Hong Kong Leads Asia’s GSS+ Bond Market as Policy and Issuer Landscape Evolves

USD43.1bn issued in 2024, capturing 45% of Asia’s international market

Highlights: 

1. USD43.1bn in international GSS+ bonds were issued in 2024, up 43.2% year-on-year and representing 45% of Asia’s cross-border sustainable debt issuance.
2. Local issuance fell 41% to USD10.8bn, while social and sustainability bonds rose 33%.
3. The launch of the Hong Kong Taxonomy in 2024 and ongoing cross-border initiatives reinforce Hong Kong’s role as a sustainable finance bridge. 

Beijing/London, 17 July 2025 — In 2024, over USD43.1bn of green, social, sustainability, and sustainability-linked (collectively GSS+) bonds were issued in Hong Kong, a 43.2% year-on-year increase that captured 45% of Asia’s international bond market. Meanwhile, sustainable debt from the local market dropped to USD10.8bn in 2024, down from record levels in 2023. These trends confirm Hong Kong’s continued dominance as the region’s premier sustainable finance hub, while also hinting at evolving market dynamics. 

The Climate Bonds Hong Kong Sustainable Debt Market Briefing 2024, now in its seventh edition, includes analysis of Climate Bonds 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.  

Policy progress: Hong Kong taxonomy strengthens regional role 

In May 2024, the Hong Kong Monetary Authority (HKMA) released the Hong Kong Taxonomy for Sustainable Finance, with Climate Bonds serving as its technical consultant. Drawing on key global frameworks including the Common Ground Taxonomy (CGT), the European Union (EU) Taxonomy, the Mainland China Taxonomy, the ASEAN Taxonomy, and the Climate Bonds Taxonomy (CBT), the framework defines 12 economic activities across four sectors. This positions Hong Kong as a strategic bridge connecting the Asian and global sustainable finance markets. 

Market dynamics from a broader perspective 

According to HKMA’s methodology, in 2024, green and sustainability labels dominated GSS+ bonds issued in Hong Kong, making up 87% of the total, while social bonds and SLBs accounted for 12% and 1%, respectively. The bonds were mainly denominated in USD (58%), followed by CNY (33%) and HKD (6%). 

In the same year, Hong Kong issued over USD41bn in GSS+ loans, with sustainability-linked loans representing more than two-thirds of this market. Most GSS+ loans were denominated in HKD (52%) and USD (36%). 

The Hong Kong Stock Exchange maintained its leading role for offshore Chinese green bond listings, hosting 43% of such issuances in 2024—consistent with 2023 figures—and saw key deals such as a USD1bn issuance from China Construction Bank. 

Additionally, the HKSAR Government bolstered its leadership in the Asia-Pacific government GSS+ market. Its Green and Sustainable Bond Programme priced USD28.2bn in aligned green bonds by year-end, accounting for 26% of the region’s government GSS+ issuance. Looking forward, the 2025–26 budget targets annual issuances of HKD150–195bn under the GSBP and Infrastructure Bond Programme through 2030. 

Structural shifts: green bond slowdown, social and sustainability growth 

Despite international GSS+ bonds in Hong Kong showing headline growth, locally originated sustainable debt fell 41% YoY to USD10.8bn in 2024, although remaining above earlier levels. This decline was mainly driven by a 54% drop in green bond issuance (USD7.2bn) due to reduced HKSAR Government activity. In contrast, social bonds rose 19.8% to USD3.1bn and sustainability bonds surged 400% to USD532m, reflecting a broader range of issuers. 

The HKSAR Government still led the aligned green bond market with USD3.9bn across 11 bonds, down from USD14.4bn across 18 bonds in 2023, which dropped its global ranking from 10th to 22nd. Meanwhile, social and sustainability volumes increased for the fourth consecutive year, reaching USD3.6bn—a 33% rise from USD2.7bn in 2023—with deal counts rising as sustainability deals recovered to near-2022 levels. 

Notably, Hong Kong Mortgage Corporation Limited (HKMC) issued USD3.06bn in social bonds—a 20% increase from 2023’s USD2.55bn—marking the largest such issuance in Asia-Pacific and signalling HKMC’s growing prominence in social finance. 

Outlook: Building scale and deepening integration 

In 2024, Hong Kong’s sustainable finance market adjusted from the 2023 peak while shifting toward greater diversity and resilience. Growth in social and sustainability bonds, supportive policy developments, and stronger regional ties are setting the stage for future expansion. 

Issuers will drive further growth by leveraging evolving policies and taxonomy updates, including further guidance on climate resilience and transition finance. The forthcoming Hong Kong Taxonomy iteration is expected to include activities for hard-to-abate sectors.  

Enhanced cross-border standards and deeper integration with China and the broader APAC region will further cement Hong Kong’s status as Asia’s gateway for sustainable finance.  

Sean Kidney, CEO, Climate Bonds Initiative, said: 

“In 2024, Hong Kong's sustainable debt market has shown strong resilience with notable growth in social and sustainable bonds, continuous policy improvements, and the expansion of the sustainable taxonomy, particularly in hard-to-abate sectors and regional cooperation. These developments lay a solid foundation for long-term market growth. As Hong Kong's influence extends beyond its local market to lead capital flows across the Asia-Pacific region, we look forward to driving regional market development through three actions: 1) Expanding GSS+ investment scope; 2) Implementing transition finance and climate adaptation financing frameworks; 3) Strengthening Hong Kong's role as the regional green finance hub to support Asia's carbon neutrality goals.” 

Helen Hui, Head of Coverage, Corporate and Investment Banking, Hong Kong and Greater China, Standard Chartered, said:  

“Standard Chartered is pleased to continue supporting CBI on the Hong Kong Sustainable Debt Market report, which has once again demonstrated Hong Kong’s leading position as an international sustainable financing hub in Asia. As a global bank connecting corporate, institutional, and affluent clients to a network which offers unique access to sustainable growth opportunities, Standard Chartered’s leading sustainability capabilities are an integral part of our client offering across all of our business segments. Since the beginning of 2021, we have mobilised USD121 billion of Sustainable Finance globally, making good progress as we advance towards our USD300 billion target by 2030. We will continue to support our clients in their transition journeys to deliver sustainable and inclusive growth across our markets.” 

Dr. Ma Jun, Chairman and President of Hong Kong Green Finance Association, said:  

“Transition finance represents the mega trend for global sustainable finance development, especially in Asia, where carbon intensity is high. The integration of transition-related activities and hard-to-abate sectors into Hong Kong’s Sustainable Finance Taxonomy, coupled with the adoption of the Multi-Jurisdiction Common Ground Taxonomy (MCGT), will help further support the growth in sustainable debt issuance and product innovation, enabling an increase in cross-border green finance transactions between Mainland China and the rest of the world. Hong Kong is well-positioned to lead and drive the next wave of sustainable finance innovation in Asia.” 

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For more information, please contact:   

Xiaoyan Shen 

Senior Communications and Marketing Specialist, Climate Bonds Initiative  

Xiaoyan.shen@climatebonds.net 

Notes for journalists: 

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About Hong Kong Green Finance Association: Founded in September 2018, Hong Kong Green Finance Association (HKGFA) provides a unique platform that supports the development of green finance and sustainable investments in Hong Kong and beyond. It aims to mobilise both public and private sector resources and talents in developing green finance policies, to promote green finance business and product innovation within financial institutions. HKGFA’s main goal is to position Hong Kong as a leading international green tech and green finance hub by providing greater access and opportunities for Hong Kong’s financial institutions and corporates to participate in green financing transactions locally, in mainland China, and in markets along the Belt & Road. This is in line with the global path to implementing the UN Sustainable Development Goals and the Paris Agreement. 

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