Media Release
Hong Kong’s sustainable debt market leads in Asia, with significant growth of 236% in 2023
Hong Kong Government becoming the largest source of aligned government bonds in Asia, now fifth largest cumulative government green bond issuer in the world.
Hong Kong, 24 June 2024 - The Climate Bonds Initiative’s (Climate Bonds) latest report finds that Hong Kong’s sustainable debt market has achieved its largest growth yet, driven by government issuance, leading its peers in the Asian region and entering the global top ten jurisdictions in green bonds issuance for the first time.
Climate Bonds released the sixth iteration of its Hong Kong Sustainable Debt Market Briefing 2023, a comprehensive overview of Hong Kong’s sustainable debt market using Climate Bonds’ green, social, sustainability, (GSS) and sustainability-linked bond (SLB) (collectively GSS+) datasets, in alignment with Climate Bonds Database methodologies. It is produced in association with the Hong Kong Monetary Authority (HKMA) and Hong Kong Green Finance Association (HKGFA), and with support from Standard Chartered.
Hong Kong’s debt market experienced the largest growth relative to its historical performance. In 2023, aligned volume of GSS+ debt originating from Hong Kong reached USD18.2bn, representing a year-on-year (YOY) increase of 236%.
Most of this debt (USD15.6bn) was issued under the green theme, while the social theme accumulated USD2.6bn. Social and sustainability (S&S) issuance volumes from Hong Kong issuers grew for a third consecutive year in 2023 to USD2.56bn, compared to 2022 (USD1.98bn).
Sustainable finance leader in Asia
Hong Kong’s included green bonds volume in 2023 reached the global top ten for the first time with impressive YOY growth of 173.3%.
This was driven by the record single year growth of USD1.4bn of government issuance from Hong Kong. Ninety-two percent (92%) of the green bond volume (USD14.4bn) came from the HKSAR Government and the rest came from financial corporates. HKSAR Government was the fourth largest source of aligned government green bonds (behind the United Kingdom, Germany, and Italy) in 2023, and is the fifth largest cumulative government green bond issuer.
Historically more diverse, Hong Kong's issuer base saw a less significant share of non-government volumes in 2023 amid the economic downturn during and easing of pandemic restrictions. However, as conditions improve, there's an opportunity for the Hong Kong market to boost the volume and quality of its sustainable debt markets, revitalising the breadth of the issuer base and restoring private sector issuance to historical levels.
Further scale and ambition to meet local and global goals
By the end of 2023, Climate Bonds reached USD2.8tn in global green bond volume, surpassing USD3tn by mid-2024. Meeting Climate Bonds’ target of USD5tn annually by 2025 requires a significant increase in large deals. Hong Kong's crucial role in capital mobilisation can aid its own and Mainland China's shift toward a green, sustainable future, benefiting future generations.
As part of its 2024-25 budget, the HKSAR government announced its intention to issue approximately HK$95 billion to HK$135 billion worth of bonds each year from 2024-25 to 2028-29, including green/ sustainable bond, and Sustainable Finance Grant Scheme until 2027 – demonstrating its commitment to achieve its climate goals of halving emissions by 2035 and reaching net zero by 2050, and position as a GSF hub in the region.
With Climate Bonds’ support, HKMA proposed its green classification system which aims to harmonise with both the mainland Chinese and European Union Taxonomies and become the first jurisdiction to adopt the Common Ground Taxonomy (CGT), a joint initiative of the People’s Bank of China (PBOC) and the European Commission. Promisingly, all but one of the CGT-compliant green bonds issued in 2023 listed by CFEC are considered aligned in Climate Bonds’ GBDB.
Hong Kong's strategic location in the region and prominence in global finance positions itself to effectively facilitate Mainland China's decarbonisation and transition financing. Initiatives like a local CGT-compliant taxonomy, the Government Sustainable Bond Programme, and the continued development of its green finance infrastructure could strengthen this and further scale access to international finance for Mainland China.
Sean Kidney – CEO, Climate Bonds Initiative, said:
“Hong Kong is now one of the top ten green bond issuers in the world! I am so excited - this is incredibly important leadership in growing the region’s GSS+ bond market! This reflects the HKSAR government’s initiatives to support decarbonisation and to connect global capital to green investments in China. Bravo!”
Dr. Ma Jun – Chairman and President, Hong Kong Green Finance Association, said:
“Transition finance is a significant trend in global sustainable finance development, offering tremendous growth opportunities in financing the transition of high carbon-emitting industries in Asia. Hong Kong can capture this opportunity by expanding its local CGT-compliant taxonomy to include transition activities, to mitigate greenwashing and facilitate capital flows across jurisdictions. As the leading Asian government issuer of green debt, Hong Kong can further pioneer transition products linked to decarbonization performance and incentives, develop transition-related disclosures, and foster a science-based transition approach, solidifying its position as a leading sustainable financing hub for Asia.”
Helen Hui – Head of Client Coverage, Corporate and Investment Banking, Hong Kong, Taiwan & Macau, Standard Chartered, said:
“As a leading international bank in Hong Kong fully committed to promoting sustainable finance, Standard Chartered is very pleased to continue supporting CBI on the Hong Kong Sustainable Debt Market report, which has once again demonstrated the strengths of the green and sustainable bond market in Hong Kong with a lot of growth areas. With our innovative sustainable finance solutions and dedicated sustainable finance expert team, we will continue to help our clients to pursue their sustainability goals and accelerate their transition to net zero, while promoting Hong Kong as an international sustainable financing hub in Asia.”
The full report is available for download on the Climate Bonds website.
- Ends -
For more information, please contact:
Mickey Eva
Digital Media Manager, Climate Bonds Initiative
E: mickey.eva@climatebonds.net
Notes for journalists:
About Climate Bonds Initiative
Climate Bonds Initiative is an international not-for-profit working to mobilise global capital for climate action. Climate Bonds undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis, and administers an international Standard & Certification Scheme for best practice in green bonds issuance. For more information, please visit www.climatebonds.net
About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
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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Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.
新聞稿
香港可持續債券巿場領先亞洲，2023年增長達236%
香港特區政府成為亞洲最大的政府債券發行人及全球第五大累積政府綠色債券發行人
香港，2024年6月24日 – 氣候債券倡議組織（Climate Bonds Initiative，簡稱CBI）最新報告顯示，在香港特別行政區政府（香港特區政府）債券發行的推動下，香港的可持續債券市場實現了迄今為止最大的增長，領先於亞洲地區，並首次進入全球綠色債券發行量排名前十的政府發行人行列。
氣候債券倡議組織發布了第六期《2023年香港可持續債務市場報告》，根據氣候債券數據庫的方法論，並使用氣候債券倡議組織的綠色、社會責任和可持續發展和可持續發展掛鉤債券（SLB）（統稱為GSS+）數據庫，全面分析香港的可持續債務市場。該報告得到了香港金融管理局（香港金管局）和香港綠色金融協會的支持，以及渣打銀行的贊助。
報告顯示，香港的可持續債券市場經歷了有史以來最大的增長。2023年，來自香港的GSS+債務總額達到182億美元，按年增長236%。
其中大部分可持續債務為綠色主題，發行量為156億美元，而社會主題則累計發行了26億美元。2023年，香港發行人的社會與可持續發展（S&S）發行量連續第三年增長至25.6億美元，2022年的S&S發行量為19.8億美元。
亞洲可持續金融領導者
2023年香港發行的符合氣候債券數據庫標准的綠色債券數量首次躋身全球前十，比去年同期增長173.3%。這主要得益於香港特區政府發行量創紀錄的14億美元單年增長。來自香港特區政府的發行佔其綠色債券發行量（144億美元）的92%，其餘來自金融企業。香港特區政府是2023年第四大政府綠色債券來源地（僅次於英國、德國和意大利），也是累計第五大政府綠色債券發行人。
從記錄分析，香港的發行人較多元化。儘管在經濟低迷和疫情放寬限制環境中，非政府發行量增長放緩。隨著市場情況的改善，香港市場有機會繼續提高其可持續債券市場的數量和質量，吸引多元化的發行人，並將私營機構的發行量恢復到歷史水平。
進一步擴大規模和雄心，以實現本地和全球目標
截至2023年底，全球綠色債券發行量達到2.8萬億美元，到2024年年中將超過3萬億美元。到 2025 年，要實現氣候債券每年5萬億美元的目標，需要大幅增加大型的發行。香港在資本調動方面發揮著關鍵作用，可以幫助香港和內地轉型及邁向綠色和可持續的未來，惠及未來的世代。
在2024-25年度財政預算案中，香港特區政府宣布擬在2024-25年度至2028-29年度每年發行價值約950億至1,350億港元的債券，包括綠色/可持續債券，並延長「綠色和可持續金融資助計劃」至2027年，以顯示其致力於實現到2035年將排放量減半和到2050年實現淨零排放的氣候目標的決心，以及將香港定位為亞洲綠色金融中心的雄心。
在氣候債券倡議組織的支持下，香港金管局發布了可持續金融分類目錄，旨在與內地和歐盟的分類目錄保持一致，並成為首個採用這是中國人民銀行（PBOC）和歐盟委員會聯合倡議的共通綠分類目錄（Common Ground Taxonomy，簡稱CGT）的司法管轄區。令人欣慰的是，在2023年發行的符合CGT標準的綠色債券中，除了其中一種，其他所有債券都被認為與氣候債券倡議組織的綠色債券數據庫保持一致。
香港在亞洲金融的戰略位置和在全球金融領域的領先地位，能夠有效地促進內地的脫碳和轉型融資。本地與CGT兼容的可持續分類目錄、政府綠色債券計劃以及零碳就緒建築認證等舉動可以加強這一點，並進一步增加內地獲得國際融資的機會。
氣候債券倡議組織首席執行官肖恩.基德尼(Sean Kidney)表示：
「我們祝賀香港躋身全球十大綠色債券政府發行人。 這彰顯了香港發展 GSS+ 債券市場的重要全球領導力，也反映了香港特區政府採取的各項令人鼓舞的舉動，通過連接全球與中國市場綠色投資支持區域經濟低碳轉型。」
香港綠色金融協會主席兼會長馬駿博士表示：
「轉型融資是全球可持續金融發展的重要趨勢，為亞洲高碳排放產業轉型融資提供了巨大的增長機會。香港可以抓住這個機會，擴大其與CGT標准兼容的分類目錄，將轉型活動納入其中，以減少漂綠行為，並促進跨司法管轄區的資本流動。作為亞洲領先的綠色債務政府發行人，香港可以進一步開拓與脫碳績效和激勵措施相關的轉型產品，制定與轉型相關的信息披露，並促進以科學為基礎的轉型方法，鞏固其作為亞洲領先的可持續融資中心的地位。」
渣打企業及投資銀行業務客戶部香港、台灣及澳門區主管許穗華表示：
「作為一家致力在香港推動可持續金融的領先國際銀行，渣打很高興繼續支持CBI的《香港可持續債務市場報告》。該報告再次展示了香港綠色和可持續債券市場的優勢，以及許多增長領域。憑藉我們創新的可持續金融融資方案和專業的可持續金融專家團隊，我們將繼續幫助客戶追求可持續發展目標，加快實現淨零轉型，同時推廣香港作為亞洲的國際可持續金融中心。」
歡迎點撃此處下載报告。.
- 完 -
傳媒查詢：
Mickey Eva
Digital Media Manager, Climate Bonds Initiative
至記者:
氣候債券倡議組織（CBI）
CBI 是一個致力於調動全球資本以應對氣候變化的國際非營利機構。其關注的重點是幫助降低 大型氣候相關基礎設施項目融資成本，並為希望通過加大資本市場投資而實現氣候目標的政府 部門提供支持。CBI 開展市場分析、政策研究、市場開發工作，為政府和監管機構提供建議， 並在全球範圍內推行應對氣候變化相關債券及實體認證機制。
渣打銀行
渣打是一個具領導地位的國際銀行集團，覆蓋全球53個增長迅速的市場，並為額外64個市場的客戶服務。我們的使命是透過我們獨特的多元性，推動商業發展和促進繁榮。集團多年來的歷史及一直堅守的信念展現於我們的品牌承諾「一心做好，始終如一」。
渣打集團在倫敦證交所及香港證交所掛牌上市。
渣打銀行自1859年在香港開展業務，現為香港三家發鈔銀行之一。渣打銀行於2004年7月1日完成在香港註冊的程序，並將銀行在香港分行的業務注入於在香港註冊的渣打集團全資附屬公司 -- 渣打銀行 (香港) 有限公司旗下。
歡迎瀏覽sc.com 內的Insights聽取更多的客戶分享及專業見解，並追蹤渣打的X，Instagram，LinkedIn 及 Facebook 取得最新消息。
香港綠色金融協會
香港綠色金融協會於2018年正式成立，致力推動綠色和可持續金融在香港及其他地區的發展。本會的宗旨和任務是組織業界專業力量，向香港政府和監管部門提出支持綠色金融發展的政策建議，推廣綠色金融和綠色投資理念，組織研究與開發綠色金融產品、方法和工具，開展本地和國際性的交流活動，為金融機構參與香港、內地和“一帶一路”的綠色投融資提供資訊和專案對接平台，助力全球落實聯合國永續發展目標和《巴黎協定》，爭取將香港打造成為國際領先的綠色金融及綠色科技中心。
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Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.