February 28, 2023
HONG KONG – Hong Kong’s green technology development will accelerate, flourish, and become a global leader by establishing a highly coordinated and interactive ecosystem that can attract capital, businesses and talents to the city, Financial Secretary Paul Chan Mo-po said in his Sunday blog.
Hong Kong’s bid comes amid the global trend of promoting a green economy for sustainable development. According to Chan, the global green technology market will reach $417.4 billion ($53.2) in 2030, compared with HK$35.5 billion in 2021, representing a compound annual growth rate of 31.5 percent, which shows huge market potential. Meanwhile, the formation of a leading green technology and finance cluster has yet to be seen around the world, he added.
Chan noted Hong Kong is already home to a number of “high-quality, forward-thinking and passionate” green technology companies, citing a local startup that makes 3D-printed terracotta reef tiles to save marine ecosystems.
Founded in the Hong Kong Science Park, the company later launched facilities in the Middle East, Chan said, without specifying its name.
In his budget, the finance chief unveiled a bunch of initiatives to build Hong Kong into a global green technology and finance center. The proposed measures include encouraging the commercialization of research and development outcomes, facilitating fundraising for projects with environmental benefits, and offering related talent training.
“I deeply feel that the dual green strategy proposed in the budget is indeed timely and is a necessary path to promote green development in Hong Kong,” he said.
Separately, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said on Sunday that pre-revenue or pre-profit tech firms would be allowed to list in Hong Kong next month.
Hui said he hopes the new listing rules will attract firms in industries such as new energy or new materials.
Meanwhile, Hui said the Hong Kong government has been holding discussions with authorities in Shenzhen’s Qianhai economic zone about how to help international private equity funds enter the mainland market.
So far, around 600 private equity funds have registered in Hong Kong over the past few years, which has helped boost demand for professional financial services, Hui added.