HK and mainland ‘firmly and steadily’ advancing toward carbon neutrality, Paul Chan says in Davos

Hong Kong Financial Secretary Paul Chan Mo-po said both the mainland and Hong Kong are “firmly and steadily” progressing toward carbon neutrality, as he outlined the city’s decarbonization strategy at the World Economic Forum (WEF) Annual Meeting in Davos.

Speaking at a thematic session titled “How to Finance Decarbonization?” yesterday, Chan shared Hong Kong’s target of achieving carbon neutrality by 2050 and the policy tools being deployed to reach that goal.

He said the government is using policy measures to steer behavioral change among businesses and consumers, including tax concessions for electric vehicles, incentives for green buildings, and financial support for trials of innovative technologies such as sustainable hydrogen-powered transport.

On green finance, Chan said public support and trust are critical to a successful green transition. He noted that the HKSAR government is aligning standards with international practices—such as developing a green taxonomy and disclosure requirements—to ensure capital is genuinely channeled into green projects.

For high-emission enterprises, including mining companies, he said listing in Hong Kong not only provides access to market funding but also helps improve corporate governance, transparency, and recognition in global markets.

During his stay in Davos, Chan also met with leaders from political, business, and international organizations, including World Economic Forum President and Chief Executive Officer Børge Brende, and International Monetary Fund First Deputy Managing Director Dan Katz, to exchange views on global finance and other issues of mutual concern and to share Hong Kong’s perspective.

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Chan has concluded his Davos visit and is set to depart Switzerland today, returning to Hong Kong on Saturday morning.