Green finance is a cornerstone of future global sustainability and a powerful engine of economic and social growth. As a conduit of capital between mainland China and the rest of the world, Hong Kong serves as an important green finance hub within the Greater Bay Area and internationally.

This is the fourth iteration of the Hong Kong Green and Sustainable Debt Market Briefing, produced by the Climate Bonds Initiative (Climate Bonds) in association with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Green Finance Association (HKGFA), with support from HSBC.

Green debt aligned with Climate Bonds’ Green Bond Database (GBDB) quadrupled volumes reaching USD10.4bn. This represented the highest annual volume on record with four times year-on-year growth. Green debt aligned with the GBDB accounted for three quarters of Hong Kong’s USD14bn total of GSS+ volume in 2021 and was the largest thematic label. The 2021 Hong Kong GSS+ market expanded into new types of thematic debt with debut issuance of sustainability bonds, and burgeoning growth in transition finance products. Climate Bonds expects the expansion to continue, backed by growing investor demand and Hong Kong’s strong commitment to building a supportive green and sustainable finance ecosystem.

The briefing offers leading analysis of green, social, sustainability, transition bonds, and sustainability-linked debt instruments (GSS+). In addition, the briefing provides insights and outlook on key development in the Hong Kong green and sustainable debt market, covering topics such as the HKSAR Government Green Bond Programme, the adoption of the Common Ground Taxonomy and credible transition finance.

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