The Hong Kong Green Finance Association (HKGFA) unveiled a comprehensive report titled “Green Technology Landscape in Hong Kong: Opportunities for Finance.”
Released during the HKGFA-InvestHK event, the report is a crucial output of the Green Technology, Data and Infrastructure Workstream within the HKGFA Product Innovation and Solutions Working Group. It aims to delineate clear pathways for finance professionals to steer capital towards scalable green technologies and infrastructure, thus aiding the global push towards a low-carbon economy.
The necessity for substantial investments is acute, with projections suggesting a need for approximately $275 trillion over the next 30 years to support the global transition to sustainable energy sources. The report identifies Hong Kong as a pivotal centre for green technology, bolstered by its strong capital markets and proactive government policies.
Covering sectors such as energy, environment and waste management, building and construction, transportation, manufacturing, materials, and FinTech, the report assesses the market opportunities and the maturity of technologies within these areas. It also advocates for the enhancement of green technology adoption across Hong Kong and the Greater Bay Area, suggesting a multi-faceted approach involving public-private partnerships and government incentives.
Among the key strategies proposed are:
- A government-led co-investment scheme to fund the development and commercialisation of green technologies.
- Financial support for SMEs to mitigate costs related to sustainable loan issuances and external reviews.
- Government procurement policies favouring green technologies and low-carbon products.
- A data-sharing platform for green tech and green FinTech firms to foster collaboration across various sectors.
- The establishment of a cross-departmental group to orchestrate green tech development strategies and set actionable goals.
Dr. Ma Jun, Chairman and President of HKGFA, emphasized the report’s role as an essential guide for stakeholders navigating the burgeoning sector. “This report serves as a vital resource for stakeholders looking to navigate this dynamic landscape. The transition to a sustainable future presents vast financing opportunities and demand in green technology. As we strive to position Hong Kong as a leading international hub for green tech and green finance, Hong Kong Green Finance Association is committed to fostering collaboration and supporting the development of a robust green finance ecosystem to channel capital for green technology innovations and solutions. Together, we can unlock the potential of green technologies, driving economic growth while addressing climate challenges,” he said.
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