With sustainable finance one of the most pressing issues of our time, Hong Kong Green Week 2025 provided an opportunity to address a broad range of sustainability-related topics and showcase the Special Administrative Region’s (SAR) green and sustainable finance convening and collaboration credentials.
More than 14,500 participants, representing nearly 70 local and international public and private organisations, gathered in Hong Kong in early September for a week-long series of conferences, symposiums and discussions.
While enthusiasm for green initiatives has cooled in some parts of the world, senior Hong Kong officials, including the SAR’s chief executive, the financial secretary and the secretary for financial services and the treasury, took turns to emphasise how Hong Kong is moving full steam ahead with green and sustainability-related action and policies.
Hong Kong is positioned to effectively mobilise capital and facilitate sustainable investment
Initiatives include a crop of environmental, social and governance (ESG)-related funds, issuance of green bonds and changes to listing rules that make it easier for companies involved in green or renewable energy technology to list on the Hong Kong Stock Exchange.
Walking the walk
Explaining how Hong Kong is ‘walking the walk’, government officials pointed out that by positioning the city as the conduit for channelling green capital between mainland China – a global leader in renewable energy deployment – and the rest of the world, Hong Kong is not only elevating its position as a leading green financial hub, but also strengthening its competitive edge.
A recurring theme during Green Week was the need for funding to turn good intentions into actions. Citing International Monetary Fund estimates that developing countries in Asia need at least US$1.1trn annually for climate mitigation and adaptation but currently face a shortfall of about US$800bn, delegates heard how Hong Kong is positioned to effectively mobilise capital and facilitate sustainable investment.
For example, claiming the ‘figures speak volumes about Hong Kong’s growing role as a green financing and investment hub’, Hong Kong SAR’s financial secretary Paul Chan explained that, in 2024, green and sustainable debt (including bonds and loans) issuance totalled US$84.4bn, up 61% from the previous year.
Green bonds accounted for about 45% of Asia’s total issuance. At the same time, over 200 ESG funds, up more than 50% in three years, have been authorised by Hong Kong regulators with assets under management exceeding US$140bn.
Temperatures in Asia are rising nearly twice as fast as the global average
Chan also highlighted the existence of ‘uncomfortable realities’, explaining that unprecedented heatwaves and extreme weather events from Europe to Japan demonstrate how climate change risks and consequences are clearer than ever.
With temperatures in Asia rising nearly twice as fast as the global average, according to the World Meteorological Organisation, with a noticeable impact on the intensity of extreme weather events, delegates heard there is an immediate need for concerted action to transition the region towards low-carbon, sustainable and inclusive growth.
A panel of experts discussing the topic of climate change noted that, while a shift towards the use of emerging technologies and AI solutions are vital enablers to facilitate decarbonisation and enhance climate resilience, transition-related activities require regionally tailored approaches that consider local contexts and dynamics.
Timely reminder
Serving as a timely a reminder, as leading figures in sustainable business and finance congregated for a Climate Business Forum, a cornerstone of Hong Kong Green Week 2025, severe tropical storm Tapah — the Malay word for a type of giant freshwater catfish – lashed the SAR with strong winds and heavy rainstorms.
Tapah was the fourth extreme weather event in less than a month that saw record-breaking levels of rainfall disrupt flights, force schools and businesses to close, and bring public transportation to a halt.
While Hong Kong is no stranger to extreme weather events, the Hong Kong Observatory predicts the SAR will see an ‘above normal’ number of typhoons during the 2025 typhoon season. The climate clock is ticking but, thankfully, Hong Kong isn’t waiting to act.
