Hong Kong sets aside US$30b for decarbonisation initiatives

Its goal is to achieve carbon neutrality before 2050.

In the next 15 to 20 years, Hong Kong will allocate US$30b (approximately $234b) for its decarbonisation initiatives.

Its goal is to achieve carbon neutrality before 2050 and reduce carbon emissions by 50% before 2035.

The government will focus on four major decarbonisation strategies including phasing out coal for daily electricity generation, promoting green buildings, promoting green transport, and waste reduction.

Development of hydrogen fuel has also been announced as a strategy in the Chief Executive’s 2023 Policy Address.

In 2022, the total green and sustainable debt arranged or issued in Hong Kong exceeded US$80b, up more than 40% YoY.

About 67% or Hong Kong’s carbon emissions come mainly from electricity generation. 90% of electricity generation are from buildings, 19% from transport, and 8% from waste.