Hong Kong's Commitment to Sustainable Finance Highlighted at Earth Forum 2025

Acting SFST's speech at Earth Forum 2025

Following is the speech by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, at the Earth Forum 2025 today (April 22):

Plato (Chairperson of Friends of the Earth (HK), Mr Plato Yip), King (Executive Director of the Financial Services Development Council (FSDC), Dr King Au), Dr Leng (Board Member of the International Sustainability Standards Board of the IFRS Foundation, Dr Bing Leng), Dr Guo (Chairman of the China Sustainable Investment Forum (China SIF), Dr Guo Peiyuan), distinguished guests, ladies and gentlemen,

Good afternoon. It is my great honour and pleasure to join you today at the Earth Forum 2025, a gathering of visionaries committed to shaping a sustainable future. First of all, I would like to express my gratitude to Friends of the Earth, FSDC and China SIF for organising this pivotal event and to all of you for your unwavering dedication to advancing green finance.

As Asia's leading international financial centre, Hong Kong has also become Asia's premier hub for green and sustainable finance. To align with the target of achieving carbon neutrality by 2050, Hong Kong has made significant commitments of its own. These targets are not merely aspirational; they are driving systemic reforms across various sectors, including energy, transportation, and finance.

In 2024, the total green and sustainable debts issued in Hong Kong exceeded US$84 billion, among which the volume of green and sustainable bonds arranged in Hong Kong amounted to around US$43 billion, ranking first in the Asian market for seven consecutive years since 2018 and capturing around 45 per cent of the regional total. This accomplishment solidifies our position as the region's premier platform for scaling climate-positive investments and also underscores our dedication to fostering a robust green finance ecosystem.

Hong Kong's status as a strategic nexus for green finance in Asia is central to advancing global sustainability objectives. As of the end of December last year, there are more than 220 ESG (environmental, social and governance) funds in Hong Kong authorised by our regulator, with assets under management (AUM) of around HK$1.2 trillion. This represents a remarkable increase of 136 per cent in the number of funds and a 15 per cent rise in AUM from just three years ago. These elements will solidify Hong Kong's role as the gateway to sustainable finance in Asia.

As an international financial centre, Hong Kong is uniquely positioned to mobilise the necessary capital for climate solutions while ensuring robust integrity within our financial markets. Hong Kong's multifaceted approach encompasses policy frameworks, market infrastructure, innovation ecosystems, and cross-border collaboration. Our Government Sustainable Bond Programme stands as a testament to this transformation. Having raised HK$220 billion since 2019, including the groundbreaking tokenised bond charge, we're not just starting green projects but creating new benchmarks for the market in different currencies and across different tenors. The recent expansion of the programme to include sustainable projects reflects our commitment to financing a broader range of climate solutions.

As we navigate the complexities of climate change and strive for a sustainable future, transparency and robust governance remain fundamental to our approach. In December 2024, we launched a roadmap on sustainability disclosure in Hong Kong. The roadmap sets out Hong Kong's approach to require publicly accountable entities (PAEs) to adopt the ISSB Standards (International Financial Reporting Standards - Sustainability Disclosure Standards). Assuming the role of the sustainability reporting standard setter in Hong Kong, the Hong Kong Institute of Certified Public Accountants (HKICPA) published in December 2024 following a public consultation the Hong Kong Sustainability Disclosure Standards (Hong Kong Standards) fully aligned with the ISSB Standards, with an effective date of August 1, 2025. All these ensure our regulatory framework remains aligned with international best practices while addressing the specific needs of the evolving markets.

Our regulatory framework is fundamental to creating a robust and dynamic sustainable finance ecosystem. By establishing clear guidelines and standards, we can ensure that all stakeholders are aligned in their efforts towards sustainability. The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance in May 2024, aligns with the two mainstream taxonomies of the Mainland and the European Union (EU), and currently encompasses 12 economic activities under four sectors, namely power generation, transportation, construction, and water and waste management. It serves as a pivotal tool to raise awareness about green finance, promote common understanding of green activities, facilitate green finance flows, and provide a foundation for further applications. In its Phase 2 development, the Taxonomy will introduce transition activities and add new green activities to make it more usable and support the transition of the region.

We recognise that developing green finance talent is vital for sustaining our leadership position. Our Pilot Green and Sustainable Finance Capacity Building Support Scheme has successfully approved over 6 400 applications with a total amount of reimbursement of about HK$35.8 million. As mentioned in the 2025-2026 Budget, we will extend the scheme to 2028 to continuously support local green finance talent training.

Our progress reflects the Government's commitment to not only human capital development but also technological innovation. The Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, launched by the Government in June last year, aims to nurture an advanced green fintech ecosystem by providing vital support for innovative projects. The Scheme facilitates the commercialisation of the solutions and the completion of the proof-of-concept stage, enabling wider adoption of green and sustainable fintech solutions with potential in the business landscape of Hong Kong. A total of 39 applicants involving 60 projects were approved, with a grant of HK$150,000 for each project. These initiatives are building the expertise required to sustain Hong Kong's leadership in sustainable finance.

Ladies and gentlemen, the transition to a sustainable future is both our greatest challenge and our most exciting opportunity. Hong Kong stands ready to play its part - as a financial hub, as an innovator and, most importantly, as your partner in this vital work. Looking ahead, we will leverage Hong Kong's unique position as an international financial centre to connect capital with climate solutions. This strategic role positions Hong Kong to make significant contributions to global climate action through financial innovation.

I look forward to today's constructive dialogue and to our continued collaboration in translating these strategic initiatives into tangible outcomes that advance Hong Kong's sustainable finance leadership. Let us work together to build a sustainable future.

Thank you.

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme

Over 80 trainees from the district youth committees in the 18 districts and a local university today (July 12) completed the two-day foundation course titled "Rule of Law Education (ROLE) Stars" of the third phase of the ROLE Stars Train-the-Leaders (TTL) Programme organised by the Department of Justice (DoJ). The course aims to train people from various sectors in the community to become ROLE leaders through training on fundamental topics related to Hong Kong's rule of law and legal system, enhancing their capability in promoting the rule of law in the community on all fronts.

Following the first day of the course taught by the Secretary for Justice, Mr Paul Lam, SC, and member of the Standing Committee of the 14th National People's Congress and Member of the Legislative Council, Dr Starry Lee, last week, the Deputy Secretary for Justice, Dr Cheung Kwok-kwan, elaborated on the second day of the course about the importance of promoting the rule of law, and the responsibilities and roles of ROLE leaders.

Member of the Working Group on Coordination and Liaison (Working Group) under the Steering Committee on Rule of Law Education (Steering Committee), Mr Chan Chak-ming, and member of the Steering Committee, Ms Sabrina Ho, briefed the trainees on topics such as the legal profession, court proceedings, and alternative dispute resolution services in Hong Kong. Founder and Chairperson of BExcellent Group, Dr June Leung, who has many years of experience in education, was also invited to share her insights on communication skills for effective dissemination of messages about the rule of law.

Dr Cheung remarked that the rule of law is Hong Kong's "golden reputation" and the foundation for Hong Kong to maintain long-term prosperity and stability under the principle of "one country, two systems". At the current critical period of breaking new ground and achieving another leap forward, the Hong Kong community must uphold the rule of law, and leverage Hong Kong's international advantages to promote high-quality development through the rule of law, and hence, the promotion of the rule of law is of great importance.

He said that members of the district youth committees have been promoting youth development and civic education in the community, and they can certainly play an important role in the promotion of the rule of law. University students who are pursuing their career in the education sector will be the backbone of schools' work in promoting rule of law education, and their active participation will undoubtedly provide new momentum to the passing on and further development of the rule of law in Hong Kong.

Dr Cheung said that communication is a kind of special knowledge. The DoJ designed the course with an emphasis on diversified, interactive and easy-to-understand methods, along with real-life examples and case studies, which enable trainees to easily grasp knowledge of the rule of law. The course also invited experts to teach trainees the skills of dissemination and communication, better equipping them to become ROLE leaders in the future.

After the course, the DoJ held the closing ceremony (including a certificate presentation) for the foundation course of the third-phase programme. Members of the Steering Committee, Ms Ho and Professor Dicky Tsang, and member of the Working Group, Mr Chan, presented certificates to the trainees who completed the two-day foundation course of the third-phase programme.

Looking ahead, the DoJ will continue to organise advanced and extended courses under the third phase of the TTL Programme. Through visits to law enforcement agencies, mock court activities, thematic talks on specific legal topics and practice activities for promoting the rule of law, the courses will further deepen the understanding of the legal system and the implementation of legal procedures of the trainees who have completed the foundation course, as well as bolster their confidence in disseminating messages of the rule of law in the community.

For details and other information relating to the TTL Programme, please visit the dedicated website atwww.role-ttl.gov.hk.

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases

Over 80 youth trainees complete foundation course of third phase of ROLE Stars Train-the-Leaders Programme Source: HKSAR Government Press Releases