(4 December 2023 – Hong Kong) Hong Kong has a unique role to play as China’s offshore capital hub for green finance according to the United Nations (UN).
As the world’s largest emitter of greenhouse gases, China must accelerate environmentally friendly projects if it is to transition to a low carbon economy the SCMP reports.
The city accounted for 33 percent of Asia issued sustainable debt in 2022 including both bonds and loans that increased by more than 40 percent year-on-year to US$81 billion, according to Treasury Undersecretary for Financial Services, Joseph Chan.
“While China is working to address its environmental and climate challenges, it remains the largest emitter of greenhouse gases. China must build on the substantial progress it has made in green finance by expanding and accelerating projects with environmental benefits. This is where Hong Kong has a unique role to play as , for both traditional finance and green finance” stated UN Resident Coordinator in China, Siddharth Chatterjee.
“Sustainable finance benefits not only the environment but also has the potential to open up new economic opportunities, create jobs in the renewable energy sector, and improve energy security. Green finance has the ability to generate positive change by incorporating environmental factors into financial decision-making,” he said. “It has the potential to attract finance for environmentally friendly initiatives, reduce greenhouse gas emissions, and aid in the development of sustainable technology and infrastructure” Chatterjee added.