气候债券倡议组织：2021年香港绿色及可持续债务市场报告_英文版__7页_446kb

2021 Hong Kong Green and Sustainable Debt Market Summary

Core Content Overview

The 2021 Hong Kong Green and Sustainable Debt Market Briefing by the Climate Bonds Initiative, in collaboration with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Green Finance Association (HKGFA), highlights the significant growth of green, social, and sustainability-themed debt instruments in Hong Kong. The market expanded across various categories, with a focus on green debt, sustainability-linked bonds (SLBs), and transition finance. The report also outlines the methodologies used to measure the market and the role of the HKSAR Government in promoting green finance.

Key Statistics

• Total GSS+ labelled debt issued in 2021: USD57bn
  • Green bonds and loans: USD31.3bn
  • Loans: USD25.4bn
• Green debt issuance (Climate Bonds GBDB aligned): USD10.4bn
  • YoY growth: Four times
  • Cumulative green issuance: USD20bn by end of 2021
• Government and corporate issuance:
  • Government: USD6bn (60% of total green debt)
  • Non-financial corporates: USD2bn (19%)
  • Financial corporates: USD1.5bn (14%)
• Total green debt issuance from Hong Kong issuers: USD14bn
• Pending green debt for inclusion in GBDB: USD5.7bn
  • Bonds: USD3.2bn
  • Loans: USD2.5bn

Market Expansion and Product Diversification

• New product types:
  • Sustainability bonds
  • Transition bonds
  • Sustainability-linked bonds (SLBs)
• Growth in green debt:
  • 6.5x YoY growth to USD19bn
• Sustainability bonds:
  • USD1.6bn raised through seven deals by four issuers
• SLBs:
  • USD0.9bn raised, up 3.4 times YoY
• Transition bonds:
  • USD1.1bn raised in 2021

Major Issuers and Use of Proceeds (UoP)

• Government:
  • Issued USD6bn in green bonds, with a broad UoP allocation (Buildings, Energy, Transport, Water, Waste, Land Use)
  • Launched a USD20bn retail green bond in May 2022, the largest globally
• Corporate Issuers:
  • Shimao Group Holdings issued USD748m for green purposes
  • New World Development issued USD200m SLB tied to renewable energy targets
  • Seaspan Corporation issued USD200m SLB for transition projects
• Top UoP categories in 2021:
  • Buildings: USD3bn (29%)
  • Energy: USD1.8bn (17%)
  • Transport: USD1.5bn (15%)
• HKMA methodology:
  • GSS+ bonds arranged in Hong Kong: USD31.3bn
  • Loans issued in Hong Kong: USD25.4bn
  • Total GSS+ debt from Hong Kong: USD56.6bn

External Review and Transparency

• External review rate: 90% (down from 100% in 2020)
• Active review providers: Vigoo Eiris, S&P Global Ratings, Sustainability, and HKQAA
• Challenges:
  • Inadequate disclosure in loans
  • Need for greater transparency and detail on energy efficiency and carbon mitigation

Hong Kong's Role in Green Finance

• HKEX remains the top venue for China's offshore green bonds:
  • Accounted for 46% of the offshore volume
• Shenzhen's dual-tranche green bond:
  • Pioneered the first offshore green bond from a mainland municipal government
• CGT adoption:
  • Hong Kong is exploring a local green classification framework aligned with the Common Ground Taxonomy (CGT)
  • Aims to improve interoperability and comparability with EU and China taxonomies
• GBA-GFA Collaboration:
  • Supports green finance initiatives including Green Building and Blockchain Solar Projects
  • Publishes research findings at the 2022 GBA-GFA HKGFA Annual Forum

Market Dynamics and Policy Support

• HKMA's methodology:
  • Bonds are counted as arranged in Hong Kong if most arranging activities occur there
  • Loans are counted as issued in Hong Kong if most lender commitments are from Hong Kong branches
• Green and Sustainable Finance Grant Scheme (GSFGS):
  • Launched in May 2021 to subsidise issuance costs and external reviews
  • Expanded in March 2022 to support smaller enterprises

Transition Finance and the Five Hallmarks

• Transition finance growth:
  • Includes transition bonds, SLBs, and SLLs
  • No universally accepted definition yet, but frameworks are emerging
• Five Hallmarks of a Credibly Transitioning Company:
  1. Paris-aligned targets: Align with Paris Agreement goals and set KPIs for emission reductions
  2. Robust plans: Include detailed strategies and financing plans
  3. Implementation actions: Outline capital and operational expenditures
  4. Internal reporting: Track performance and KPIs
  5. External reporting: Independent verification and annual progress reports

Case Study: New World Development (NWD)

• SLB issuance: USD200m in January 2021
• Targets:
  • Use 100% renewable energy in Greater Bay Area rental properties by FY2025/2026
  • Achieved 33% reduction in carbon emission intensity by FY2021
• Governance:
  • Sustainability Committee reports annually to the Board
  • Supports decarbonisation through Green Building Certifications and climate risk modelling
• Impact:
  • Helps diversify project categories and attract a broader investor base
  • Sets best practices for the local market

Outlook and Future Directions

• Growth trajectory: Continued expansion of GSS+ debt market
• Investor demand: Increasing interest in green and sustainable finance
• Policy support: Hong Kong's commitment to developing a local taxonomy
• Global opportunities: Capitalising on China's carbon neutrality goals and opening capital markets
• Climate Bonds' role: Encouraging innovation, transparency, and alignment with global standards

Conclusion

The Hong Kong green and sustainable debt market experienced substantial growth in 2021, with USD57bn in GSS+ labelled debt issued. Green bonds dominated the market, while sustainability-linked and transition instruments gained traction. The HKSAR Government played a central role in promoting green finance, with a focus on transparency, external review, and market expansion. As the market continues to evolve, the development of a unified classification framework and the enhancement of disclosure practices will be crucial for Hong Kong to maintain its position as a leading international green finance hub.