Hong Kong Green Market Briefing 2023

In 2023, Hong Kong's aligned GSS+ debt volume grew by 236% to USD 18.2 billion, driven primarily by the HKSAR Government's green bond issuance. The market is characterized by a strong preference for green-themed debt, with low-carbon buildings and land use as the primary use-of-proceeds categories. While the HKSAR Government dominates the local market, the Hong Kong Stock Exchange remains a key hub for offshore Chinese green bonds. The report also highlights the emergence of transition finance frameworks in mainland China and the introduction of the Hong Kong Taxonomy for Sustainable Finance to improve interoperability with international standards.

• Hong Kong's aligned GSS+ debt volume originating from the HKSAR reached USD 18.2 billion in 2023, marking a 236% year-on-year increase. Green-themed debt dominated this volume at USD 15.6 billion, while social-themed debt totaled USD 2.6 billion.
• The HKSAR Government is a primary driver of the market, accounting for 92% of the 2023 green bond volume (USD 14.4 billion). It is the largest government green bond issuer in the Asia-Pacific region and the fifth largest cumulative government green bond issuer globally.
• Low-carbon buildings and land use were the most popular use-of-proceeds categories in 2023. Green buildings accounted for nearly a third of the volume (USD 4.4 billion), while land use saw the highest growth, increasing 468% to USD 3.2 billion from USD 0.56 billion in 2022.
• The Hong Kong Stock Exchange (HKEX) is the leading venue for offshore Chinese green bond listings, hosting over 43% of such issuances in 2023. This includes significant deals from the Industrial and Commercial Bank of China (ICBC) totaling USD 2.5 billion across three bonds.
• Social and sustainability (S&S) issuance from Hong Kong grew for a third consecutive year, reaching USD 2.56 billion in 2023. The market was dominated by the Hong Kong Mortgage Corp, which issued the year's largest aligned social bond in Hong Kong and Asia, a triple-tranche deal valued at HKD 20 billion (USD 2.5 billion).
• While Hong Kong has had three issuers of sustainability-linked bonds (SLBs)—New World Development, Seaspan Corp, and Towngas—none of their six deals (totaling USD 1.3 billion) are aligned with the Climate Bonds SLBDB because they are not tied to issuer GHG targets.
• To improve interoperability between Chinese and European capital, the HKMA launched the Hong Kong Taxonomy for Sustainable Finance in May 2024, which aligns with the Common Ground Taxonomy (CGT).

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} }