific measures are as follows:
- In terms of green finance, Hong Kong plans to extend the Green and Sustainable Finance Grant Scheme for three years and expand the scope of funding to transition bonds and loans to further encourage companies to use Hong Kong’s transition financing platform to gradually reduce carbon emissions. The Financial Services and the Treasury Bureau and the Securities and Futures Commission will formulate a sustainability roadmap to assist companies and financial institutions in sustainable reporting and promote sustainable finance development.
- In terms of green technology, the government has injected $400 million into the Low-Carbon Green Research Fund to provide funding for scientific research projects to reduce carbon emissions and strengthen environmental protection in Hong Kong. The Green and Sustainable Fintech Proof-of-Concept Subsidy Scheme will be launched in the first half of this year to provide early funding for potential green financial technologies and promote their commercial development.
- In terms of green shipping, the Marine Department plans to provide preferential measures to Hong Kong-registered ships that obtain high ratings in the international carbon reduction standards set by the International Maritime Organization. The Transport and Logistics Bureau is working with the Environment and Ecology Bureau and other relevant departments to conduct a feasibility study on providing green methanol to local ships and ocean-going vessels and plans to build Hong Kong into a green energy source for shipping filling center.
- In terms of green aviation, Hong Kong is committed to turning Hong Kong International Airport into a green airport. The Airport Authority is working with relevant government departments to simplify the approval process for the transportation and storage of sustainable aviation fuel. The AA has recently conducted research to understand global sustainable aviation fuel development trends and made recommendations about policy measures and infrastructure.
- In terms of green cities, the government will launch a project for solar power generation buildings to explore the application of solar power generation technology on the curtain walls of government buildings. The government is actively promoting trials of different new energy public transport vehicles and promoting the industry to trial different types of new energy commercial transport vehicles through the New Energy Transport Fund. The maximum first registration tax exemption amount under the electric private car scheme will be adjusted to 172,500 HKD, and the upper limit of the exemption amount for electric private cars will be adjusted to 58,500 HKD.
- In terms of sustainable development of fisheries and agriculture, Hong Kong’s Environment and Ecology Bureau has announced the Blueprint for the Sustainable Development of Agriculture and Fisheries. In terms of agriculture, it is expected to establish a modern scientific and technological agricultural park within this year to accelerate the development of agricultural modernization through public-private collaboration. In terms of fisheries, four fish farming areas will be invested in phases, which is expected to significantly increase the output of local marine fish farming.
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