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HK urged to develop green finance

May 24, 2016

The Financial Services Development Council has made a number of recommendations for Hong Kong to consolidate its position as a leading centre for green finance in a report released today.

 

Council chairman Laura Cha said a flourishing green finance business can assist Hong Kong in promoting the development of its bond and project finance markets, as well as increase employment opportunities and boost growth in the investment management, derivative, insurance and private equity industries.

 

Hong Kong should seize the opportunities to position itself as a leading hub for the provision of green finance and investment, she added.

 

The report suggested issuing benchmark "green bonds" by government and public-sector controlled issuers and establishing a Green Finance Advisory Council or a similar body to provide ongoing focus and assistance.

 

It also proposed hosting a global conference and seminar series on green finance and investment, building a cohort of green finance professionals, and establishing a Green Labelling Scheme covering projects and securities to attract issuers and new investors to Hong Kong.

 

Mrs Cha said billions of US dollars are needed annually to fund low-carbon assets to meet global commitments in achieving low emissions. China is now playing a leadership role in green finance and the National 13th Five-Year Plan makes a number of references to green finance priorities.

    

The Financial Secretary also made reference to green finance in his 2016-17 Budget which states that the Government will strengthen efforts to publicise its competitive capital markets and highlight Hong Kong's edge in developing green financial products, she added.

 

Green finance is a broad term that refers to capital raising and financial investments flowing into projects, products and companies that support the development of a more sustainable, low-carbon and climate-resilient economy. Examples of such projects and objectives include clean energy, pollution control, green buildings, transport and infrastructure, energy efficiency and sustainable resource management as well as environmental services, such as waste management and sustainable forestry.

 

The "Hong Kong as a regional green finance hub" report is available on the council's website.



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