Hong Kong Green Bond Market Briefing 2020

The Hong Kong green bond market in 2020 saw a record number of deals but an 18% decline in total volume to USD 2.09bn. Low-carbon buildings remained the primary theme for proceed allocations, though waste reached a record high. The market is supported by new government initiatives, including a 2050 carbon neutrality pledge and the Green and Sustainable Finance Grant Scheme. While local issuance is significant, mainland China entities continue to drive the broader green debt market arranged in Hong Kong.

• In 2020, Hong Kong saw its highest number of deals to date, yet the total volume of aligned green bonds and loans decreased by 18% compared to 2019, totaling USD 2.09bn.
• MTR Corp was the most active issuer in 2020, producing seven bonds with a total volume of USD 1.5bn, including the year's largest single deal of USD 1.2bn in August.
• Low-carbon buildings remained the top category for proceed allocations in 2020 at 36% (USD 745m), though this was a decrease from 61% (USD 1.6bn) in 2019. Transport followed at 26% (USD 550m), and waste reached a record high of over 19% (USD 394m).
• External review was universal for all 2020 green bond and loan volumes, with Sustainalytics providing second-party opinions (SPOs) for 98% of the issuance amount (USD 2.04bn).
• Under the Hong Kong Monetary Authority (HKMA) methodology, which counts debt arranged and issued in Hong Kong, total green debt reached USD 12bn in 2020, with cumulative issuance exceeding USD 38bn. Mainland China entities drove 60% of the 2020 volume (USD 7bn).
• The Greater Bay Area (GBA) experienced a 51% year-on-year decline in eligible green bonds from domiciled issuers in 2020, totaling USD 3.1bn.

APA

Lau, I., & Lonikar, P. (2021). Hong Kong Green Bond Market Briefing 2020. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2020.pdf

Chicago

Lau, Ivy, and Prashant Lonikar. Hong Kong Green Bond Market Briefing 2020. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2020.pdf.

Wikipedia

{{cite report |last1=Lau |first1=Ivy |last2=Lonikar |first2=Prashant |title=Hong Kong Green Bond Market Briefing 2020 |publisher=Climate Bonds Initiative |date=May 2021 |url=https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2020.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lau2021hong, author = {Lau, Ivy and Lonikar, Prashant}, title = {{Hong Kong Green Bond Market Briefing 2020}}, institution = {Climate Bonds Initiative}, year = {2021}, month = may, url = {https://www.climatebonds.net/files/documents/publications/Hong-Kong-Green-Bond-Market-Briefing-2020.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }