Hong Kong green bond market briefing

The Hong Kong green bond market in 2019 saw a slight decrease in issuance by domestic entities to USD 2.6 billion, but achieved greater issuer diversity and the launch of the first government green bond. Low-carbon buildings dominated proceed allocations at 61%. The market is increasingly characterized by local currency denomination and a strong connection to the Greater Bay Area, with total GBA-domiciled issuance reaching USD 6.4 billion. Regulatory bodies like the HKMA and SFC have introduced measures to enhance ESG disclosures and sustainable banking frameworks to bolster the city's status as a regional sustainable finance hub.

• Total green bond issuance by Hong Kong-domiciled entities in 2019 was USD 2.6 billion (HKD 20 billion), representing a 5% decrease of USD 140 million compared to 2018.
• The 2019 market was the most diverse to date in terms of issuer types, featuring four different types, including the first-ever government green bond and the first financial corporate deal since 2016.
• Low-carbon buildings were the primary focus of green bond proceeds in 2019, accounting for 61% of allocations, the highest share recorded to date.
• There was a significant shift toward local currency denomination in 2019, with HKD-denominated deals accounting for 61% of the volume, making it the first year where the majority of volume was in local currency.
• External reviews are highly prevalent in the Hong Kong market; 100% of 2019 green bond issuance volume benefited from at least one type of external review, with 67% receiving a second party opinion (SPO).
• The Greater Bay Area (GBA) showed strong growth, with total green bond volume from GBA-domiciled issuers reaching USD 6.4 billion in 2019, a 54% year-on-year increase.
• The HKSAR Government's inaugural green bond of USD 1 billion was priced on 21 May 2019 with a 5-year tenor, attracting orders exceeding USD 4 billion from over 100 global institutional investors.
• Post-issuance transparency is high among established deals, with 81% (USD 3.6 billion) of green bonds issued since 2016 providing disclosure on the allocation of proceeds.

APA

Lau, I., Almeida, M., Meng, A. X., & Giorgi, A. (2020). Hong Kong green bond market briefing. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2019.pdf

Chicago

Lau, Ivy, Miguel Almeida, Alan Xiangrui Meng, and Amanda Giorgi. Hong Kong green bond market briefing. Climate Bonds Initiative, 2020. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2019.pdf.

Wikipedia

{{cite report |last1=Lau |first1=Ivy |last2=Almeida |first2=Miguel |last3=Meng |first3=Alan Xiangrui |last4=Giorgi |first4=Amanda |title=Hong Kong green bond market briefing |publisher=Climate Bonds Initiative |date=May 2020 |url=https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2019.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lau2020hong, author = {Lau, Ivy and Almeida, Miguel and Meng, Alan Xiangrui and Giorgi, Amanda}, title = {{Hong Kong green bond market briefing}}, institution = {Climate Bonds Initiative}, year = {2020}, month = may, url = {https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2019.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }