The HKUST and HKUST (Guangzhou) have jointly launched a three-part research report series titled “Hong Kong Green Finance Policy Research Series”, highlighting Hong Kong’s progress in green finance and the need for strategic refinement as the city aims to enhance its position as a global leader in green and sustainable finance. This study is supported by the Strategic Public Policy Research Funding Scheme, administrated by the Chief Executive’s Policy Unit, and the Theme-based Research Scheme by the Research Grants Council.
Drawing on a longitudinal study on Hong Kong and a large-scale field study conducted in leading global green financial hubs, including London, New York and Singapore, the report identifies strategies for Hong Kong to navigate its path towards becoming a global green finance hub. Despite existing initiatives like the Green and Sustainable Finance Grant Scheme and the Hong Kong Taxonomy for Sustainable Finance, the report emphasizes that a cohesive strategic narrative and systematic planning is crucial for Hong Kong’s green finance development.
The research team suggests that Hong Kong can improve its standing by articulating its strategic role as a bridge connecting Mainland China and the West. Delving deeper, the team explains that developing a world-class green bond market is a pivotal step in Hong Kong’s transition to a green and sustainable finance center. Extracting lessons from the global green finance hubs, the research team has identified four critical imperatives for Hong Kong’s green finance transformation:
- Policy Formulation: Clear policies and actionable plans are essential for articulating green finance objectives.
- Collaboration Mechanisms: Establishing coordinated efforts among stakeholders will foster synergy and innovation.
- Financial Diversification: Tailoring green standards to Hong Kong's unique landscape will promote interoperability with global markets.
- Talent Cultivation: Prioritizing education and professional development in green finance is vital for building capacity.
Read the full three-part report series:
- Hong Kong in Transition: A Paradigm Shift Towards a Green and Sustainable Finance Center
- Hong Kong’s Transition Towards a Green and Sustainable Finance Center: Building a World Top Green and Sustainable Bond Hub
- International Experiences in Green Finance Development: Lessons for Hong Kong
Among the research team and industry experts contributing to the research series are Prof. QI Ye, Acting Dean of Society Hub and Chair Professor of the Carbon Neutrality and Climate Change Thrust, HKUST (GZ) (third from right); Prof. Coco DU, Associate Professor of Practice of the Carbon Neutrality and Climate Change Thrust, HKUST (GZ) (third from left); Ms. Christy YEUNG, Head of Fintech and Green Finance Projects, HKUST (second from right); and Dr. Rocky TUNG, Director and Head of Policy Research, Financial Services Development Council (second from left).