Subsidy extension for green loans will help raise more funds

Themis Qi

A government scheme of subsidizing green loan issuance can attract more industries to raise funds in Hong Kong, after the program has been extended to 2027 in the latest Policy Address, said Joseph Chan Ho-lim, Under Secretary for Financial Services and the Treasury.

Chan made the remarks when officiating at the second "Outstanding ESG Enterprises Recognition Scheme" yesterday, which was jointly organized by Sing Tao News Corporation (1105) and The Hong Kong Polytechnic University.

The subsidies, Chan said, amounted to HK$280 million as of mid-October to support 470 green and sustainability credit vehicles involving over HK$1 trillion. The government extended the Green and Sustainable Finance Grant Scheme to 2027 earlier this month.

Together with other fundraising activities, green finance has been the major component of Hong Kong's financial market, Chan said.

Cai Jin, executive director and co-chief executive of Sing Tao, expects the environmental, social and governance concepts to be spread more widely and help enterprises discover the key to improving business in the future.

Christopher Chao Yu-hang, vice president for research and innovation at The Hong Kong Polytechnic University, noted that Sing Tao's event had corporations that were brave enough to take on social responsibility and actively promote sustainable development duly recognized.

Nearly 50 companies from Hong Kong and the mainland won awards due to their outstanding performance in ESG, such as the Airport Authority Hong Kong.

Sing Tao added two new awards this year for the best-performing company in the Greater Bay Area and for the company's appliance of ESG technologies, to Shenzhen International (0152) and Alibaba (9988) respectively.