Hong Kong has sped up a tax break for green buildings, but environmentalists are unimpressed
Green groups say effects will be minimal, especially compared with upcoming ‘feed-in tariff’ scheme
A change that speeds up a tax break for companies investing in greener buildings got a lukewarm response from environmental groups on Thursday.
The move – though “better than nothing” – would have minimal impact compared to the government’s upcoming “feed-in tariff” scheme, which is designed to incentivise private investment, the groups said.
In the 2018-19 financial year, tax refunds for cash spent on energy efficient building installations and renewable energy devices can be claimed in the year of purchase, rather than over the following five years, as currently. The quicker pay-off, the government said, would make the investment more appealing to companies.
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Chan also announced another HK$800 million this year to promote the installation of renewable energy facilities at government buildings, venues and community facilities.