Hong Kong Sustainable Debt Market Briefing 2024

The Hong Kong Sustainable Debt Market Briefing 2024, published by the Climate Bonds Initiative, provides a comprehensive analysis of the Hong Kong Special Administrative Region (HKSAR) green, social, sustainability, and sustainability-linked bond (GSS+) market as of the end of 2024. While overall aligned GSS+ debt volume declined by 41% year-on-year to USD 10.8bn, the report highlights growth in social and sustainability bonds and the HKSAR Government's continued leadership in the Asia-Pacific region through its Sustainable Bond Programme and the introduction of the Hong Kong Taxonomy for Sustainable Finance.

• In 2024, the aligned volume of GSS+ debt originating from the HKSAR was USD 10.8bn, a 41% year-on-year decrease. This decline was primarily driven by a 54% drop in the green bond market, which reached USD 7.2bn. Conversely, aligned social bonds increased by 19.8% to USD 3.1bn, and sustainability bonds grew by 400% to USD 532m.
• The HKSAR Government is the dominant issuer in the local market and a leader in the Asia-Pacific region. By the end of 2024, the Government's Sustainable Bond Programme (GSBP) had priced USD 28.2bn in green-themed GSS+ bonds, accounting for 26% of the government GSS+ market in Asia-Pacific. In 2024 alone, the government issued 11 green bonds totaling USD 3.9bn, including four multi-currency digital green bonds worth USD 752.8m.
• Hong Kong maintains its position as the primary arranging hub for international GSS+ bonds in the region. In 2024, the volume of GSS+ bonds arranged in Hong Kong grew by 43.2% to USD 43.1bn, representing 45% of the Asian international GSS+ bond market.
• The HKSAR Government has expanded its green bond focus to include climate change adaptation and resilience. As of August 31, 2024, 9 of the 116 funded projects are categorized as adaptation projects, primarily focusing on drainage and storm water treatment, such as the Yuen Long Barrage Scheme and the rehabilitation of 41km of underground storm water drains.
• The Hong Kong Monetary Authority (HKMA) launched the Hong Kong Taxonomy for Sustainable Finance in May 2024. This tool, aligned with the Multi-Jurisdiction Common Ground Taxonomy (M-CGT), currently covers 12 economic activities across four sectors: power generation, transportation, construction, and water and waste management.
• The Hong Kong Mortgage Corporation Limited (HKMC) was the sole issuer of social bonds in 2024, with issuance volume increasing 20% to USD 3.06bn. Its triple-currency deal of HKD 23.8bn (USD 3bn) was used to finance loans under the SME Financing Guarantee Scheme Special 100% Loan Guarantee.
• Currency preferences for aligned green bonds shifted in 2024, with the USD becoming the most used currency at 53% (USD 3.8bn), up from 34% in 2023. CNY followed at 31%, while the HKD's share dropped significantly to 4%, down from 24% in 2023.

APA

Muldoon, C., & Harrison, C. (2025). Hong Kong Sustainable Debt Market Briefing 2024. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Hong-Kong-State-of-the-market-briefing-2024_July-2025.pdf

Chicago

Muldoon, Clodagh, and Caroline Harrison. Hong Kong Sustainable Debt Market Briefing 2024. Climate Bonds Initiative, 2025. https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Hong-Kong-State-of-the-market-briefing-2024_July-2025.pdf.

Wikipedia

{{cite report |last1=Muldoon |first1=Clodagh |last2=Harrison |first2=Caroline |title=Hong Kong Sustainable Debt Market Briefing 2024 |publisher=Climate Bonds Initiative |date=June 2025 |url=https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Hong-Kong-State-of-the-market-briefing-2024_July-2025.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{muldoon2025hong, author = {Muldoon, Clodagh and Harrison, Caroline}, title = {{Hong Kong Sustainable Debt Market Briefing 2024}}, institution = {Climate Bonds Initiative}, year = {2025}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/Climate-Bonds_Hong-Kong-State-of-the-market-briefing-2024_July-2025.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }