Nine Industry Leaders Sign MOU to Build Hong Kong's Hydrogen Ecosystem, Boosting Green Economy Efforts

Nine industry leaders including Hyundai Motor Group sign landmark hydrogen MOU to drive Hong Kong's green economy

At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding (MOU) on hydrogen ecosystem building, marking a major step toward advancing the city's green economy.

This multi-party signing was officiated by Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung; the Acting Secretary for Environment and Ecology, Miss Diane Wong; the Director of Electrical and Mechanical Services, Mr Poon Kwok-ying; and the Director-General of Investment Promotion of Invest Hong Kong (InvestHK), Ms Alpha Lau.

Spearheaded by Hyundai Motor Group, the MOU establishes a collaborative framework to build a comprehensive, self-sustaining hydrogen ecosystem in Hong Kong, targeted to be fully operational by the end of 2030. The collaboration will prioritise the development of waste-to-hydrogen technologies to convert landfill gas into clean energy, along with an immediate focus on piloting a liquefied hydrogen refuelling infrastructure. To enable full value chain integration, it also targets the deployment of customised hydrogen fuel cell commercial vehicles, including tour and airport shuttle buses.

Through facilitating public-private partnerships and inter-governmental collaboration, InvestHK is supporting Hyundai Motor Group and its partners to implement go-to-market strategies aligned with the shared vision for hydrogen ecosystem building.

This partnership will also position Hong Kong as a strategic base for Hyundai Motor Group's hydrogen business expansion across the Asia-Pacific region.

Miss Wong said, "This collaboration marks a significant milestone in developing tangible, on-the-ground hydrogen applications to accelerate the green transition towards carbon neutrality. By combining Korea's world-class technological capabilities with Hong Kong's strategic urban context, Hong Kong could serve as an exceptional international demonstration platform for showcasing green and low-carbon technologies. If these cutting-edge innovations could be applied and scaled up successfully here, it will serve as a positive model and provide highly viable options for reference by modern cities worldwide."

Ms Lau said, "Today's multi-party signing is both a landmark moment for Hong Kong's green economy and a clear signal that the city's hydrogen ecosystem is gaining real traction. Over the past three years, InvestHK has helped leading hydrogen enterprises establish themselves in Hong Kong, several of which have since listed on the Hong Kong Stock Exchange, raising over $2.5 billion in total. For businesses with global green ambitions, Hong Kong is where business growth takes shape."

Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group, Mr Seung Kyu-shin, said, "This MOU was signed as Hyundai Motor Group's commitment to advancing Hong Kong's proactive hydrogen policies and driving the acceleration of its hydrogen ecosystem utilising the Group's hydrogen business capability and experience. Starting with Hong Kong, we look forward to expanding our collaboration and business opportunities across the broader Asia-Pacific hydrogen market."

Partners entering into this MOU include Hyundai Motor Company and Hyundai Engineering & Construction from Hyundai Motor Group, China Inspection Co Ltd, Chun Wo Bus Services Limited, Chun Wo Construction & Engineering Company Limited, Jiangsu Guofu Hydrogen Energy Equipment Co Ltd, JEA ENG, Templewater Limited, the Hong Kong and China Gas Company Limited, and Veolia Hong Kong Holding Limited.

This multi-party, long-term collaboration is set to establish a robust, end-to-end hydrogen industry chain - spanning production, storage, transportation, refuelling and utilisation.

New energy is vital to Hong Kong's Climate Action Plan 2050 and the national dual-carbon goals. As set out in the Chief Executive's 2025 Policy Address, Hong Kong will establish public hydrogen filling facilities on Hong Kong Island and in Kowloon, press ahead with more hydrogen trial projects, and develop the GBA Hydrogen Corridor in collaboration with Guangdong Province. The Hong Kong Special Administrative Region Government is actively advancing hydrogen development through technological innovation, talent cultivation, ecosystem building, and regional co-ordination. To date, over 30 hydrogen trial projects have been greenlit, paving the way not only for decarbonisation targets, but also for unlocking new quality productive forces for green economic growth.

At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city's green economy. Photo shows (from left) Senior Vice President (Sustainability) for Technology, Innovation and Entrepreneurship of Invest Hong Kong (InvestHK), Ms Olivia To; the Director-General of Investment Promotion of InvestHK, Ms Alpha Lau; Executive Vice President and Head of Energy & Hydrogen Policy Sub-Division at Hyundai Motor Group, Mr Seung Kyu-shin; Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung; the Global Head of Financial Services, Fintech & Sustainability of InvestHK, Mr King Leung; and Senior Vice President, Transport, Logistics and Industrials of InvestHK, Ms Bonnie Ho, at the symposium. Source: HKSAR Government Press Releases

At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city's green economy. Photo shows the Director-General of Investment Promotion of Invest Hong Kong, Ms Alpha Lau, delivering a speech. Source: HKSAR Government Press Releases

At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city's green economy. Photo shows the Acting Secretary for Environment and Ecology, Miss Diane Wong, delivering a speech. Source: HKSAR Government Press Releases

At the International Hydrogen Development Symposium 2026 today (May 18), nine pioneering companies from Korea, the Chinese Mainland, France, and Hong Kong - including Hyundai Motor Group - signed a landmark Memorandum of Understanding on hydrogen ecosystem building, marking a major step toward advancing the city's green economy. Photo shows Deputy Minister for Territorial and Urban Policy at Ministry of Land, Infrastructure and Transport of the Republic of Korea, Mr Jeong Eui-kyung (back row, second right); the Acting Secretary for Environment and Ecology, Miss Diane Wong (back row, second left); the Director of Electrical and Mechanical Services, Mr Poon Kwok-ying (back row, first left); and the Director-General of Investment Promotion of Invest Hong Kong, Ms Alpha Lau (back row, first right), witnessing the signing. Source: HKSAR Government Press Releases

Remarks by CE at media session before ExCo (with video)

Following are the remarks by the Chief Executive, Mr John Lee, at a media session before the Executive Council meeting today (May 19):

Reporter: Good morning, Mr Lee. A few questions. President Xi Jinping and his US counterpart, Donald Trump, agreed to build a constructive relationship of strategic stability during talks last week. What's the significance of that to Hong Kong, and how will that impact the SAR? And on the number of ride-hailing licences the Government is going to issue, how would the Government determine that number amid concerns over not enough vehicles for ride-hailing, and the impact on the taxi trade? Thank you.

Chief Executive: The visit to China by the US President is a historic and landmark one. The two heads of government have agreed to set up a constructive China-US relationship of strategic stability and reached important consensus to keep economic and trade ties stable, expand practical co-operation in various fields, and properly address each other's concerns. This is of great significance.

A constructive China-US relationship of strategic stability means stability with co-operation as the mainstay, competition within proper limits, appropriate management of differences, and prospects of peace. China and the US have also achieved positive outcomes in economic and trade discussions, covering areas such as tariff arrangements, trade and investment co-operation, market access, and purchase of items.

The consensus reached by the two heads of government injects more certainty and stability into China-US economic and trade relationship and the global economy. Such certainty and stability is beneficial to Hong Kong's economic and trade development, beneficial to Hong Kong-US trade, and also beneficial to the world trade.

Hong Kong is an externally oriented economy susceptible to the influence of the main market. More certainty and stability in the market will greatly reduce the impact of external turbulence on Hong Kong, allowing Hong Kong to focus more on building a vibrant economy, pursuing development and construction, and improving people's livelihood. The positive outcomes of this summit meeting between the two heads of government have given me even greater confidence in Hong Kong's positive future development.

Regarding ride hailing, over the past decade or so, ride-hailing services have operated without a proper legal framework. Through sustained efforts, the current Government has changed the situation and filled the regulatory gap. The Government put in place the legal framework for regulating ride-hailing services in October last year and enacted the principal legislation. On the number of ride-hailing vehicles, the principal legislation has already stipulated that overall control on the number will be implemented. Different sectors of society, including online car-hailing platform operators, the taxi trade, and the community, have expressed different views. The Transport and Logistics Bureau is gathering views from the community and the trade and will use the actual data and situation to carefully formulate an appropriate proposal.

At the first stage of implementing overall control, I think we need to strike a balance among the following factors: First, address the public's travel needs, so that their riding experience remains more or less the same. Second, take into account Hong Kong's unique circumstances, including road capacity, and the fact that nearly 90 per cent of daily passenger trips are made using public transport services. Third, establish a mechanism to monitor actual market operations and data and conduct dynamic assessments and reviews.

The Government's objective in setting up the regulatory regime for ride-hailing services is to ensure that ride-hailing services operate within a lawful, appropriate, and safe framework while fostering healthy competition and complementarity between taxi and ride-hailing services, thus enhancing the overall quality of point-to-point transport services and providing the public with more convenience and options. While putting the regulatory regime in place, the Government will introduce enhanced penalties and tighten vehicle impoundment arrangements to combat unlicensed vehicle operations and to protect lawful operators and compliant operators as well as passengers. The Government will consider views from all parties and relevant data and aim to submit the subsidiary legislation to the Legislative Council within the first half of this year. Thank you.

(Please also refer to the Chinese portion of the remarks.)

The Chief Executive, Mr John Lee, Photo source: reference image