Hong Kong Green Market Briefing 2022

The 2022 Hong Kong GSS+ market saw a decline in bond volumes from local issuers due to macroeconomic pressures, but significant growth in debt arranged within the territory, totaling USD 80.5bn. The HKSAR Government remains a regional leader in green bond issuance, while the city continues to serve as a primary offshore financing platform for Mainland China's decarbonisation efforts.

• GSS+ bond volume from Hong Kong issuers experienced a significant year-on-year decline of 60%, falling to USD 5.3bn in 2022, driven by challenging macroeconomic conditions and rising interest rates.
• According to HKMA methodology, total GSS+ debt arranged and issued in Hong Kong increased by over 40% year-on-year to reach USD 80.5bn in 2022, consisting of USD 27.8bn in bonds and USD 52.7bn in loans.
• The HKSAR Government is a leading issuer of government green bonds in the Asia Pacific region, having priced ten green bonds totaling USD 9.8bn by the end of 2022. In May 2022, it issued the world's largest retail green bond, an HKD 20bn (USD 2.6bn) deal with a coupon linked to the HKCPI.
• Hong Kong serves as a critical offshore financing hub for Mainland China, with the Hong Kong Stock Exchange (HKEx) accounting for 43% of offshore green bond listings from Mainland China domiciled issuers in 2022.
• The 2022 market saw the introduction of the first social bonds from Hong Kong issuers, with a combined volume of USD 1.6bn from New World Development and the Hong Kong Mortgage Corporation Limited.
• Climate Bonds updated its Green Bond Database (GBDB) Methodology in July 2022, introducing stricter criteria for buildings (requiring a 30% energy efficiency improvement) and transport (specifying a threshold of less than 50g CO2/p-km for low carbon vehicles by 2025).
• The HKSAR Government plans to increase annual green bond issuance under the GGB Programme to HKD 65bn (USD 8.3bn) for the five financial years starting from 2023-24.

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} }