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Hong Kong government unveils green tech measures

Hong Kong’s Financial Secretary recently highlighted the importance of creating a livable city and announced various environmental protection measures in his 2020-21 Budget, including those to promote the use of electric vehicles.

The Government would formulate Hong Kong’s first roadmap on the use of electric vehicles and launch a $2 billion pilot scheme this year to subsidise charging-enabling infrastructure installation ineligible car parks of private residential buildings.

The Government will also earmark $80 million to launch an electric public light bus pilot scheme and $350 million for an electric ferry scheme.

The Financial Secretary also stated that he is preparing for the launch of a scheme in the second half of this year to phase out about 40,000 Euro IV diesel commercial vehicles, and has set aside $7.1 billion for ex-gratia payments to the vehicle owners concerned.

To support the wastepaper recycling industry, the finance chief proposed a sum of no less than $300 million each year for implementing a scheme to help stabilise the quantity and price of local waste paper. The scheme is expected to start in the second half of this year.

In addition, the FS suggested that a $200 million Green Tech Fund be set up to support the research and development and application of decarbonisation and green technologies.

In addition, $300 million has been earmarked to extend the Cleaner Production Partnership Programme to help improve the regional environment.

Hong Kong’s Green Tech Fund scheme

In September 2019, OpenGov Asia reported the Hong Kong Quality Assurance Agency launched its Green Finance Certification Scheme – Green Fund to provide third-party conformity assessments on green funds.

It encourages investors from the fund market to support green projects and enhances the transparency of the investment process.

Secretary for Financial Services & the Treasury noted that the scheme was developed with reference to a number of pertinent international and national standards.

Following the successful implementation of the certification scheme for green debt instruments last year, the extension to green funds will further strengthen market confidence in green financial products, in line with the government’s ongoing commitment to developing Hong Kong into a leading hub for green finance and technology in the region.

Much encouraged by an increasing number of funds with an investment focus on climate, green, environmental or sustainable development in Hong Kong in recent years, the government will continue to support the certification scheme and encourage more local, Mainland and overseas entities to make use of it and our capital markets for financing their green projects.

Pushing green technology

Under the Smart City Blueprint for Hong Kong, a main mission for the government is to consume fewer resources and make Hong Kong more environment-friendly, while maintaining its vibrancy, efficiency and liveability.

Looking ahead the government will continue to explore and formulate initiatives to adopt new green technologies when they become commercially available, reduce carbon consumption, create a more sustainable environment for people and optimise the use of city resources, including waste reduction, reuse and recycling.

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