Hong Kong must embrace green finance as both opportunity and responsibility, monetary authority CEO says

‘It’s not just about addressing a global issue that might affect everybody, it’s also about protecting our people in our own land,’ Eddie Yue says

‘Hong Kong is Asia’s sustainable-finance hub, and we are in a unique position to support the vision of the green transition,’ he adds

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Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), speaks in an interview at the Post’s office in Causeway Bay on October 5, 2023. Photo: Nathan Tsui

Published: 8:30pm, 29 Feb 2024

Supporting the transition to a more sustainable future based on a low-carbon economy is not only an opportunity for Hong Kong’s financial sector but also an important effort for the good of humanity, according to the chief of the Hong Kong Monetary Authority (HKMA).

“The transition to a greener future is a shared responsibility,” Eddie Yue Wai-man, CEO of the city’s de facto central bank, said on Thursday at the Asia Securities Industry & Financial Markets Association (ASIFMA) annual conference. “It’s not just about addressing a global issue that might affect everybody, it’s also about protecting our people in our own land.”

Amid increasingly severe weather events and rising temperatures, Hong Kong must seize the opportunity, Yue said.

“Sustainability is a trend that is going to continue,” he said. “Hong Kong is Asia’s sustainable-finance hub, and we are in a unique position to support the vision of the green transition.”

A photo taken on December 22, 2023, shows a wind farm in Tangshan City, in north China’s Hebei Province. Photo: Xinhua

Hong Kong experienced a series of severe weather events in 2023, including a “once in 500 years” rainstorm in September – a deluge that caused widespread flooding and effectively brought the city to a standstill. Last year was also a significant year from a global climate perspective, being the warmest year on record.

In Wednesday’s budget announcements, the government said it would increase the government debt ceiling to HK$500 billion (US$64 billion) to cover sustainable finance, including its Government Green Bond Programme and other infrastructure projects.