Hong Kong Green Market Briefing 2022

The Hong Kong Green Market Briefing 2022, published by the Climate Bonds Initiative, analyzes the green, social, sustainability, transition, and sustainability-linked debt (GSS+) market in Hong Kong for 2022. It highlights a decline in GSS+ bond volumes from Hong Kong issuers amid macroeconomic challenges, while noting significant growth in GSS+ debt arranged and issued within the territory, particularly in the loan market. The report emphasizes the HKSAR Government's leadership in sovereign green bond issuance in the Asia Pacific region and Hong Kong's role as a primary offshore financing hub for Mainland China's green transition.

• In 2022, GSS+ bond volumes from Hong Kong issuers experienced a significant year-on-year decline of 60%, falling to USD5.3bn. This trend was mirrored in the green bond sector, where labelled green bonds dropped 49% YoY to USD7.0bn, and bonds aligned with Climate Bonds definitions declined by 65% to USD3.4bn, driven largely by rising interest rates.
• The HKSAR Government is a leading issuer of government green bonds (GGB) in the Asia Pacific region, pricing ten green bonds totaling USD9.8bn by the end of 2022. In May 2022, it issued the world's first inflation-linked green bond, an HKD20bn (USD2.6bn) deal linked to HKCPI, which also stood as the largest retail green bond globally.
• According to HKMA methodology, total GSS+ debt arranged and issued in Hong Kong grew by over 40% YoY to reach USD80.5bn in 2022. This growth was primarily driven by GSS+ loans, which more than doubled from 2021 to reach USD52.7bn, with sustainability-linked loans (SLLs) accounting for over two-thirds of that loan market.
• Hong Kong serves as a critical offshore financing platform for Mainland China, with the Hong Kong Stock Exchange (HKEx) remaining the largest venue for China's offshore green bond listings in 2022, capturing 43% of the offshore volume from Mainland China domiciled issuers.
• The 2022 market saw the introduction of the first social bonds from Hong Kong issuers, totaling USD1.6bn. This included a USD200m social bond from The New World Development Company Limited in June 2022 and a dual-tranche social deal from The Hong Kong Mortgage Corporation Limited in October 2022 consisting of HKD8bn 2-year and CNH3bn 3-year bonds.
• The HKSAR Government plans to increase annual green bond issuance under the GGB Programme to HKD65bn (USD8.3bn) for the five financial years starting from 2023-24, while expanding the scope to include sustainable finance projects.

APA

Deng, M. (2023). Hong Kong Green Market Briefing 2022. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_hk_briefing_2022_final.pdf

Chicago

Deng, Manshu. Hong Kong Green Market Briefing 2022. Climate Bonds Initiative, 2023. https://www.climatebonds.net/files/documents/publications/cbi_hk_briefing_2022_final.pdf.

Wikipedia

{{cite report |last1=Deng |first1=Manshu |title=Hong Kong Green Market Briefing 2022 |publisher=Climate Bonds Initiative |date=June 2023 |url=https://www.climatebonds.net/files/documents/publications/cbi_hk_briefing_2022_final.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{deng2023hong, author = {Deng, Manshu}, title = {{Hong Kong Green Market Briefing 2022}}, institution = {Climate Bonds Initiative}, year = {2023}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/cbi_hk_briefing_2022_final.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }