Hong Kong Green Market Briefing 2023

The Hong Kong Green Market Briefing 2023, published by the Climate Bonds Initiative, provides a comprehensive analysis of the sustainable debt market in Hong Kong as of December 31, 2023. The report highlights a significant surge in aligned GSS+ debt originating from the HKSAR, driven primarily by government green bond issuance, and examines the role of the Hong Kong Stock Exchange (HKEX) and the Common Ground Taxonomy (CGT) in connecting Chinese and international capital.

• Aligned GSS+ debt originating from Hong Kong reached USD 18.2 billion in 2023, marking a 236% year-on-year increase. The market was dominated by green-themed debt, which accounted for USD 15.6 billion, while social-themed debt totaled USD 2.6 billion.
• The HKSAR Government is a dominant force in the region's sustainable debt market, serving as the largest government green bond issuer in the Asia-Pacific region. In 2023, the government issued 92% of the green bond volume, totaling USD 14.4 billion, with cumulative government green bond volume exceeding USD 24.2 billion.
• Low-Carbon Buildings and Land Use were the primary categories for green use of proceeds in 2023. Green buildings accounted for nearly a third of the volume at USD 4.4 billion, while Land Use saw the largest relative growth, increasing 468% to USD 3.2 billion from USD 0.56 billion in 2022.
• The Hong Kong Stock Exchange (HKEX) is the primary venue for offshore Chinese green bond listings, hosting over 43% of such issuances in 2023. This included significant deals from the Industrial and Commercial Bank of China (ICBC), such as a USD 1 billion deal for solar, wind, and clean transportation.
• The Common Ground Taxonomy (CGT), a joint initiative between the People's Bank of China and the European Commission, is seeing increased application. As of 2023, 216 green bonds have met CGT standards with a combined volume of CNY 297.4 billion (USD 41.9 billion), though the vast majority of this issuance has been onshore and CNY-denominated.
• Social and sustainability (S&S) issuance from Hong Kong grew for the third consecutive year, reaching USD 2.56 billion in 2023. This was largely driven by the Hong Kong Mortgage Corp, which priced the year's largest aligned social bond in Hong Kong and Asia, a triple-tranche deal totaling HKD 20 billion (USD 2.5 billion).
• While Hong Kong has seen some sustainability-linked bond (SLB) activity, none of the six deals issued by New World Development, Seaspan Corp, and Towngas (totaling USD 1.3 billion) were aligned with the Climate Bonds SLB Database because they were not tied to issuer GHG targets.

APA

Zhan, G., Matthew, M., Wenhong, X., & Xinru, X. (2024). Hong Kong Green Market Briefing 2023. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Sustainable-Debt-Market-Briefing-2023.pdf

Chicago

Zhan, Gao, MacGeoch Matthew, Xie Wenhong, and XU Xinru. Hong Kong Green Market Briefing 2023. Climate Bonds Initiative, 2024. https://www.climatebonds.net/files/documents/publications/Hong-Kong-Sustainable-Debt-Market-Briefing-2023.pdf.

Wikipedia

{{cite report |last1=Zhan |first1=Gao |last2=Matthew |first2=MacGeoch |last3=Wenhong |first3=Xie |last4=Xinru |first4=XU |title=Hong Kong Green Market Briefing 2023 |publisher=Climate Bonds Initiative |date=June 2024 |url=https://www.climatebonds.net/files/documents/publications/Hong-Kong-Sustainable-Debt-Market-Briefing-2023.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{zhan2024hong, author = {Zhan, Gao and Matthew, MacGeoch and Wenhong, Xie and Xinru, XU}, title = {{Hong Kong Green Market Briefing 2023}}, institution = {Climate Bonds Initiative}, year = {2024}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/Hong-Kong-Sustainable-Debt-Market-Briefing-2023.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }