Hong Kong Advances As A Leader In Green Bond Market

According to Odaily, Hong Kong Chief Executive John Lee announced at the Hong Kong Association of Banks that since May 2019, the city has issued green and sustainable bonds worth HKD 220 billion across multiple currencies. This achievement positions Hong Kong as a leader in the green bond market. In the coming weeks, a roadmap for adopting International Financial Reporting Standards will be introduced, making Hong Kong one of the first jurisdictions to align local and international sustainability reporting requirements. The Hong Kong government is determined to develop the city into a regional green finance hub, focusing on innovation and technological advancements in the financial sector. This includes funding schemes for proof-of-concept projects in green financial technology and providing early-stage financial support for related initiatives. Financial technology is also expected to assist businesses in leveraging artificial intelligence (AI) and blockchain technology to enhance efficiency and maintain a competitive edge.