Hong Kong Sustainable Debt Market Briefing 2024

Local Market Shows Resilience Amid Shifts. Hong Kong’s locally originated sustainable debt fell 41% to USD10.8 billion in 2024, largely due to a 54% decline in green bond issuance (USD7.2 billion) from reduced HKSAR Government activity. However, social bonds climbed 19.8% to USD3.1 billion, and sustainability bonds skyrocketed by 400% to USD532 million, driven by a diverse issuer base.

Hong Kong Drives 43.2% Surge in International GSS+ Bond Issuance. Under HKMA's methodology, in 2024, Hong Kong reinforced its dominance as Asia’s sustainable finance hub by issuing USD43.1 billion in green, social, sustainability, and sustainability-linked (GSS+) bonds, achieving a robust 43.2% year-on-year increase. This captured 45% of Asia’s international sustainable debt market, with green and sustainability bonds accounting for 87% of the total.

Hong Kong Taxonomy Bolsters Regional Sustainable Finance Leadership. Hong Kong strengthened its sustainable finance role with the May 2024 launch of the Hong Kong Taxonomy, developed with Climate Bonds’ expertise. Aligned with global frameworks, it defines 12 activities across four sectors. With plans to expand into hard-to-abate sectors and ongoing cross-border initiatives, Hong Kong is strengthening regional ties with China and APAC, driving climate resilience and supporting Asia’s carbon neutrality ambitions.

The Hong Kong Sustainable Debt Market Briefing 2024 includes analysis of Climate Bonds green, social, sustainability (GSS), and sustainability-linked bond (SLB) (collectively GSS+) datasets to provide a comprehensive overview of Hong Kong’s sustainable debt market as of the end of 2024.

This report is produced by Climate Bonds, in association with the Hong Kong Monetary Authority (HKMA) and Hong Kong Green Finance Association (HKGFA), and with support from Standard Chartered Bank.