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Financial Secretary Paul Chan Mo-po said ongoing conflicts in the Middle East underscore the importance of diversifying energy sources to safeguard national security and economic resilience, while advancing efforts to reduce carbon emissions.
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Chan noted that the geopolitical situation has highlighted the vulnerability of relying on a limited range of energy supplies, emphasizing the need for economies to strengthen energy security through diversification.
On green finance, Chan said Hong Kong’s total green and sustainable debt arrangements exceeded US$84 billion in 2024, with green bonds accounting for 45 percent of total issuance. The city has ranked first in Asia for green bond issuance for seven consecutive years.
He also highlighted that Hong Kong is the world’s first government to issue multi-currency tokenized green bonds.
Chan added that the Hong Kong Monetary Authority released the Taxonomy for Sustainable Finance Phase 2A in January, setting out standards for transition activities and climate adaptation categories.
The framework aims to provide a scientific financing reference for carbon reduction projects, particularly in high-emission industries.
Looking ahead, Chan said Hong Kong is aligning with the national plan to expand the mainland’s carbon market by 2027. He noted that the city is working to strengthen the role of HKEX’s Core Climate platform, extend its reach to the Greater Bay Area, and accelerate pilot testing of cross-border carbon trading settlement.
