Hong Kong Green and Sustainable Debt Market Briefing 2021

The Hong Kong Green and Sustainable Debt Market Briefing 2021, published by the Climate Bonds Initiative, analyzes the growth and composition of the GSS+ (green, social, sustainability, transition, and sustainability-linked) debt market in Hong Kong for the year 2021. The report highlights a significant expansion in green debt instruments, the role of the HKSAR Government in driving market growth, and the city's efforts to establish itself as an international green finance hub through the adoption of the Common Ground Taxonomy (CGT).

• In 2021, Hong Kong's labelled green debt market experienced its highest growth since 2016, increasing 6.5 times year-on-year to reach USD19bn.
• Climate Bonds identified USD14bn in GSS+ labelled debt from Hong Kong issuers in 2021, with green debt instruments aligned with the Climate Bonds Green Bond Database (GBDB) making up 75% of that total. Specifically, green bonds and loans aligned with the GBDB totaled USD10.4bn, bringing the cumulative green debt offering to USD20bn by the end of 2021.
• The HKSAR Government and corporate issuers dominated the green debt market in 2021, accounting for 93% of instruments. The HKSAR Government alone issued over USD6bn in green bonds across six deals, representing 60% of the total green debt offering from Hong Kong.
• Use of Proceeds (UoP) for green bonds in 2021 were more diversified than in previous years. Buildings remained the top category at 29% (USD3bn), followed by Energy at 17% (USD1.8bn) and Transport at 15% (USD1.5bn).
• Other thematic debt instruments emerged or grew in 2021: sustainability bonds saw debut issuance totaling USD1.6bn from four issuers; sustainability-linked bonds (SLBs) grew 3.4 times year-on-year to USD0.9bn; and transition bonds reached USD1.1bn.
• Using the Hong Kong Monetary Authority (HKMA) methodology, which includes bonds arranged in Hong Kong and loans issued in Hong Kong, the GSS+ debt market reached USD57bn in 2021. This includes USD31.3bn in bonds and USD25.4bn in loans, with mainland entities driving over 80% (USD25bn) of the total.
• The HKSAR Government has expanded its Green Bond Programme, doubling the borrowing ceiling to HKD200bn (USD25.6bn) in July 2021 and launching a HKD20bn (USD2.6bn) inaugural retail green bond in May 2022.
• Hong Kong is working to develop a local green classification framework aligned with the Common Ground Taxonomy (CGT) to improve interoperability between the EU and China's taxonomies and facilitate cross-border green finance flows.

APA

Deng, M., & MacGeoch, M. (2022). Hong Kong Green and Sustainable Debt Market Briefing 2021. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-and-Sustainable-Debt-Market-Briefing-2021_2025-02-17-162942_ipqp.pdf

Chicago

Deng, Manshu, and Matthew MacGeoch. Hong Kong Green and Sustainable Debt Market Briefing 2021. Climate Bonds Initiative, 2022. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-and-Sustainable-Debt-Market-Briefing-2021_2025-02-17-162942_ipqp.pdf.

Wikipedia

{{cite report |last1=Deng |first1=Manshu |last2=MacGeoch |first2=Matthew |title=Hong Kong Green and Sustainable Debt Market Briefing 2021 |publisher=Climate Bonds Initiative |date=July 2022 |url=https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-and-Sustainable-Debt-Market-Briefing-2021_2025-02-17-162942_ipqp.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{deng2022hong, author = {Deng, Manshu and MacGeoch, Matthew}, title = {{Hong Kong Green and Sustainable Debt Market Briefing 2021}}, institution = {Climate Bonds Initiative}, year = {2022}, month = jul, url = {https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-and-Sustainable-Debt-Market-Briefing-2021_2025-02-17-162942_ipqp.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }