Speech by SFST at HKQAA Green and Sustainable Finance Forum Luncheon 2025
Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKQAA Green and Sustainable Finance Forum Luncheon 2025 today (December 11):
Simon (Chairman of the Hong Kong Quality Assurance Agency (HKQAA), Professor Wong Ka-wo), Professor Sun (Deputy Secretary of the CPC Xi'an Jiaotong University Committee, Professor Sun Zao) distinguished guests, ladies and gentlemen,
Good morning. It is a great honour and pleasure for me to join you today at the HKQAA Green and Sustainable Finance Forum Luncheon 2025. I am very delighted to be here among such a distinguished gathering of industry leaders, experts, and stakeholders committed to advancing sustainable development. Let me begin by acknowledging the excellent theme curated by the HKQAA for this forum: "Fostering the Development of Sustainable Finance and Technology, Promoting Climate Risk and ESG Disclosure". This theme is timely and relevant amid global challenges including climate change and environmental conservation, emphasising innovative solutions for economic resilience and planetary protection.
I must also take this opportunity to express my appreciation for the outstanding work that the HKQAA has accomplished in the realm of sustainable finance and beyond. The HKQAA has actively participated in shaping international standards for green finance. This agency has launched the Green and Sustainable Finance Certification Scheme, providing credible verification for issuers and building trust in the market. Your support for Hong Kong's sustainability disclosure roadmap is equally commendable, exemplified by the development of pioneering industry-based technical guidance on climate disclosure. This guidance represents one of the initial global efforts in this area, highlighting Hong Kong's strengths and leadership in sustainability reporting.
Furthermore, the HKQAA's initiatives in capacity building, such as offering workshops and digital tools like the GHG (greenhouse gas) Scope 3 Emission Calculator, have been instrumental in preparing the business community for enhanced climate disclosures. All these tools empower companies to measure and manage their environmental impact effectively. In the domain of carbon markets and low-carbon ecosystems, the HKQAA has introduced innovative initiatives in carbon inclusion, event carbon offsetting, and low-carbon transportation infrastructure. These efforts not only support the growth of carbon trading but also contribute to building a comprehensive low-carbon ecosystem.
Turning to the broader landscape, the Central People's Government has outlined in the 14th Five-Year Plan a commitment to green transformation, aiming to peak carbon emissions before 2030 and achieve neutrality before 2060. Hong Kong aligns with these goals, targeting carbon neutrality before 2050 and a 50 per cent emissions reduction before 2035. Globally, climate finance reached US$1.3 trillion in 2021/22, but is estimated to hit US$9 trillion annually by 2030 and US$10 trillion by 2050. This highlights the demand for green finance, where Hong Kong plays a key role in capital mobilisation.
As a premier international financial centre, Hong Kong is uniquely positioned as a "super connector" linking the Chinese Mainland with global markets. We leverage robust regulatory frameworks, expertise in standards, and connectivity to global capital. Last year, green and sustainable debt issued here exceeded US$84 billion, with bonds at US$43 billion - capturing 45 per cent of Asia's total, ranking first for seven years since 2018. This success stems from comprehensive government policies working together with the industry, of course also with the HKQAA, to foster green finance, technology integration, and of course disclosure efforts, as highlighted by the theme of this forum.
The Government has been taking the lead to promote green finance. Under the Government Sustainable Bond Programme, we have issued bonds totalling about HK$250 billion equivalent since 2019. Notable issuances include two batches of retail green bonds of HK$20 billion each in 2022 and 2023 - the 2022 issuance being the largest retail green bond globally at the time. At the same time, we have multicurrency green bonds in RMB (Renminbi), USD (US dollars), and euro totalling around HK$45 billion equivalent in 2023, marking the largest ESG (environmental, social and governance) bond issuance in Asia; and innovative tokenised green bonds, including the world's first multitranche digitally native green bonds last year and a HK$10 billion equivalent issuance last month that integrated tokenised central bank money like e-CNY and e-HKD for settlement.
To incentivise market participation, the Government launched the Green and Sustainable Finance Grant Scheme in 2021 to provide subsidy for eligible bond issuers and loan borrowers to cover part of their expenses on bond issuance and external review services. The Scheme has been extended by three years from 2024 to 2027, with an expanded scope of subsidies to cover transition bonds and loans. These measures encourage relevant industries in the region to make use of Hong Kong's transition financing platform towards decarbonisation. As of end-November this year, we have granted around HK$410 million to over 640 green and sustainable debt instruments issued in Hong Kong, involving a total underlying debt issuance of over HK$1.3 trillion.
Innovation is at the heart of our strategy, particularly in green fintech. The Green and Sustainable Finance Cross-Agency Steering Group, co-chaired by regulators, launched the Hong Kong Green Fintech Map 2025 in June this year, developed with stakeholders like Cyberport and Invest Hong Kong. This map provides one-stop information on green fintech companies in Hong Kong, enhancing their visibility. And in June last year, we introduced the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme, approving 39 applicants for 60 projects with HK$150,000 grants each to foster commercialisation.
On sustainability disclosure, my bureau FSTB (Financial Services and the Treasury Bureau) launched in December last year the Roadmap on Sustainability Disclosure in Hong Kong. The roadmap sets out Hong Kong's approach to require publicly accountable entities (PAEs), which are essentially our listing companies, to adopt the ISSB Standards (International Financial Reporting Standards - Sustainability Disclosure Standards). It provides a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028. In June this year, the International Financial Reporting Standards Foundation (IFRS Foundation) published the jurisdictional profiles on adoption of the ISSB Standards and Hong Kong was confirmed as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards. This demonstrates Hong Kong's commitment to enhancing the transparency of information on sustainable development in the capital markets, facilitating investors to make investment decisions and promoting global capital flows. My bureau in collaboration with financial regulators and stakeholders will continue to support the pragmatic implementation of the Hong Kong Standards through enhancing capacity building and promoting the use of technological solutions.
Another key topic is about carbon markets, we are extending our efforts to build Hong Kong into an international credible market to connect opportunities across the Mainland, Asia and the rest of the world. The Hong Kong Exchanges and Clearing Limited (HKEX) launched an international carbon marketplace Core Climate in October 2022, which is currently the only carbon marketplace that offers HKD (Hong Kong dollars) and RMB settlement for the trading of international voluntary carbon credits. The number of participants on the platform reached 100 by the end of last year. The HKEX signed a Memorandum of Understanding (MOU) in September this year with Guangzhou Emissions Exchange, Shenzhen Green Exchange and Macao International Carbon Emission Exchange to co-operate in accelerating the carbon markets and green finance ecosystem development across the Greater Bay Area. Under the MOU, the four exchanges will work closely to explore new opportunities in carbon markets and green finance. This collaboration aims to foster deeper dialogue and facilitate the exchange of expertise among the exchanges and markets participants, supporting the development of a robust and vibrant green finance ecosystem across Hong Kong and the Greater Bay Area.
Looking forward, Hong Kong's leadership in sustainable finance requires unwavering commitment, innovation, and collaboration. This forum, with insights from a lineup of distinguished speakers, will provide visionary perspectives helping us to drive further development. Through partnerships with all stakeholders, we will continue to unlock capital for a greener future, extending beyond Hong Kong to Asia and globally. Thank you once again for having me today and at the same time, to the HKQAA for organising this event. I wish the forum every success and look forward to fruitful discussions and more insights to inform us to make better decisions going forward.
Thank you.
Mr Christopher Hui, the Secretary for Financial Services and the Treasury, Photo source: news.gov.hk
HKSAR Government strongly disapproves and rejects report of US Congressional-Executive Commission on China
The Government of the Hong Kong Special Administrative Region (HKSAR) yesterday (December 11) strongly disapproved and opposed the so-called "2025 Annual Report" issued by the United States (US) Congressional-Executive Commission on China (CECC), which made biased, slandering and smearing remarks against the situation in the HKSAR.
A HKSAR Government spokesperson said, "The HKSAR Government strongly disapproves and opposes the CECC's repeated tactics to interfere in the affairs of the HKSAR through the so-called annual report, and make slandering remarks against Hong Kong, where 'one country, two systems' is successfully implemented. The US is once again overriding the rule of law with politics and making unfounded and fact-twisting remarks. Such attempt to undermine the prosperity and stability of Hong Kong and interfere in Hong Kong's law-based governance is doomed to fail."
The spokesperson reiterated, "The HKSAR Government steadfastly safeguards national sovereignty, security and development interests, and fully and faithfully lives up to the highest principle of 'one country, two systems'. It will resolutely, fully and faithfully implement the Hong Kong National Security Law (HKNSL), the Safeguarding National Security Ordinance (SNSO) and other relevant laws safeguarding national security in the HKSAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst maintaining the common law system, adhering to the principle of the rule of law and upholding the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of 'one country, two systems'. The HKSAR Government strongly demands the US to immediately stop acting against the international law and basic norms of international relations and interfering in China's internal affairs and Hong Kong affairs."
Regarding the slandering remarks in the US' so-called report and the relevant statement about the HKSAR, the Government solemnly rejects them in the ensuing paragraphs.
Safeguarding National Security
The HKSAR Government spokesperson said, "The HKSAR Government strongly opposes the absurd and untrue content regarding legislation safeguarding national security in the HKSAR contained in the US' so-called report. In accordance with international law and international practice based on the Charter of the United Nations, safeguarding national security is an inherent right of all sovereign states. Many common law jurisdictions, including the US, the United Kingdom, Australia and Canada, have enacted multiple pieces of legislation and implemented measures to safeguard national security."
"As the HKSAR Government has emphasised time and again that the laws safeguarding national security in the HKSAR are precisely for safeguarding national sovereignty, unity and territorial integrity; and ensuring the full and faithful implementation of the principle of 'one country, two systems' under which the people of Hong Kong administer Hong Kong with a high degree of autonomy. It also better safeguards the fundamental rights and freedoms of the residents of the HKSAR and other people in the city.
"Extraterritorial effect for the offences endangering national security under the HKNSL and the SNSO fully aligns with the principles of international law, international practice and common practice adopted in various countries and regions. It is both necessary and legitimate, and is also in line with those of other countries and regions around the world (including the US, the United Kingdom, Australia, Canada and member states of the European Union). The Police have the responsibility to pursue those who are suspected of committing offences endangering national security outside Hong Kong.
"As regards the offenses related to seditious intention, the courts of the HKSAR have ruled in different cases that the provisions relating to sedition are consistent with the relevant provisions of the Basic Law and the Hong Kong Bill of Rights on the protection of human rights, and that a proportionate and reasonable balance has been struck between safeguarding national security and protection of the freedom of speech. The offence is not meant to silence the expression of any opinion that is only genuine criticisms against the Government based on objective facts.
"The so-called US report mentioning the custodial arrangements for Jimmy Chee-ying is completely baseless. The HKSAR Government has also publicly stated on numerous occasions that the medical services received by Lai Chee-ying in custody are adequate and comprehensive. The Correctional Services Department (CSD) attaches great importance to the safety and health of persons-in-custody (PICs). Regardless of the identities, ages and nationalities of PICs, the CSD is committed to ensuring that the custodial environment is secure, safe, humane, appropriate and healthy, as well as timely medical support. During an earlier public court hearing, senior counsel representing Lai Chee-ying clearly presented to the court that the correctional institutions had been arranging daily medical checkups for Lai Chee-ying and that there had been no complaints at all regarding the medical services he was receiving, and the Court commended the CSD. As for the arrangement for Lai Chee-ying's removal from association from other PICs (i.e. the so-called 'solitary confinement'), it has all along been made at his own request and approved by the CSD after considering all relevant factors in accordance with the law."
Safeguarding Due Administration of Justice and Rule of Law
The HKSAR Government emphasised that all judicial cases are handled strictly on the basis of evidence and in accordance with the law. All defendants will receive a fair trial strictly in accordance with laws applicable to Hong Kong (including the HKNSL and the SNSO) and as protected by the Basic Law and the Hong Kong Bill of Rights. The so-called report specifically mentioned cases on offences endangering national security involving Lai Chee-ying, wantonly smearing the law enforcement, prosecution and judicial organs of the HKSAR regarding the handling of the relevant cases. Their ulterior motives are obvious, namely, to interfere with the judicial proceedings in the HKSAR by means of political power in order to procure a defendant's evasion of the criminal justice process. The HKSAR Government strongly condemned these blatant attempting to undermine the rule of law of the HKSAR.
The HKSAR Government spokesman pointed out, "The Department of Justice, by virtue of Article 63 of the Basic Law, controls criminal prosecutions, makes independent prosecutorial decisions in accordance with the law, free from any interference. Prosecutions would be instituted by the Department of Justice only if there is sufficient admissible evidence to support a reasonable prospect of conviction, and if it is in the public interest to do so."
"The Judiciary of the HKSAR exercises judicial power independently in accordance with the law, and everyone charged with a criminal offence has the right to a fair hearing. All cases concerning offence endangering national security will be handled by the prosecution and judicial authorities of the HKSAR in a fair and timely manner in strict compliance with Article 42(1) of the HKNSL, with the procedural rights of defendants exercised in accordance with the law fully respected throughout the process. The courts decide cases strictly in accordance with the evidence and all applicable laws, and cases will never be handled any differently owing to the profession, political beliefs or background of the persons involved. The prosecution has the burden to prove beyond reasonable doubt the commission of an offence before a defendant may be convicted by the court."
Safeguarding Rights and Freedoms
The HKSAR Government spokesman said, "The HKSAR Government steadfastly safeguards the rights and freedoms enjoyed by Hong Kong people as protected under the law. Since Hong Kong's return to the motherland, human rights in the city have always been robustly guaranteed constitutionally by both the Constitution and the Basic Law. The HKNSL and the SNSO also clearly stipulate that human rights shall be respected and protected in safeguarding national security in the HKSAR, and that the rights and freedoms, including the freedoms of speech, of the press, of publication, of association, of assembly, of procession and of demonstration, that Hong Kong residents enjoy under the Basic Law and the provisions of the International Covenant on Civil and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights as applied to Hong Kong, shall be protected in accordance with the law. Nonetheless, just as the case with other places in the world, such rights and freedoms are not absolute. The ICCPR also expressly states that some of them may be subject to restrictions as prescribed by law that are necessary for the protection of national security, public safety, public order or the rights and freedoms of others, etc. Indeed, Article 19 of the ICCPR specifically requires that journalists must observe and discharge 'special duties and responsibilities' including protection of national security or public order.
"In fact, since the implementation of the HKNSL and the SNSO, the media landscape in Hong Kong has remained vibrant. However, the so-called '2025 Annual Report' deliberately fabricated facts about freedom of the press and speech in Hong Kong. Like all other places in the world, freedom of the press and speech are not absolute. The media, like everyone else, has an obligation to abide by all the laws. The media continue to enjoy the freedom to comment on and criticise government policies without any restriction, as long as this is not in violation of the law. The court further cited precedents from the European Court of Human Rights regarding press freedom in the reasons for verdict of a relevant case, pointing out that the European Convention on Human Rights does not guarantee a wholly unrestricted freedom of speech even with respect to press coverage on matters of serious public concern. The most crucial point is that journalists must act in good faith and on accurate factual basis and provide reliable and precise information in accordance with the tenets of 'responsible journalism' in order to enjoy the protection of their rights to freedom of speech and press freedom. The US Government does not hesitate to take action against misleading and biased news reporting. Recently, it has set up a webpage to list such misleading and biased reporting of the media, and even described some of such media reports as 'subversive'. The US CECC's smearing of the HKSAR with double-standard is purely a shameful political maneuver."
As for the so-called annual report's claim that women in Hong Kong faced discrimination and harassment in the workplace, this is an absurd accusation. The Sex Discrimination Ordinance protects women from discrimination, sexual harassment, and victimization in the prescribed area of employment."
Maintaining long-term prosperity and stability
Under "one country, two systems", Hong Kong has the distinctive advantage of enjoying strong support of the motherland while being closely connected to the world. With such unparalleled connectivity, Hong Kong will continue to play its dual role as "super-connector" and "super value-adder". Hong Kong will also continue to leverage its strengths to enhance its role as international financial, maritime and trade centres, among others, whilst proactively integrating into the overall development of our nation, including the Guangdong-Hong Kong-Macao Greater Bay Area development, the high-quality development of the Belt and Road Initiative, etc.. The HKSAR Government will continue to identify new areas for economic development and proactively compete for enterprises and talents with a view to promoting the sustainable development and enhancing the competitiveness of Hong Kong. As a matter of fact, Hong Kong has once again been ranked as the world's freest economy by the Fraser Institute. On the other hand, the US enjoys significant economic benefits in Hong Kong and has realised a trade surplus of more than US$270 billion with Hong Kong over the past 10 years, the largest among US global trading partners. There are about 1 390 US companies with their businesses in Hong Kong. All these demonstrate the close and long-standing economic ties between Hong Kong and the US, as well as the vast business interests of the US in Hong Kong. A stable and prosperous Hong Kong is certainly of mutual benefits to Hong Kong and the US.
