Hong Kong has mandated banks to issue green notes in US dollars, euros, and offshore yuan, marking its latest initiative to establish itself as a leading green finance hub. The Hong Kong Monetary Authority (HKMA), representing the sale, has directed banks to arrange investor calls starting from July 16 for potential offerings, as per a source familiar with the matter who preferred anonymity.
The city has been accelerating its bond sales under a government sustainable bond programme aimed at promoting the growth of green and sustainable finance. According to the programme’s website, the government has set a borrowing cap of HK$500 billion (S$86 billion) for the fiscal year 2024-2025, earmarked for green and sustainable projects.
Earlier this year, Hong Kong successfully priced US$750 million in green bonds across four currencies. In 2023, it conducted Asia’s largest-ever green debt offering, raising the equivalent of US$6 billion through sustainable bonds.
