May 2021

HONG KONG
Green Bond Market
Briefing 2020

Green Bond-HK issuers: Cumulativeissuance USD9.2bn: FY 2020
USD2.09bn, down 18% on FY 2019
Green debt arranged and issued
in HK: USD38bn overall; USD12bn
in 2020 (of which USD1.3bn weregreen loans)1
Low-Carbon Buildings remain
dominant theme but Low-Carbon
Transport not far behind2020 Hong Kong market analysis

Changing diversity of issuer type in Hong Kong

2020 marked by highest number of deals thus far

HSBC was the only eligible financial corporate issuer of the year, and it
issued two 6-month Green Certificates of Deposit following the bank’s
green bond framework.

2.5

2.0

1.5
Amount issued (USDbn)

Although 2020 saw the highest number of deals, thetotal volume has decreased by 18% - due to small
sized issuance. There were 15 aligned green bonds
and one green loan2 from four entities, all of which
are seasoned issuers/borrower.3 The largest deal in2020 was from MTR Corp, with a USD1.2bn green
bond issued in August. MTR was also the most prolific issuer, both in termsof number of bonds (7) and issue volume (USD1.5bn) - all issued between
March and August. In terms of issuer types, 2020 volumes were dominatedby the government-backed entity, MTR, with small volumes from nonfinancial and financial corporates.

1.0

0.5

0
2016

Climate Bonds’ approach to determining thecountry of a bond and a loan
Climate Bonds refers to the following rules to determine how to assign
a country to each bond.
For unsecured bonds, the country is determined by the domicile ofthe issuer. If it is a fully owned subsidiary, this becomes the domicile ofthe parent or group.
For secured bonds, the location of the assets being used as collateralis considered. However, a parent guarantee or other recourse to a parent
company in another domicile would influence the determination.
For loans, the domicile country of the borrower is used.
We do not take currency denomination, listing venue or similar factors
into account to determine the country.

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative

2017

2018

2019

2020

Financial corporate

Non-financial corporate

Government-backed entity

Sovereign

Green loans
Source: Climate Bonds Initiative

Swire Properties has brought three eligible green bonds and a green loan
(HKD1bn/USD129m) to the market, all financing green buildings.
Apart from the green bonds that are in line with Climate Bonds green
definitions, there was one deal that has been considered as not aligned andtherefore has not been included in the analysis: the USD350m Transition
Bond by Castle Peak Power Finance Company that finance gas projects.4
We expect green and sustainability bond issuance from Hong Kong toincrease in the future, taking advantage of the recently-announced Green andSustainable Finance Grant Scheme that would subsidise eligible bond issuers
and loan borrowers on their bond issuance and external review expenses .5

1

Low-Carbon Buildings category retains top spot and Waste getsrecord-high allocation

Over a third of green bond proceeds allocated to
Low-Carbon Buildings

Appropriate allocation of proceeds is crucial to meet Hong Kong’s 2050
net zero carbon emissions target, and 2020 marked a significant change
compared to 2019. The mix of proceed allocations was quite varied in 2020 withallocations relatively spread across seven categories, unlike 2019 when Buildings
dominated outright. While Buildings continued to be in the top position thisyear, their share dropped to 36% (USD745m) from 61% (USD1.6bn) in 2019.

Unallocated A&R 0.3%

Allocations to Buildings continue to represent just under half (45%) of thetotal cumulative amount issued. In addition to property developers Swire
Pacific (parent company of Swire Properties) and Hang Lung Properties
who have brought six green bonds and one green loan in total (USD552m),
MTR’s bonds have also financed buildings that receive LEED, BEAM, BREEAM
and ISCA and other appropriate and equivalent standards in the relevant
jurisdictions where MTR has its operations.
Transport came in at a close second, with 26% of the issue volume(USD550m) allocated to it. The largest allocation by volume came fromthe Transport category of an MTR green bond (USD438m), which would go
towards low carbon electric rail system and energy efficient equipment,
among other projects. Waste was a standout category this year, with morethan 19% amount allocated (USD394m from two issuers), its highest
yet. Both HSBC and MTR have waste collection and recycling in theirframeworks, with HSBC specifically mentioning waste disposal methods
like methane capture. It was followed by Water and Energy at 9% eachand finally Land Use and Unallocated A&R6, both at 0.3%.

Land Use 0.3%

Waste
18.9%

Energy
9.2%

Water
9.2%

Buildings
35.7%

Transport
26.3%
Source: Climate Bonds Initiative

All green debts in 2020 had an SPO
SPO CICERO 2%

The diverse range of proceeds allocation was driven by HSBC, whose
Green Bond Framework listed all categories except Industry and ICT
as eligible and MTR whose seven bonds financed Energy, Buildings,
Transport, Water and Waste.
All 2020 green bond and loan issuance carries a form of external review
100% of the 2020 green bond and loan volume benefits from external review
in the form of SPOs, repeating the achievement of 2019. Sustainalytics
was the top reviewer in 2020, providing SPOs to Swire Properties (3 bonds
and one loan), Hang Lung Properties and its Special Purpose Entity HLP
Finance (a total of 3 bonds) and MTR Corp (7 bonds), while the two deals
from HSBC followed the framework that had been reviewed by CICERO. In
terms of volume, 98% of the issuance amount (USD2.04bn) was reviewed by
Sustainalytics, up from 28% market share last year, with CICERO reviewing
the remaining USD50m from HSBC.
HKEX remains most popular listing venue in the region
Hong Kong Stock Exchange (HKEX) remained the largest venue for China’s
offshore green bond listing. In addition to Hong Kong’s local issuance, such
as MTR’s USD1.2bn green bond, there are USD3.9bn worth of green bonds
from eight mainland China-domiciled issuers listed on HKEX. Examples
include Bank of China, China Construction Bank, CIFI Holdings and Zhenro
Properties Group. The multilateral development bank EBRD (European
Bank for Reconstruction and Development) also listed a HKD100m(USD12.9m) green bond on HKEX. In terms of upcoming changes in 2021, it
will be interesting to see the response to HKEX’s mandatory ESG reporting
regulation for listed companies and how, if at all, it will impact green bonddisclosure in the future.

The broader universe of sustainablefinance products
The Covid pandemic has prompted the world to rethink sustainability andour relationship with natural ecosystem. In 2020, the global sustainabledebt market that includes green, social and sustainability (GSS) - themedbonds hit a new record, with USD700bn worth of GSS instruments issued,
almost double the prior year which stood at USD358bn.7

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative

SPO Sustainalytics
98%
Source: Climate Bonds Initiative

In Hong Kong, social and sustainability themed issuance as well as related
innovative products also bloomed in 2020. Repeat green bond issuer
MTR expanded its financing tools by issuing USD60m sustainability bond.
Industrial Bank placed through its Hong Kong Branch a USD385m pandemic
bond, which was health-related and hence sat under the social theme.
Additionally, Hong Kong real estate sector has been increasingly leveraging
sustainability-linked loans (SLLs) and pioneering in hedging solutions.
SLL are a non-use-of-proceeds type of debts where funds raised are
not earmarked or ringfenced, and interest margin depends on the
borrower’s performance against predetermined environmental, social andgovernance (ESG) targets. Hang Lung Properties signed its inaugural SLLs
worth USD193m (HKD1.5bn) and Fortune REIT secured its first SLL worth
USD129m (HKD1bn) in 2020,8,9 while Hysan Development and New World
Development hedged their risk exposures with innovative sustainabilitylinked cross-currency swap and interest rate swap linked to the United
Nations Sustainable Development Goals (UNSDGs) respectively, both werefirst of its kind in Hong Kong .10,11 These broader sustainable finance products
are not included in the Climate Bonds green bond & loan figures and theabove-mentioned deals have not been screened in line with Climate Bonds
Green Bond Database criteria but are noted here for completeness.

2

To reflect the size of Hong Kong as
an international financial centre forgreen bond issuance, the Hong Kong
Monetary Authority (HKMA) adopts adifferent methodology to Climate Bonds(as described on p.1) in measuring thegreen bond market size.
The HKMA considers a green bondas arranged and issued in Hong Kong
if a majority of its arranging activities
take place in Hong Kong. Bondarranging activities comprise originating
and structuring, legal and transaction
documentation preparation, andsale and distribution. There is adistinction between Climate Bonds’and HKMA’s approach to measuringmarket size. This section analyses atthe Hong Kong green bond market using
HKMA’s methodology.
Although Climate Bonds and HKMA use
different approaches to determine market
size, all the green bonds and loans
captured by the HKMA are aligned to
Climate Bonds green definition.

Cumulative green debt arranged and issued in Hong Kongamounts to over USD38bn
40

30

20
Amount in USDbn

Market dynamics from a
broader perspective: green
bonds arranged by banks in
Hong Kong

10

0
2015
Mainland China
Germany

2016

2017

Hong Kong
Singapore

India

Mainland entities continued to drive themarket, with green debt issuance totalling
USD7bn in 2020, or 60% of the total. Local Hong
Kong issuers were the second largest issuer
group, making up nearly 26% of the market.
The rest of the market comprised issuers from a
broad range of countries in Asia Pacific, Middle
East and Europe.

2018
MDB

2019
Japan

Philippines

2020
South Korea

Abu Dhabi

UKby Bank of China, as well as HSBC’s inaugural
green institutional certificates of deposit.13
69% of total green debt by volume wasdenominated in USD, a decline from 81%
in 2019. HKD was the second most popularcurrency, accounting for over 20% of total
issuance by volume. EUR and CNY contributed
similar shares, of 5% each.

Hong Kong’s green debt market continued to
grow in size and diversity. In 2020, USD12bn ofgreen debt was arranged and issued in Hong
Kong, of which USD1.3bn were green loans.
Cumulative green debt issuance amounted toover USD38bn by the end of 2020.

Corporates, notably the real estate sector,
led the issuer universe, making up 66% of total
green debt issuance in 2020, overtaking financial
institutions for the first time. Still, financial
institutions (FIs) contributed nearly 30% of themarket, with some notable issuances including
the first HKD green bond by a Middle East issuer(First Abu Dhabi Bank12), Asia’s first blue bond

There were positive signs of wider adoption ofgreen and sustainable financing, in terms of
issuers and product types: one-third of thegreen bond issuers in 2020 were first timeissuers in Hong Kong, and we saw sizableissuance of sustainability-linked loans andbonds and transition bonds.14

Mainland issuers led green debt
issuance in 2020

2020: Corporate issuers accountfor 66% issuanceMix of currencies with
USD leading

Germany 1.8%
Philippines 3.0%
India 3.8%
MDB 2.7%

Policy/developmentbank 1.8%

EUR 5.0%
CNY 4.6%

Abu Dhabi 0.8%
UK 0.5%Singapore 0.5%
Australia 0.6%

MDB 2.7%
Financial
Institutions
29.9%

AUD 1.0%

Corporate- Energy
11.2%
Hong
Kong
25.9%

Mainland
China
60.3%

HKD
20.4%

Corporate- Others
20.4%

Corporate - Real Estate
34%

USD
69.0%

All graphs: HKMA, according to HKMA methodology

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative

3

The Greater Bay Area
(GBA) includes twoSpecial Administrative
Regions of Hong Kongand Macau, together
with the nine cities in
Guangdong Province. It is
included here because of the regions increasingly
important collaboration, following the StateCouncil’s announcement of the “Outline of the
Guangdong-Hong Kong-Macau Greater Bay
Area Development Plan” in early 2019, whichplaces heavy emphasis on green development
and low-carbon transition, along with a seriesof policy measures from governments on both
central and local levels thereafter.
Eligible green bonds from the GBA-domiciled
issuers in 2020 amounted to USD3.1bn, a
51% decline year-on-year, a similar trend
is observed in China’s green bond market.
Aligned green bonds from Guangdong
totalled USD603m (versus USD2.9bn in 2019),
which were brought by Dongguan Rural
Commercial Bank, China Resources Leasing
Co. Ltd., Guangzhou Transportation Groupand Guangdong Power Development. A
total of USD3.1bn worth of green bonds by
Guangdong-domiciled issuers are not aligned,
mostly due to issuers allocating proceeds togeneral working capital (rather than specificgreen projects) – this is not in line with the
Climate Bonds Green Bond Database criteria.

Following the inaugural green bond placedin Macau by Bank of China in 2019, the banktapped the debt capital market through its
Macau branch again in 2020, with a USD442m
blue bond. It was Asia’s first blue bond withproceeds allocated to offshore wind energy andmarine-related integrated sewage treatment
projects. (Note: Bank of China is a Chinadomiciled issuer, hence it is included in the
Climate Bonds Initiative’s China green bonds
tally, instead of being classified as a bond issuedby Macau-domiciled issuer, the bond is noted
here for completeness).
Buildings were the dominant theme of GBA
green bonds in 2020, accounting for 44% of thetotal volume, driven by the green buildingsrelated issuance in Hong Kong. Transport (20%)
and Energy (14%) were the next largest use ofproceeds categories of GBA green bonds.

Buildings remained thedominant theme in GBA
Unallocated A&R <1%

Waste
11%

Land Use <1%

Energy
14%

Water
9%

Transport
20%

Buildings
44%

Source: Climate Bonds Initiative

Green bond issuance in GBA slowed down amid the global pandemic
6

Amount issued (USDbn)

Greater Bay Area: Green bondissuance slows down amid theglobal pandemic

5

Macau

4

Hong Kong

3

Guangdong

2
1
0
2016

Wider market developments in Hong Kong
Transforming into a climate-resilient financial system withmultidimensional policy actions
Scaling up investments for climate action and sustainability requires
unwavering policy support. In 2020, Hong Kong rolled out a series of policy
actions that aim at bolstering the development of green and sustainablefinance in different dimensions:
Climate pledge to carbon neutrality by 2050
In November, Hong Kong Chief Executive Carrie Lam announced Hong
Kong’s 2050 carbon neutrality goal in her 2020 Policy Address. To thisend, the government will also update the “Hong Kong’s Climate Action
Plan” and set out more proactive strategies as well as measures to reducecarbon emissions.15
Green prudential measure
In May 2020, the Hong Kong Monetary Authority (HKMA) announced
the details of the Common Assessment Framework, a self-assessment
framework that collects information surrounding six categories, namely
governance, corporate planning and tools, risk management process,business policies, products and services, performance and resources,
disclosure and communication. It serves as a tool to evaluate financial
institutions’ capacity to address climate (both physical and transition) andenvironmental-related risks.16

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative

2017

2018

2019

2020
Source: Climate Bonds Initiative

Climate-risk disclosure becomes part of Fund Manager
Code of Conduct
In October, the Securities and Futures Commission (SFC) launched aconsultation on the proposed amendment of the Fund Manager Code of
Conduct, requiring fund managers to factor climate-related risks into theirinvestment and risk management processes. In view of growing demands
for climate risk information on investment, SFC also proposed to set out
baseline requirements for fund managers, to improve disclosure quality
and comparability.17
Green and sustainable finance prompts cross-departmental collaboration
In May 2020, the Green and Sustainable Finance Cross-Agency SteeringGroup was convened, with HKMA and SFC as co-chairs, and other members
including the Environment Bureau, the Financial Services and the Treasury
Bureau, Hong Kong Exchanges and Clearing Limited (HKEX), the Insurance
Authority and the Mandatory Provident Fund Schemes Authority. In
December, the Steering Group unveiled its strategic plan for strengthening
Hong Kong’s green and sustainable finance ecosystem, spanning six
long-term focus areas. Five near-term action points were also set out - theSteering Group intends to require adoption of Task Force on Climate-related
Financial Disclosures recommendations across relevant sectors by 2025,
and adopt the Common Ground Taxonomy, which will be developed in
2021 by the International Platform on Sustainable Finance (IPSF) Working
Group on Taxonomies co-led by China and the EU.18

4

A look ahead to 2021 – upping the ante on
financing for low carbon transition
Closer collaboration with the Greater Bay Area
The Hong Kong Green Finance Association (HKGFA) celebrated theofficial launch of the Guangdong-Hong Kong-Macau Greater Bay Area
Green Finance Alliance (“GBA-GFA”) at the inaugural launch ceremonyin Guangdong last September. The Alliance aims to promote researchand incubate green investments that will benefit the GBA by leveraging
the vast green investment demand in Guangdong and green financecapacities in Hong Kong and Macau. The Alliance is already supporting
six green finance-related projects: the Green Building Project, Blockchain
Solar Project and Carbon Connect will be led by Hong Kong, the Solid
Waste Disposal will be led by Shenzhen and the Green Supply Chain
Financing Action Guide will be led by Guangdong. The GBA deep
decarbonisation research is the latest project newly added to theplatform, aiming to provide detailed carbon neutrality pathway and toscale up transition financing in the Greater Bay Area.
Within the short space of time, the Green Building Project has alreadyreleased two landmark reports on financing the decarbonisation of thebuildings industry. “Green Building Rating System Energy Benchmarking
Report” and “Buildings Policy Decarbonisation Report” state that energy
saving requirements must be clearly set for all Green Building Rating
Systems. The reports also suggest that a building sector decarbonisation
roadmap should be developed with steps to achieve net-zero by 2050.
A dedicated Cross-Agency Body will be necessary to implement the
decarbonisation roadmap. The second GBA-GFA annual forum is expected
to take place in Shenzhen in the 2nd half of 2021.
Closer collaboration between Hong Kong and other GBA cities would
facilitate coordinated effort on strategic sectoral planning, standard setting
and carbon emission data collection for a more comprehensive approachof decarbonisation. Apart from green buildings, there is also a huge
potential for growing green securitisation in the GBA, as green ABS remains
a common issuer type for green bonds in Guangdong, cumulative issuancereached USD2.4bn (or accounted for 38%) since 2016, and it is instrumental
in improving access to capital for small-scale green projects. Hong Kongis well positioned to serve as a financing hub in channelling international
capital into GBA’s green ABS.

Green ABS is common in Guangdong

Amount issued (USDbn)

2.0News and events
HKEX announced its plan to launch Sustainable and Green
Exchange (STAGE) in June 2020, Asia’s first multi-asset sustainable
investment product platform and an online product repository. In
December, when STAGE was officially launched, 29 sustainable-themed
products from leading Asian corporates were featured, a variety of
sectors including utilities, transportation, property development andfinancial services as well as ESG-related exchange traded products.19
In June, the HKMA issued the White Paper on Green andSustainable Banking to give an overview on climate change andsustainability issues, and discuss the implications of these issues on
the banking sector. The regulator’s initial thoughts on supervisory
expectations and requirements were also presented.20
In November, International Finance Corporation (IFC) and HKMA
signed a new partnership to support commercial banks in Asia on
their green transition and address climate change- the Alliance forGreen Commercial Banks. The HKMA serves as the founding member
and first regional anchor for the new Alliance. The HKMA and IFC will
jointly set up targeted initiatives and campaigns providing practicalguidance for banks to plan for mainstreaming of green finance andrevamp existing green financial products and services.21

Working towards Hong Kong’s net zero carbon future
Subsequent to the commitment of carbon neutrality by 2050 , the HKSAR
government is expected to announce the revamped “Hong Kong’s Climate
Action Plan” in the middle of 2021, with more aggressive carbon reduction
strategies and measures.
Turning pledges to intended outcomes requires a holistic approach withcoordinated efforts between the government, regulators, banks, investors
and private sector in devising decarbonisation strategies and action plansat sectoral level, underpinned by a series of effective policy (including
monetary, macroprudential and fiscal) and financing tools.
The HKSAR government has issued USD3.5bn worth green bonds thus far(including the inaugural USD1bn in 2019 and USD2.5bn in February 2021),
leading the sovereign green bond space in Asia. In early 2021, it announced
to issue about USD23bn (HKD175.5bn) green bonds in next five years,
having regard to the market situation, aiming to cover a larger variety of
project types and bond features.
Working towards achieving a carbon neutrality target, will entail not only
promoting the green industry, but also supporting traditional, carbonintensive industries to embark on “brown- to-green” transition, i.e.,
decarbonising the high emitting and hard-to-abate sectors. Demonstration
issuances by the HKSAR government that finance ambitious transition
pathways could allow deeper engagement between various governmental
bureaus, ensuring funding allocation matches with decarbonisation
strategies and sectoral priorities, and the city will be gradually moving awayfrom the current fossil-fuel-reliant energy mix.

1.5
1.0
0.5
0
Guangdong

Macau

Hong Kong

Green Bond Issuance in 2020
Financial corporate

Non-financial corporate

Government-backed entity

ABS

Demonstration issuance would also benefit the market by giving clear
guidance on domestic decarbonisation pathways and best practices ontarget setting and disclosure requirements, thereby strengthening Hong
Kong’s role as Asia’s sustainable finance hub.

Loan
Source: Climate Bonds Initiative

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative5

Credible and ambitious transition finance can support Asia’s carbon
neutrality goals
Addressing climate change requires fundamental and rapid transformation
across all sectors of the economy. The question is no longer why or whether
the global economy needs to move towards a low carbon, climate adapted,
sustainable model, but rather how rapidly the required transition can befinanced and operationalised.
Transition finance and the understanding of sufficiently ambitious transition
pathways are still at a nascent stage. Hong Kong could play a crucial role inlending a voice of support and contemplating how regulation could assist
in incentivising the Asian market to scale. The robust development oftransition finance hinges on credibility and ambition, as the transition
strategies and pathways set out by issuers will come under even greater
scrutiny than other instruments.
In Asia, transition finance is taking shape with a growing number of issuersraising funds from transition bonds or loans. While the first movers haveplayed a vital role in bringing attention to this space, the link between
individual deals and wider transition pathways to net zero by 2050 has been
limited thus far.

Endnotes
1. HKMA figures capture green bonds and green loans, of which
majority of debt arranging activities take place in Hong Kong. See p. 3
2. Climate Bonds identified at least six other eligible green loans
worth USD899m by Hong Kong entities in 2020, however, due toconfidentiality, these deals are not included in the figures in thisreport nor the Climate Bonds database.
3. Climate Bonds records the borrower’s name rather than thelender’s name for a green loan.
4. https://www.climatebonds.net/market/green-bond-database-methodolgy
5. https://www.hkma.gov.hk/media/eng/doc/key-information/pressrelease/2021/20210504e4a1.pdf
6. A&R stands for adaptation and resilience, for bonds with proceeds
allocated to A&R but without mentioning the sector, then at Climate
Bonds, we allocate the % of Use of Proceeds to Unallocated A&R.
7. Climate Bonds is now expanding our renowned tracking andcoverage of the green bond market to data including other thematic
debt instruments – particularly sustainability and social bonds, as
we believe Green, Social and Sustainability (GSS) debt market is key
to the transition to low-carbon, sustainable, and resilient economies
across the world.

Science-based sector-specific transition pathways are essential for issuers
to understand what is eligible to be financed. While these are being
developed, issuers could look to available guidance in the Transition Bond
Principles and Climate Bonds “Financing Credible Transitions” Whitepaper(see below).22
To attract more transition finance deal flows, Hong Kong policymakers
will have to take a proactive role in leading the collaborative effort
with investment community, scientists, subject matter experts andintermediaries in reinforcing the idea of an ambitious and robust transition
model. In the “Financing Credible Transition” Whitepaper published in lastSeptember, Climate Bonds highlights that transition has to be sciencebased and in line with 1.5-degree global warming outcomes, i.e., it should
not be a transition to transition.
Hong Kong’s leadership in aligning to a robust framework and coordinating
actions across the financial system to support economy-wide transition, as
advocated by the Glasgow Financial Alliance for Net Zero (GFANZ)23 , would
be pivotal in raising awareness of the climate emergency in lead up to
United Nations COP 26 this November and beyond.

8. https://www.hanglung.com/en-us/media-center/pressreleases/2020/20201208
9. https://www.dbs.com/newsroom/Fortune_REIT_secures_its_First_
Sustainability_Linked_Loan_of_HK1_Billion_from_DBS
10. https://cib.bnpparibas/asian-real-estate-embraces-sustainablefinancial-solutions/11. https://www.theasset.com/article-esg/42303/new-world-dbscomplete-interest-rate-swap-linked-to-unsdgs
12. https://www.bankfab.com/en-ae/about-fab/group/in-the-media/
fab-issues-hkd750-million-five-year-green-bond
13. https://www.about.hsbc.com.hk/-/media/hong-kong/en/newsand-media/200310-institutional-green-cd-en.pdf
14. These broader sustainable instruments (e.g. sustainability-linked
deals and transition bonds) were not included in the green debt
figures above.
15. https://www.policyaddress.gov.hk/2020/eng/pdf/PA2020.pdf
16. https://www.hkma.gov.hk/media/eng/doc/key-information/
guidelines-and-circular/2020/20200513e1.pdf

Supported by the Hong Kong Monetary Authority

Supported by the Hong Kong
Green Finance Association

17. https://apps.sfc.hk/edistributionWeb/gateway/EN/news-andannouncements/news/doc?refNo=20PR104
18. https://www.hkma.gov.hk/eng/news-and-media/pressreleases/2020/12/20201217-4/
19. https://www.hkex.com.hk/News/NewsRelease/2020/201201news?sc_lang=en
20. https://www.hkma.gov.hk/media/chi/doc/key-information/
guidelines-and-circular/2020/20200630c1a1.pdf
21. https://www.hkma.gov.hk/eng/news-and-media/pressreleases/2020/11/20201109-4/
22. https://www.climatebonds.net/transition-finance/fin-credibletransitions
23. The Glasgow Financial Alliance for Net Zero (GFANZ) is a financial
services industry-led and UN-convened alliance set up in April
2021, which is made up of over 160 world’s largest banks with theaim to facilitate strategic and technical coordination to accelerate
the transition to a net zero economy. https://unfccc.int/news/newfinancial-alliance-for-net-zero-emissions-launches

Gold Partner – HSBC

Authors: Ivy Lau, Prashant Lonikar
Editors: Bridget Boulle, Alan Meng
We thank the following individuals for their input: Ting Wang
and Grace Wong (HKMA), Tracy Wong Harris (HKGFA)
Design: Godfrey Design© Climate Bonds Initiative, May 2021
www.climatebonds.net
Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation
or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external
websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should
be taken as such, nor should any information in this communication be relied upon in making any investment decision. Certification under the Climate Bond Standard only reflects the climate attributes of the use ofproceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws. A decision to invest in anything is solely yours.
The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole
or in part on any information contained within this, or any other Climate Bonds Initiative public communication.

Hong Kong Green Bond Market Briefing 2020 Climate Bonds Initiative

6