Climate change: Hong Kong has unique role to play as China’s offshore capital hub for green finance, says UN envoy

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‘China must build on the progress it has made in green finance by … accelerating projects with environmental benefits,’ says Siddharth Chatterjee

‘Green finance has emerged as a vital tool in the transition to a more sustainable economy,’ Chatterjee tells the Hong Kong Financial Forum 2023 on Monday

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‘Green finance has the ability to generate positive change by incorporating environmental factors into financial decision-making,’ said Siddharth Chatterjee at a forum. Photo: Edmond So

Martin Choi

Published: 7:00pm, 27 Nov 2023

Hong Kong has a unique role to play as China’s offshore capital hub for green finance, as the world’s largest emitter of greenhouse gases needs to accelerate environmentally friendly projects if it is to transition to a low carbon economy, according to the United Nations’ resident coordinator in China.

In a world confronted by the challenges of climate change and environmental degradation, green finance has emerged as a vital tool in the transition to a more sustainable and environmentally friendly economy, said Siddharth Chatterjee while speaking at the Hong Kong Financial Forum 2023 on Monday afternoon.

“While China is working to address its environmental and climate challenges, it remains the largest emitter of greenhouse gases,” he said. “China must build on the substantial progress it has made in green finance by expanding and accelerating projects with environmental benefits.

“This is where Hong Kong has a unique role to play as China’s offshore capital hub, for both traditional finance, and green finance.”

The city accounted for a third of sustainable debt – including both bonds and loans – issued across Asia last year, according to Joseph Chan, undersecretary for financial services and the treasury. The value of such debt increased by more than 40 per cent year on year in 2022 to US$80.5 billion, Chan said in June at the Redefining Hong Kong conference organised by the Post.

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