Hong Kong Sustainable Debt Market Briefing 2024

The Hong Kong sustainable debt market saw a decline in aligned GSS+ volume in 2024 to USD 10.8bn, primarily driven by a 54% drop in green bond issuance. However, social and sustainability bonds grew, and Hong Kong maintained its position as the largest arranging hub for international GSS+ bonds in Asia. The HKSAR Government continues to dominate the local market and lead the Asia-Pacific region in cumulative government green issuance. Key policy developments include the launch of the Hong Kong Taxonomy for Sustainable Finance and new climate-related disclosure requirements effective January 2025.

• Aligned GSS+ debt originating from the HKSAR totaled USD 10.8bn in 2024, a 41% year-on-year decrease. This decline was primarily caused by a 54% drop in aligned green bond volume to USD 7.2bn, although 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 the largest government green bond issuer in the Asia-Pacific region. By the end of 2024, the Government Sustainable Bond Programme (GSBP) had priced USD 28.2bn in green bonds, accounting for 26% of the government GSS+ market in the Asia-Pacific region.

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} }