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1、Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 1Green and Sustainable Debt Market Briefing 2023HONG KONGJune 2024Green theme dominated GSS+bonds issued and arranged in Hong Kong USD18.2bn aligned volume of GSS+debt originating in HK in 2023,a year-on-year increase of 236%This is the s

2、ixth iteration of the Climate Bonds Hong Kong Sustainable Debt Market Briefing,produced by the Climate Bonds Initiative(Climate Bonds),in association with the Hong Kong Monetary Authority(HKMA)and Hong Kong Green Finance Association(HKGFA),and with support from Standard Chartered Bank.Using Climate

3、Bonds green,social,sustainability,(GSS)and sustainability-linked bond(SLB)(collectively GSS+)datasets based on place of risk,this series of reports provides a comprehensive overview of Hong Kongs sustainable debt market at the end of 2023.Hong Kong has formulated its own climate goals and strategies

4、 in response to the Paris Agreement and the Central Peoples Government decarbonisation agenda.This originated with the launch of Hong Kongs Climate Action Plan 2030+in 2017,which set three decarbonisation targets:absolute emissions,per capita emissions,and per GDP emissions.In 2021,the updated Hong

5、Kong Climate Action Plan 2050 consolidated these targets into reducing absolute emissions by 50%against a 2005 baseline by 2035,and neutrality before 2050.In conjunction,the HKSAR Government committed approximately HKD240bn(USD31bn)to climate change mitigation and adaptation over the next 15 to 20 y

6、ears.The HKSAR sustainable debt market has achieved significant growth in both relative and absolute terms.In 2023,aligned volume of GSS+debt originating from HKSAR reached USD18.2bn,representing a year-on-year(YOY)increase of 236%.Most of this debt(USD15.6bn)was issued under the green theme,while t

7、he social theme accumulated USD2.6bn.In 2023,the HKSAR Government was the fourth largest source of aligned government green bonds(behind the United Kingdom,Germany,and Italy),and is the fifth largest cumulative government green bond issuer.It issued 92%of the green bond volume(USD14.4bn),while the r

8、emaining portion originated from financial corporate entities.At the policy level,the HKSAR Government has introduced various initiatives to support decarbonisation efforts and further capital mobilisation for green activities.The Zero-Carbon-Ready Building Certification Scheme was launched in 2023

9、by the Hong Kong Green Building Council(HKGBC)to help mobilise financing towards green building projects with clear and credible decarbonisation targets.The HKSAR Governments green bond programme has made it the largest government green bond issuer in the Asia-Pacific region,funding initiatives such

10、 as the recently launched hydrogen-fuelled bus pilot schemes within public transportation.This report is based on data captured by Climate Bonds as of 31 December 2023.Notes on the scope of data,and changes to reporting practices,are available in Appendix 1.Source:Climate Bonds Initiative Hong Kong

11、GSS+volumes reach new highs in 2023510USD Billions20002220230SocialSustainabilityGreen2016Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 2About the Climate Bonds Initiative Climate Bonds is an international organisation working to mobilise global capital for clim

12、ate action.It promotes investment in projects and assets needed for a rapid transition to a low-carbon,climate-resilient,and fair economy.The mission focus is to help drive down the cost of capital for large-scale climate and infrastructure projects and to support governments seeking increased capit

13、al markets investment to meet climate and greenhouse gas(GHG)emission reduction goals.Climate Bonds conducts market analysis and policy research;undertakes market development activities;advises governments and regulators;and administers a global green bond Standard and Certification scheme.1.GreenOv

14、erviewGreen bonds are debt instruments used to finance projects that have positive environmental or climate benefits.Most bonds issued under the green theme have green Use of Proceeds(UoP)which will be used to finance or re-finance eligible green projects.Internationally accepted green bond standard

15、s include the International Capital Markets Association Green Bond Principles(ICMA GBP)and the Climate Bonds Standard Version 4.1.Market analysisIn 2023,USD15.6bn of green debt originating from Hong Kong was confirmed to be in alignment with the Climate Bonds GBDS Methodology(aligned).Mainland China

16、 maintained its lead as the largest source of aligned green bonds globally for the second consecutive year.Climate Bonds Green Bond Dataset MethodologyClimate Bonds screens all self-labelled debt instruments against the Climate Bonds Green Bond Dataset(GBDS)Methodology(Appendix).3 Inclusion in Clima

17、te Bonds GBDS indicates that there is publicly available evidence to support the bonds general alignment(aligned green bonds)to the Climate Bonds Taxonomy.By applying the standard methodology,this screening exercise allows cross-market comparison and global application.Green bond indicesVarious inde

18、x providers have created green bond indices whose composition is informed by inclusion in the Climate Bonds GBDS.Examples include the J.P.Morgan ESG(JESG)indices,Solactive Green Bond indices,FTSE Chinese(Onshore CNY)Green Bond Index,and the Ping An Asset Management China Green Bond fund.4,5,6,7 Incl

19、usion into the GBDS indicates general alignment of securities with the Climate Bonds Taxonomy,an internationally recognised standard for green projects,activities,and expenditures.By doing so,it ensures that all bonds are assessed on an equal basis.While there was a reduction in green bond volume YO

20、Y in key markets including China,the USA,the Netherlands,as well as supranational issuers,HKSARs debt market exhibited the largest growth relative to its historical performance.Its aligned volume in 2023 reached the global top ten for the first time with impressive YOY growth of 173.3%.As of the end

21、 of 2023,the cumulative aligned volume of green debt originating from Hong Kong stood at USD39.3bn;while the USA remained in the cumulative volumes top spot with USD454.4bn followed by China with USD372bn.Source:Climate Bonds Initiative Hong Kong sustainable debt scorecardYearGreenSocialSustainabili

22、ty20197.31bn 20202.08bn202110.84bn1.55 bn20223.45bn1.43 bn0.54 bn202315.63bn2.56 bnTotal39.30 bn3.99 bn2.10 bnNote:These figures are representative of deals in alignment with Climate Bonds database methodologies(Appendix 1).2040USD Billions600GermanyUKFranceItalySpainHong Kong SARChinaSupranationalU

23、SANetherlandsHong Kong reaches top ten by USD volume in 2023Buildings and Land Use remain most popular use of proceeds categoriesLow-Carbon Buildings and Land Use UoP are the primary beneficiaries of Hong Kong issuers in 2023 with green buildings making up nearly a third(USD4.4bn)of the volume.Howev

24、er,the greatest YOY increase in volume was in debt earmarked for Land Use UoP,which grew 468%to USD3.2bn from USD0.56bn in 2022.100%20%60%40%80%2022200200%Source:Climate Bonds InitiativeEnergyBuildingLand UseTransportWaterIndustryICTWasteAdaptationHong Kong Green Market Briefing 2023 Clim

25、ate Bonds Initiative 3The HKSAR Government has led the government GSS+market in the Asia Pacific region and dominates its own market.This is significant because government issuers can influence the shape of their local GSS+markets,as they tend to issue at scale and facilitate the entry of private ca

26、pital.HKSAR Government green bonds have generated the immense growth in aligned volume originating from Hong Kong in 2023,accounting for over USD14.4bn and cumulative volume of over USD24.2bn.In 2023,HKSAR GSS+volume was driven by growth in non-financial corporate issuance volume of 31.8%YoY,and rec

27、ord single year growth of USD1.4bn in HKSAR Government volume,which comprised 92.4%of the total volume.Source:Climate Bonds Initiative510USD Billions2515200HKSAR leads cumulative government issuance across Asia-PacificHKSAR non-government debt volume grows 31.8%while government debt increases 466.8%

28、48USD Billions1216 HK SARThailandIndonesiaSingaporeNew ZealandIndia200222023Non-Financial Corporate Financial CorporateGovernmentGovernment-Backed EntityDevelopment Bank0Source:Climate Bonds InitiativeSource:Climate Bonds InitiativeSpotlight:HKSAR Government Green Bond Programme(GGB Progr

29、amme)This suggests the update to Climate Bonds GBDS methodology in 2022,stipulating higher green building standards,has had an impact.The 2 Star China Green Building Label is no longer considered sufficiently ambitious,and a 3 Star rating is now required.Additionally,the premier Hong Kong green buil

30、ding standard,BEAM Plus,would need a minimum rating of gold to be deemed eligible for inclusion in the GBDS.As a result,market participants in HKSAR have been quick to adapt and improve their green building finance mobilisation.The Hong Kong Green Building Council(HKGBC)launched the Zero-Carbon-Read

31、y Building Certification Scheme in the third quarter of 2023 to encourage and mobilise capital towards improved green building projects.1Despite these initiatives,recent reports highlight the growing energy and emission footprint of technology companies,especially those listed in Hong Kong,and the n

32、eed to finance the decarbonisation of the ICT sector.2 Most of the emission footprint from data centres and other ICT infrastructure that the technology companies rely on derives from electricity usage,which is driving the need for additional renewable energy supplies to keep pace with growth in sca

33、le and energy consumption.In 2023,USD-denominated green debt made a resurgence,surpassing HKD as the most popular currency choice for Hong Kong issuers relative to 2022,with for over a third of issuance volumes.It also leads cumulative issuance volumes,accounting for 42.6%since 2018,followed by HKD

34、with approximately 29.2%.In third position,CNY-denominated issuance rose to a record 23.2%in 2023.SustainabilityGreenUSD regains position as the currency of choice for issuers100%20%60%40%80%2022200200%CNYEURHKDUSD2018Although the phasing-out of pandemic restrictions depressed the macroec

35、onomic environment and contributed to low issuance of non-government volumes in 2022 and 2023,historically,HKSAR has always had a diverse issuer base.Beyond government green issuance,Climate Bonds also recorded near USD1.2bn worth of volume from non-financial corporate issuers.AMPD Energy also issue

36、d a green loan worth USD8m to help reduce on-site carbon footprint within the construction sector by financing battery storage systems to decrease the usage of on-site diesel generators.The Hong Kong Stock Exchange(HKEX)remains the most popular destination for offshore Chinese green bond listings in

37、 2023.Over 43%of Chinese offshore issuances were listed in the HKEX in 2023,including some of 2023s biggest offshore issuances,such as a USD1bn deal from the Industrial and Commercial Bank of China(ICBC),financing solar,wind and clean transportation projects.A further ICBC deal valued at USD900m fin

38、ancing hydropower,biomass,clean transportation,waste management,and energy efficiency projects,as well as a USD600m bond financing subway construction,were also included.Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 4Transition bonds and updates to Climate Bonds screening methodology

39、Historically,Climate Bonds tracked but did not screen bonds bearing the transition label.As of January 2024,Climate Bonds regards them as a sub-set of the green label.Climate Bonds now screens them against its GBDS Methodology,for inclusion in its GBDS.While transition bonds were originally intended

40、 for hard-to-abate sectors such as cement,steel,and mining,Climate Bonds has expanded its Taxonomy to define green assets,activities,and measures for these hard-to-abate sectors.Accordingly,the Climate Bonds GBDS Methodology was updated to reflect the new coverage of the steel,cement,and basic chemi

41、cal sectors.Since then,several governments and regulators in Asia have launched dedicated transition finance programmes,engaging with hard-to-abate issuers,and utilising a combination of government and corporate bond issuance to raise financing for the transition.One notable example of this is in Ja

42、pan,where both corporates and the government have used the transition label for this purpose.In February 2024,Climate Bonds announced that the JPY1.6tn(USD11bn)Japanese government Climate Transition bond is certified under the Climate Bonds Standard,and thus is also included in the Climate Bonds GBD

43、S.Regardless of the label used,or the issuers sector classification,if the instruments are labelled green or transition and meet the Climate Bonds GBDS methodology UoP requirements,they are eligible for inclusion.In 2023,Climate Bonds recorded 19 transition labelled deals worth USD3.3bn globally,of

44、which three deals worth USD560m originated from China.This brings the cumulative global total to 83 deals worth USD15.2bn.Continued adoption of the Common Ground Taxonomy As a joint initiative of the Peoples Bank of China(PBOC)and the European Commission under the International Platform on Sustainab

45、le Finance,the Common Ground Taxonomy(CGT)was an in-depth comparison exercise between the green classification systems(taxonomy/green bond catalogue)of China and the European Union(EU).It mapped out the commonalities and differences between the two taxonomies,creating an important piece of policy in

46、frastructure.HKEX is the preferred venue for offshore Chinese green bonds in 2023Majority of CGT issuance so far is based onshore,not offshoreSource:Climate Bonds InitiativeLuxSE 9%MOX 7%Other 11%SGX 11%All German 5%LSE 7%Nasdaq DU 7%The market has seen more use cases of the CGT being incorporated i

47、nto onshore and offshore green products.Since the first use by the Construction Bank of China Macau Branch in its December 2021 green bond,there have been 216 green bonds that meet the CGT standards,with combined volume of CNY297.4bn(USD41.9bn).8 Among those,59 deals worth CNY54.1bn(USD7.6bn)were pr

48、iced in 2023.In May 2024,the HKMA published and launched the Hong Kong Taxonomy for Sustainable Finance,with Climate Bonds support,facilitating interoperability with the CGT,as well as the respective EU Taxonomy and Chinese Green Bond Project Catalogue.9 Climate Bonds expects more market application

49、s of the CGT as it is further integrated into policy measures.In July 2023,China Foreign Exchange Trade System(CFETS)began publishing lists of certified CGT green bonds to support the growth of CGT-compliant issuance and secondary market financial product development.All but one of the CGT-compliant

50、 green bonds issued in 2023 listed by CFETS are considered aligned in Climate Bonds GBDS.10 This further demonstrates the credibility of the CGT,and its alignment with international standards.With the arrival of the Hong Kong taxonomy and its interoperability with the CGT,Hong Kong is poised to play

51、 a powerful role in connecting Chinese and European capital and issuance,in particular through its Northbound and Southbound bond connect trading infrastructure.The rise of relevant secondary market instruments will generate demand in the primary market for issuers which adhere to and utilise the la

52、bel and standard.250500CNY 100 millions20230OnshoreOffshoreExample use case of CGT in 2023IssuerIssue dateFunded projectsPostal Savings Bank of China Co.,Ltd.March 2023Low carbon rail projectsNanchang Railway Group Co.,LtdJan 2023Low-carbon rail projects(metro construction)CPI Ronghe Fina

53、ncial Leasing Co.,LTDFeb 2023Low-carbon energy (wind and solar projects)Xinhua Hydropower Company LimitedJune 2023Low-carbon energy (wind and solar projects)HKEX 43%Source:Climate Bonds Initiative,CFETS20212022To date,the vast majority of CGT issuance has been onshore and exclusively CNY-denominated

54、,which presents an opportunity for Hong Kong underwriters and international investors to attract Chinese projects to offshore markets.To succeed in building the demand and supply for such a market,the CGT should be further targeted towards Hong Kong-based and international green or dark green invest

55、ors,such as Article 9 funds in the EU.Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 52.Social and SustainabilityClimate Bonds traditionally focuses on climate-related investments and issues,but climate change also exacerbates social inequalities with disadvantaged groups vulnerable t

56、o the physical and transition risks.To ensure global just transition to a low-carbon economy and fulfil the 17 United Nations Sustainable Development Goals(SDGs),a range of persistent inequalities need to be addressed.A rapid transition to a sustainable economy requires the support of all sectors of

57、 society and substantial financing,for which the capital markets can be mobilised to support such initiatives through social or sustainability bonds.Following the ICMA Social Bonds Principles,social bonds are those with UoP exclusively earmarked to finance or refinance eligible social projects.11 Su

58、stainability bonds refer to bonds with proceeds earmarked to support a combination of green and social project categories.Source:Climate Bonds Initiative,CFETSUSD BillionsDeal count122436SocialSustainabilitySocial2021202220230Sustainability0Hong Kong S&S issuance grew for third year;dominated by soc

59、ial issuanceClimate Bonds Social and Sustainability Bond Database MethodologyClimate Bonds screens all self-labelled debt instruments to from over 80 jurisdictions against the Climate Bonds Social and Sustainability Bond Database(SSBDB)Methodology to inform inclusion in the Climate Bonds SSBDB.The S

60、SBDB complements the Climate Bonds GBDS to provide a more complete snapshot of the GSS+debt market.Climate Bonds SSBDB and social and sustainability bond indicesThe Climate Bonds SSBDB is used to inform inclusion in social and sustainability bond indices,an additional reason for issuers to align wit

61、h Climate SSBDB methodology.Examples include J.P.Morgan ESG(JESG)indices,Solactive Social and Sustainability Bond indices and others.12,13,Inclusion in Climate Bonds database also increases visibility in the global market,and remains a key indicator of credibility.The Social Bond label includes bond

62、s where proceeds have a focus on delivering positive social outcomes.The labels used to describe the bond may range from Pandemic to Gender inclusion but all are covered within the Social label.The Sustainability Bond label covers bonds with proceeds directed to a mix of both green and social projec

63、ts.Labels include Sustainable Development Goals,Sustainable and Responsible Investments etc,The Green bond label describes bonds with proceeds dedicated to environmental and climate outcomes.Labels may include climate,green,etc Market analysisSocial and sustainability(S&S)issuance volumes from Hong

64、Kong issuers grew for the third consecutive year in 2023 to USD2.56bn but was dominated by the social theme.Climate Bonds has recorded S&S issuance originating from Hong Kong since 2021,and all bonds are aligned with Climate Bonds SSBDB methodology,including the four that were issued in 2023.In Sept

65、ember 2023,mortgage financing company Hong Kong Mortgage Corp,wholly-owned by the HKSAR Government through the Exchange Fund,priced the years largest aligned social bond in the Hong Kong market and in Asia,and is the first Hong Kong issuer to simultaneously issue HKD,CNY,and USD-denominated tranches

66、.The UoP of the HKD20bn(USD2.5bn)triple-tranche deal was earmarked to finance or refinance loans under the SME Financing Guarantee Schemes Special 100%Loan Guarantee.Other UoP categories included Healthcare,Education,Micro Finance,Affordable Infrastructure and Housing,and Equality.Chong Hing Bank wa

67、s the only other HK issuer of S&S debt in 2023,raising HKD50m(USD6.4m)to finance the same range of UoP categories.Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 6Hong Kong Mortgage Corps social bond issuance Issue dateMaturity dateAmount issued25/10/202225/10/2024HKD8bn(USD1bn)25/10/2

68、025CNY3bn(USD415.8m)12/09/202312/09/2025HKD9.5bn(USD1.2bn)12/09/2026CNY5bn(USD686m)13/09/202312/09/2028USD650mClimate Bonds screened social UoPHealthcare:affordable basic healthcare services to the public;emergency medical response and disease control services;Education:schools or other education ce

69、ntres that expand access to education and/or for targeted minority;Micro Finance:Loans under the Special 100%Loan Guarantee of the SME Financing Guarantee Scheme for qualified SMEs;Affordable Housing:Financing to support various local affordable housing schemes in Hong Kong to promote wider home own

70、ership amongst low and moderate income groups;Affordable Infrastructure:infrastructure projects which provide affordable basic infrastructure and services;Equality:projects(mentioned above)that improve income-inequality or help vulnerable groups.Climate Bonds SSBDB SDG mappingG1:No poverty G3:Good h

71、ealth and well-being G4:Quality education G6:Clean water and sanitation G8:Decent work and economic growth G9:Industry,innovation,and infrastructure G10:Reduce inequalities G11:Sustainable cities and communities Spotlight:Hong Kong Mortgage Corp sustainable finance frameworkThe Hong Kong Mortgage Co

72、rporation Limited(HKMC)priced its first social bond in October 2022,and has issued five social bonds so far,of which all are considered aligned with the Climate Bonds SSBDB.In 2023,social bond issuance increased 77.6%YOY.Hong Kong Mortgage Corp is increasing its presence in the social theme Source:C

73、limate Bonds Initiative,HKMCUSD Billions51015Vanilla IssuanceSocial Issuance0202120222023All five bonds were issued under HKMCs Social,Green and Sustainability Financing Framework.The framework was structured under the relevant ICMA principles,helping to ensure best practice for the following reason

74、s:1.Issuing sustainable debt under the sustainable finance framework can help integrate sustainability into the firms ESG and business strategy.HKMC is committed to its core missions of promoting stability of the banking sector,wider home ownership,development of the local debt market,and developmen

75、t of the retirement planning market in Hong Kong.Given the organisations mission,there is strong overlap with the mission of the social debt market.Using social bonds,HKMC can support the growth of assets or projects with social benefits.The HKMC also established an ESG committee to oversee the impl

76、ementation of the strategies,further integrating sustainability into its governance.2.The use of this framework,and its relevant reporting commitments,build transparency and credibility between the issuer and its stakeholders.As a result of the development of the sustainable debt framework,the compa

77、nys financial control department has created an independent allocation register to record,track,and report on the allocation of the proceeds to eligible assets.This is then communicated to the public through its allocation and impact reporting for each instrument.Given the role HKMC plays in civic s

78、ociety,this strengthened public disclosure improves the publics understanding of the entitys role.Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 7Spotlight:The role of stock exchanges in promoting high quality sustainable debtSource:Climate Bonds Initiative,Taipei ExchangeSocialSustai

79、nabilityAlignment RateGreenNTD BillionsPercentage6050%12075%20225%00150100%The role of stock exchanges facilitates the development of a high-quality sustainable finance market.To effectively combat climate change and to further involve investors,the sustainable bond market must achieve si

80、gnificant scale and reduce the risk of greenwashing.Governmental support,primarily through policies and government issuance,plays a crucial role in this endeavour.Stock exchanges are essential to the provision of market liquidity for larger investor involvement.In addition to improving transparency,

81、they play a vital role in enforcing regulations,providing investors with the assurance that the sustainable bonds they purchase can be exchanged and have the required credentials.Stock exchanges use three levers to support the growth of a credible sustainable debt market:1.Implement market education

82、 and foster dialogues.Educational recourses such as guidance,training,and tools for investors,enable exchanges to help investors to better understand climate risks and opportunities,and sustainable debt issuance.The existence of unlabelled sustainable debt shows the potential for green bond market g

83、rowth across the world.Exchanges can identify existing and potential issuers,fast-growing markets,as well as large and new sectors for green bond issuance.Moreover,the markets advancement can be expedited through the establishment of performance benchmarks such as indices.These benchmarks serve to a

84、ssist investors in identifying sustainable finance investment opportunities more effectively,thus accelerating the development of the market.2.Provide access to a wide range of investors:The visibility and credibility offered by listing a GSS+deal on a stock exchange can help issuers to diversify th

85、eir investor base.This extends to a wide array of participants,ranging from substantial institutional investors such as pension funds,mutual funds,and insurance companies,to smaller and medium-sized institutions,and even individual investors with a preference for sustainable debt.3.Promote market tr

86、ansparency:The disclosure of UoP and post issuance reporting of sustainable bonds supports transparency.Exchanges can leverage existing standards and guidelines such as the ICMA Principles and the Climate Bonds methodologies to highlight international harmonisation and comparability.Case study:The T

87、aipei Exchanges high quality sustainable debt market The Taipei Exchange(TPEx)has played an active role in supporting the green bond market since 2017 and has since established S&S and SLB segments,between 2020 and 2022.Sustainable debt listed on TPEx has grown YOY since 2017.In May 2023,the outstan

88、ding volume exceeded NTD400bn(USD13.5bn).Lack of alignment with international standards is often a problem for nascent sustainable debt markets,hindering scale and ambition of issuance.However,all green,social and sustainable bonds listed on TPEx to date are considered aligned with Climate Bonds dat

89、abase methodologies.To achieve this high level of alignment,TPEx deploys a three-tiered execution strategy for its key stakeholders,with engagement strategies targeting the real economy,capital market participants,and internal stakeholders.14 For capital market participants,TPEx has guided funds to

90、target climate and transition-focussed products and services.For real economy participants(issuers),TPEx has directly advised and assisted entities to strengthen their ESG and sustainable debt frameworks and disclosure,in order to strengthen their competitiveness.Lastly,for its own development,it ha

91、s aligned with international standards and engaged with public net-zero policies,deepening collaboration to support the transition of entities.TPEx has used its influence with issuers and investors to develop and mature its sustainable finance market by:1.Strengthening corporate governance:TPEx supp

92、orts the use of international standards such as IFRS Sustainability Disclosure Standards and SASB.It introduced localised guidance on IFRS Sustainability Disclosure Standards Alignment and a Sustainability Roadmap to help listed companies understand the impact and opportunity of disclosing sustainab

93、ility-related financial information.2.Creating sustainable products and mechanisms:In collaboration with financial data and research companies FactSet and Entelligent,TPEx introduced Taiwans first pure climate index series,the TPEx FactSet Smart Climate,in 2023.This initiative provides investors wit

94、h tools to prioritise sustainability in their portfolios,educate stakeholders about climate risk,and encourage sustainable investments in exchange-traded products.TPEx GSS bond volumes continue to growHong Kong Green Market Briefing 2023 Climate Bonds Initiative 8Market analysisThe first sustainabil

95、ity-linked bond(SLB)was issued in China in 2018 by Beijing Infrastructure Investment Co.Since then,issuers around the world have utilised performance-linked debt instruments to demonstrate their commitment to decarbonisation.In 2023,Climate Bonds did not record any SLBs from Hong Kong issuers,but tw

96、o SLB issuance opportunities and best practice examples are highlighted here.To date,there have been three issuers of SLBs from Hong Kong:New World Development,Seaspan Corp,and Towngas.Together,they have priced six deals with collective volume of USD1.3bn.However,none of these deals have been tied t

97、o issuer GHG targets and are thus not aligned in the Climate Bonds Sustainability-Linked Bond Database(SLBDB).Real Estate SLBs International Best practiceThe real estate sector has been a keen user of the SLB instrument format since its inception,with 48 bonds totalling USD8.5bn issued against susta

98、inability targets,of which approximately USD1.5bn are considered aligned when assessed against Climate Bonds SLBDB methodology.One of the most prominent aligned SLB issuers is Mitsubishi Estate Co.,Ltd.,which has issued 3 deals worth JPY70bn(USD510.3m)considered aligned within the SLBDB.Mitsubishi E

99、states 10Y SLB issued in 2023,and two of its previous deals in 2022,are considered fully aligned with the Climate Bonds SLBDB methodology,as its GHG targets are aligned with the CRREM Real Estate pathways.It is worth noting however,that two of their five deals,are considered not aligned as they are

100、tied purely to renewable energy targets.Climate Bonds stipulates that SLBs are issued with all material emissions represented for the sector,in line with a sector-specific pathway.This remains a priority area to improve the credibility of SLB issuance from the Real Estate sector:58.8%of Real Estate

101、sector SLBs issued globally in 2023 lacked GHG targets attached to their deals.Deals are tied to renewable energy targets,energy efficiency targets,or the proportion of the real estate portfolio certified with green building standards.While Climate Bonds does not discourage the use of these targets,

102、ideally they should be secondary to fundamental decarbonisation targets.Many real estate companies in Hong Kong already have eligible GHG reduction targets.New World Development and Swire Properties,are notable examples of real estate developers that already have eligible scope 1,2,and 3 decarbonisa

103、tion targets.Tying their cost of debt to such targets helps not only to broaden their investor base but also demonstrate their decarbonisation commitment to investors and other stakeholders.3.Sustainability-linked bondsNOYESYESYESYESDoes the SLB use GHG emission reduction targets?SLBDo the targets e

104、xclude offsets and are not measured in economic intensity?Do the GHG targets cover the sector specific emission sources?Fully-aligned SLBStrongly-aligned SLBAligning SLBSLB not alignedNONONONo,but will be aligned by 2030No,but is aligned on a%reduction basis,and has all the key elements of transtion

105、 plansNo,and lacking transition plansClimate Bonds Sustainability-Linked Bond Database Climate Bonds screens self-labelled SLBs from all jurisdictions against the Climate Bonds Sustainability-Linked Bond Database(SLBDB)Methodology to inform the size,credibility,and ambition of global SLBs.Aligned de

106、als in the SLBDB evidence issuers who tie their cost of capital to credible and ambitious decarbonisation targets,in line with a 1.5C transition.A summary of the assessment process is illustrated below,with the full methodology available in Chinese and in English on the Climate Bonds website.15 Sect

107、oral case studies are also available on the website,breaking down the steps required for alignment.Are the targets aligned with the sector-specific pathway?Case study-Mitsubishi Estates 10Y SLB issued in 2023Amount issued JPY30bn(USD218.3m)Issue date 2 May 2023Maturity date 2 May 2033 Financial mech

108、anism type:Redemption premium(to Charity):worth 25bps if any target missed Key performance indicators(KPIs)GHG Emissions (scope 1&2)Sustainability performance targets(SPTs)-70%by 2031 against a 2019 baseline GHG Emissions (scope 3)-50%by 2031 against a 2019 baseline Assessment:Fully Aligned Emission

109、 sources required by SLB Database Methodology for sectorScope 1,2,and 3 or 80%of total emissionsHong Kong Green Market Briefing 2023 Climate Bonds Initiative 9Market dynamics from a broader perspectiveTo reflect the size of Hong Kong as an international financial centre for green and sustainable deb

110、t issuance,the HKMA adopts a different methodology from Climate Bonds in measuring the size of the green and sustainable debt market.Coverage of GSS+instruments by Climate Bonds and HKMA in comparison Data coverageClimate Bonds InitiativeHKMAInstrument typeBondsBonds and LoansScope Instruments from

111、Hong Kong issuers16Bonds arranged in Hong Kong17,and loans issued in Hong Kong18GSS+debt issued in Hong Kong exceeded USD50bn in 2023 under HKMAs methodology Instrument typeIssuance volume in 2023(USD bn)Bonds29.9Loans22.2Total52.1Sources:Dealogic and ICMA(for bonds),LoanConnector and HKMA staff est

112、imates(for loans)Note:Figures may not add up to the total due to rounding.Green bonds remained the major instrument typeClose to USD30bn of GSS+bonds were arranged in Hong Kong in 2023,capturing more than one-third of the Asian green and sustainable bond market.Against the backdrop of a volatile mar

113、ket environment,the GSS+bond issuance in Hong Kong grew by 6.9%YOY to USD29.9bn in 2023,equivalent to over one-third of the Asian international GSS+bond market.Green and sustainability bonds collectively made up over 90%of the market.Social bonds and SLBs remained relatively niche segments with arou

114、nd 4%and 2%share respectively.Over half of the GSS+bond issuance in Hong Kong was by private sector issuers,mainly financial institutions and real estate/property development corporates.Around half of the GSS+bond issuances in Hong Kong were denominated in USD(55%),followed by RMB(35%)and EUR(10%).O

115、ver USD22bn of GSS+loans were issued in Hong Kong in 2023.SLLs accounted for over two-thirds of the GSS+loan market in Hong Kong.Similar to GSS+bonds,financial institutions and real estate/property development corporates were the major borrower groups,collectively accounting for over 50%of the GSS+l

116、oan borrowing in Hong Kong.GSS+loans issued in Hong Kong were principally denominated in HKD(52%)and USD(39%).Sustainability 14%Green 80%Social 4%SLB 2%Corporate issuers accounted for more than half of GSS+bond issuanceSustainability-linked loans(SLLs)make up more than two-thirds of loan marketFinan

117、cial institutions and real estate/property development corporates were the major GSS+loan borrowersSource:HKMA,based on Dealogic DataSource:HKMA,based on Dealogic DataSource:HKMA,based on Dealogic DataSource:HKMA,based on Dealogic DataCorporate-other 20%Green loans 30%Financial institutions 34%Finan

118、cial Institutions 24%SLLs 70%Corporate-others 70%Corporate-real estate 70%Corporate-real estate 8%Governments and development banks 48%Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 10Transition finance describes measures to support investments aimed at reducing greenhouse gas emissio

119、ns in hard-to-abate sectors.This has been gaining visibility among Chinas financial regulators and market stakeholders despite relatively slow progress in the development of standards and building of consensus around how to ensure credible transitions.In February 2024,led by the National Development

120、 and Reform Commission(NDRC),10 government bodies jointly published the Guidance Catalogue for Green and Low-Carbon Transition Industry(2024 Edition).19 This is the first time that elements of low-carbon transition have been incorporated into Chinas national level taxonomies.Spotlight:Provincial tra

121、nsition finance frameworks on the rise in HKSAR and China Policy document NDRC Guidance Catalogue for Green and Low-Carbon Transition Industry(2024 Industry)Huzhou Transition Finance Support Activity Catalog(2023 trial)Catalogue of Chongqing Transition Finance Support Projects (2023 edition)Implemen

122、-tation Guide for Transition Finance in Key Areas of Tianjin Chemical IndustryShanghai Transition Finance Catalogue(trial)Guidelines for Transition Finance of Iron and Steel Industry in Hebei Province(2023-2024 edition)Publication DateSector coverageFebruary 2024July 2023October 2023October 2023Dece

123、mber 2023December 2023Textiles Pulp and paper Chemicals(including petrochemicals and chemicals)(differentiated by chemical raw materials,products,fibre)(covers 10 key areas of chemicals industry)(specifically,petroleum processing,raw materials,products)Non-metallic minerals Ferrous metals(specifical

124、ly,steel)(specifically,iron and steel)(specifically,iron and steel)(specifically,steel)Non-ferrous metals Electric machinery and equipment Electric power(specifically,coal power)Heat production Agriculture(agri-food and fisheries)Cement Water transportation Automotive manufacturing Air transport Pri

125、or to the introduction of a national transition finance standard in February 2024,local transition finance pilots were gaining traction.In 2023,subnational governments including Huzhou,Chongqing,Tianjin,Shanghai,and Hebei introduced transition finance policy guidance and taxonomies to support the lo

126、w-carbon transition of their industry bases.20,21,22,23,24 While each differs in their scope and granularity,this newly introduced local transition finance guidance serves as a pilot for the much-anticipated national sector-specific transition finance standards led by the PBOC,initially covering ste

127、el,thermal power,construction materials,and agriculture.The regional guidance tends to cover regionally relevant industries such as textiles,oil refining,chemicals,steel and other high-carbon emission sectors.The steel sector is included in most local guidelines while Chongqing stands out as the onl

128、y city to include the agricultural sector.HKMA has also commenced phase 2 development of the Taxonomy,which will include trasnition activities.However,Climate Bonds encourages the continued convergence and alignment of standards and guidance to ensure that capital flows unencumbered to finance decar

129、bonisation efforts and measures.The opportunity here for Hong Kong is to engage with and keep abreast of developments abroad and within mainland China,maintaining its position as a sustainable finance hub,and bridge between China and the international community.Hong Kong Green Market Briefing 2023 C

130、limate Bonds Initiative 114.Market Development and OutlookIn 2023,Hong Kong sustainable debt volumes grow to new heights,predominantly through government issuance.By the end of 2023,Climate Bonds had recorded cumulative aligned green bond volume of USD2.8tn.This figure is expected to have exceeded U

131、SD3tn by mid-year but the volume of large deals must increase significantly to reach Climate Bonds target of USD5tn per year by 2025.Hong Kong can leverage its position to mobilise the capital flow required to support both its own transition and that of mainland China,contributing to building a gree

132、n and sustainable future.Climate Bonds highlights three drivers of growth for Hong Kongs GSS+market in 2023 and beyond.1.HKSAR Government is committed to the achievement of its climate goals and its position as a GSF hub for the regionTackling climate change has the potential to power vast economic

133、growth.As a leading international financial centre,Hong Kong is a strategically placed GSF financing platform and can galvanise action on transition while addressing its own climate agenda.By the end of 2023,the HKSAR Government had priced government green bonds with cumulative volume of USD24.2bn.A

134、s part of its 202425 budget,the HKSAR Government announced its intention to issue approximately HKD95bn to HKD135bn worth of bonds each year from 202425 to 202829,including green/sustainable bonds.25 Furthermore,it announced the extension of the Green and Sustainable Finance Grant Scheme until 2027,

135、with an expanded scope of subsidies to cover transition bonds and loans,demonstrating its commitment to supporting the arranging and issuance of sustainable finance in Hong Kong.26 2.Clearly define transition to underpin further scale and ambitions in issuance and actionHong Kongs taxonomy for susta

136、inable finance,led by the HKMA,will facilitate easy navigation between the taxonomies of mainland China and the EU.An acknowledged benefit of a well-defined green taxonomy lies in its ability to eliminate greenwashing and facilitate capital flows across jurisdictions.As part of phase two of taxonomy

137、 development,there is a clear need to expand coverage to hard-to-abate sectors,given latest guidance from provincial and national governments in China,and the urgent need to decarbonise these sectors across the globe.The increased clarity will introduce scale from issuers and facilitate the issuance

138、 of UoP and SLB instruments.3.Hong Kong can further scale access to international finance for mainland ChinaHong Kong has vast potential to channel the decarbonisation and transition financing needs of mainland China due to its strategic position and high-profile within the international finance com

139、munity.This power is being further amplified through initiatives such as a local CGT-compliant taxonomy,the Government Green Bond Programme,and the green finance infrastructure that continues to develop.The advent of a CGT-compliant bond list from CFETS could be further supported by a similar list t

140、hat adopts an ex-China regional focus,including issuance from Hong Kong and abroad.Hong Kong Green Market Briefing 2023 Climate Bonds Initiative 12Scope of analysis This report includes four sustainable debt themes based on the projects,activities,and expenditures financed:green,social,sustainabilit

141、y,and SLB.The GSS+themes can be described as follows:Green:dedicated environmental benefits(captured since 2012).Social:dedicated social benefits (captured since 2020).Sustainability:green and social benefits combined into one instrument(captured since 2020).SLB:changes in coupon(almost always step-

142、ups)linked the fulfilment of key performance indicators(KPIs)against entity level sustainability performance targets(SPTs)(captured since 2021).Methodology overview This report draws on three Climate Bonds databases:1.Green Bond Database(GBDB)2.Social and Sustainability Bond Database(SSBDB)3.SLB Dat

143、abase(SLBDB)Bonds meeting the requirements outlined in Climate Bonds screening methodology qualify for inclusion in the datasets/bases and are classified as aligned.Labelled bonds for which there is not enough information to determine eligibility for dataset/base inclusion are classified as pending

144、until sufficient disclosure is available to decide.Bonds failing to meet the requirements of Climate Bonds Appendix B:Composition of labels in GSS+themesscreening methodology are classified as non-aligned and are excluded from the datasets/bases.SLBs are assessed according to Climate Bonds Sustainab

145、ility-Linked Bond Database Methodology(SLBDM)and classified according to four levels of alignment.27 1.Fully aligned:SLB targets cover all material sources of emissions and are aligned with the relevant pathway.2.Strongly aligned:SLB targets cover all material sources of emissions and will be aligne

146、d with the relevant pathway by 2030.3.Aligning:SLB targets cover all material sources of emissions,are aligned with the pathway on a%reduction basis,and the issuer has the basic tenets of a transition plan.4.Not aligned:SLB targets fail to meet any of the above criteria,or do not meet the other requ

147、irements detailed in the SLB Database Methodology.As Criteria are developed,Climate Bonds will update its GBDB methodology and then begin screening bonds from issuers in those sectors for inclusion,whether labelled as transition or as green.The Climate Bonds Taxonomy defines the assets and activitie

148、s that are aligned with a 1.5-degree pathway,accepting financing with either label.In 2024,Climate Bonds will publish new sector Criteria for Electrical Utilities,Agri-food,Deforestation and Conversion Free Sourcing,Hydrogen Delivery and Production,and Basic Chemicals.Climate Bonds Buildings Criteri

149、a will also be updated to reflect the differences between new and existing buildings.Green,social,and sustainability bondsAlignedPendingExcludedCumulative USD billion as of 31 December 20234.4tn79.8bn751.7bnSLBsFully alignedStrongly alignedAligningNot alignedCumulative USD billion as of 31 December

150、202340.3bn2.2bn4.7bn278.9bnComposition of labels in GSS+themesGreenSocialSustainabilitySLBBlue/WaterAffordable HousingSDGSustainability-linkedClimateEducationSocially Responsible Investing(SRI)ESG-linked Carbon NeutralityEqualitySustainable developmentSDG-linked Transition/Climate TransitionHealthca

151、reImpact/Positive ImpactLow-carbon transition-linkedPACERural RevitalisationESGTransition-linkedClimate ResilienceYouth,EmploymentAppendix A:Climate Bonds dataset/bases and reportingHong Kong Green Market Briefing 2023 Climate Bonds Initiative 13Disclaimer:The information contained in this communica

152、tion does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser.Any reference to a financial organisation or debt instrument or investment product is for information purposes only.Links to external websites are for information purposes only.The Cl

153、imate Bonds Initiative accepts no responsibility for content on external websites.The Climate Bonds Initiative is not endorsing,recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as s

154、uch,nor should any information in this communication be relied upon in making any investment decision.Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument.It does not reflect the credit worthiness of the designated

155、debt instrument,nor its compliance with national or international laws.A decision to invest in anything is solely yours.The Climate Bonds Initiative accepts no liability of any kind,for any investment an individual or organisation makes,nor for any investment made by third parties on behalf of an in

156、dividual or organisation,based in whole or in part on any information contained within this,or any other Climate Bonds Initiative public communication.Authors:Gao Zhan,MacGeoch Matthew,Xie Wenhong,XU XinruEditorial support:Stephanie Edghill,Caroline Harrison Suggested citation:Hong Kong Sustainable

157、Debt State of the Market 2023.The Climate Bonds Initiative.June 2024.Design:Godfrey Design,Joel Milstead Climate Bonds Initiative,June 2024 Funding for this publication was provided by Standard Chartered as a Gold Partner.Supported by the Hong Kong Monetary AuthoritySupported by the Hong Kong Green

158、Finance AssociationEndnotes1.https:/www.hkgbc.org.hk/eng/news-events/news/2023/20230929.jsp 2.https:/chinawaterrisk.org/wp-content/uploads/2023/09/CWR-2023-China-ICT-Transition-The-good-bad-ugly-of-5-HKEX-ICT-listcos-net-zero-pledges-climate-action.pdf 3.Latest version:Climate Bonds Green Bond Datas

159、et Methodology,April 2024,Climate Bonds Initiative,Green Bond Database Methodology|Climate Bonds Initiative4.J.P.Morgan Index Product Guide Global Index Research.https:/ 5.Solactive.2021.Shining Green:Bonds to Tackle Climate Change https:/ 6.FTSE Chinese(Onshore CNY)Green Bond Index v1.3.2022.https:

160、/ 7.Ping An of China Asset Management Fund China Green Bond Index.https:/.hk/en/PACAMF-CGBF#f2 8.21st Century Business Herald.CGT Labeled Bond Observation.https:/ 9.Hong Kong Monetary Authority.Hong Kong Taxonomy for Sustainable Finance.May 2024.https:/www.hkma.gov.hk/eng/news-and-media/press-releas

161、es/2024/05/20240503-3 10.CFETS.Green bonds in China that comply with the China-EU Common Classification Catalog(February 2024 version).https:/ 11.ICMA Social Bond Principle.https:/www.icmagroup.org/sustainable-finance/the-principles-guidelines-and-handbooks/social-bond-principles-sbp/12.Solactive In

162、dex.https:/ Indices.https:/ Strategy.https:/www.tpex.org.tw/storage/publish/csr/111/en/2022%20CSR%20TPEx%20Sustainable%20Strategy.pdf?t=2023082315.Climate Bonds Initiative.Climate Bonds Sustainability-linked bond Methodology.2023.https:/ 16.Climate Bonds refers to the following rule to determine how

163、 to assign a country/jurisdiction to each bond.For unsecured bonds,the country/jurisdiction is determined by the issuers domicile.If it is a wholly-owned subsidiary,it becomes the parent groups domicile.For secured bonds,the location of the assets being used as collateral is considered.However,a par

164、ent guarantee or other recourse to a parent company in another domicile would influence the determination.Climate Bonds does not take currency denomination,listing venue,or similar factors into account to determine the country/jurisdiction.17.Refers to green and sustainable bonds arranged in Hong Ko

165、ng.In line with the methodology adopted by the ICMA,the main location of arrangement is the jurisdiction where more than 50%of the lead banks of a deal are based.If two jurisdictions tie for a deal,both jurisdictions will be attributed by taking an average of the nominal amount of the bond.18.Refers

166、 to green and sustainable loans issued in Hong Kong.The issuing location is the location of the bank branches which represent the majority of the lender commitments.19.NDRC.2024.关于印发 绿色低碳转型产业指导目录（2024年版）的通知_国务院部门文件_中国政府网()20.Huzhou.Huzhou Transition Finance Support Activity Catalog(2023 Trial).2023.

167、转型金融支持活动目录()21.Chongqing.Catalogue of Chongqing Transition Finance Support Projects(2023 Edition) Guide for Transition Finance in Key Areas of Tianjin Chemical Industry.T/TJSFB 001-2023.2023.全国首个！天津出台化工行业转型金融标准()23.Shanghai Transition Finance Catalogue(Trial).2023.上海市转型金融目录（试行）正式出台_中共上海市委金融委员会办公室、中共

168、上海市金融工作委员会()24.Hebei.Guidelines for Transition Finance of Iron and Steel Industry in Hebei Province(2023-2024 Edition).2023.89009596.pdf()25.HKSAR Government.2024-25 Budget.2024.https:/www.budget.gov.hk/2024/eng/pf.html 26.For details of the Green and Sustainable Finance Grant Scheme,plea

169、se refer to the HKMA website at https:/www.hkma.gov.hk/eng/key-functions/international-financial-centre/bond-market-development/tax-concessions-and-incentive-schemes/27.Climate Bonds SLB Database Methodology,Sustainability-Linked Bond Database Methodology|Climate Bonds Initiative28.Climate Bonds Initiative Green Bond Database Methodology,Green Bond Database Methodology|Climate Bonds Initiative