FSTB GreenBond24 Ebooklet EN

Hong Kong Special Administrative Region
of the People’s Republic of China
Green Bond
Report 2024
Contents
3 The Government Sustainable Bond Programme
4 Hong Kong’s Commitments on Climate and Environmental Protection
6 Green and Sustainable Finance Initiatives in Hong Kong
8 The Green Bond Framework
11 Government Green Bond Issuances
11 Milestone
12 Breakthroughs Achieved
13 Summary of Issuances
14 Retail Green Bond 2023
15 The February 2024 Second Tokenised Green Bond Issuances
16 The July 2024 Green Bond Issuances
17 Green Projects
17 Overview
22 Major Expected Impacts of Newly Selected Projects
23 Project Highlights
27 Allocation of the Proceeds of the Green Bond Issuances
27 The November 2021 Issuances
30 The January 2023 Issuances
32 The Inaugural Tokenised Issuance in 2023
33 The June 2023 Issuances
36 The Second Tokenised Issuance in 2024
37 External Review
38 Appendix A –
Summary of Green Projects under
the Government Sustainable Bond Programme
57 Breakdown by Bond - Legend
58 Appendix B –
Assessment Summary of
the Hong Kong Quality Assurance Agency
The Government
Sustainable Bond Programme
In February 2018, the Financial Secretary (FS)
of the Government of the Hong Kong Special
Administrative Region of the People’s Republic of
China (the Government) announced in his 2018-19
Budget to launch the Government Green Bond
Programme (GGBP) with a borrowing ceiling1 of
HK$100 billion (about US$12.8 billion) to demonstrate
the commitment to promoting green finance and
developing the Hong Kong Special Administrative
Region (the HKSAR or Hong Kong) into a more
sustainable and liveable city.
As authorised by the Legislative Council of the to expand the scope and raise the borrowing ceiling
HKSAR in November 2018, the sums raised under to HK$200 billion under the GGBP. Under the
the GGBP are credited to the Capital Works expanded scope of the GGBP, the sums raised
Reserve Fund (CWRF) to provide funding for the and credited to the CWRF will fund, in addition
Government’s major public works projects with to major public works projects, a wider variety
environmental benefits. The Steering Committee of green projects including minor works projects,
on the GGBP, chaired by the FS, has been major systems and equipment, as well as capital
established to oversee and give strategic direction subvention projects implemented by
on the implementation and development of the non-government organisations.
GGBP. The Hong Kong Monetary Authority (HKMA)
Building on the success of the GGBP and
assists in implementing green bond issuance under
to further consolidate Hong Kong’s position as
the GGBP.
an international green and sustainable finance
hub, the FS announced in his 2023-24 Budget
that the scope of the GGBP would be expanded
to cover sustainable projects. As set out in the
2024-25 Budget, a borrowing ceiling at a total
of HK$500 billion for the GGBP and the newly
established Infrastructure Bond Programme (IBP)
would be set to allow more flexibility in quota
re-allocation to facilitate investment in projects
which are conducive to long-term development as
covered by the CWRF. In May 2024, the Legislative
Council approved the Government’s proposal
to raise the borrowing ceiling to HK$500 billion for
As a consistent step to consolidate and develop the GGBP and IBP. With the expansion of the GGBP
Hong Kong’s position as a premier green finance to cover sustainable projects, the GGBP has been
hub regionally and internationally, the FS announced renamed as the Government Sustainable Bond
in his 2021-22 Budget the plan to double the Programme (GSBP).
borrowing ceiling of the GGBP to HK$200 billion
As at 31 August 2024, the Government has
(about US$25.6 billion), giving the Government more
successfully issued close to HK$220 billion or
room for piloting the issuance of green bonds that
US$28 billion worth of green bonds under the GSBP.
involves more types of currencies, project types
and issuance channels. The Legislative Council
approved in July 2021 the Government’s proposal
1
It refers to the maximum amount of outstanding principal at any time under the GGBP, i.e. the principal amount of bonds issued
minus that of bonds matured.
3 Green Bond Report 2024

Hong Kong’s Commitments on Climate and
Environmental Protection
The Central People’s Government sets out in
“The Outline of the 14th Five-Year Plan for National
Economic and Social Development of the People’s
Republic of China and the Long-Range Objectives
Through the Year 2035” the plan to promote a
comprehensive green transformation for economic
and social development, and to endeavour to have
carbon emissions peak before 2030 and achieve
carbon neutrality before 2060 (Dual Carbon Targets).
To align with the country’s Dual Carbon Targets,
the Government announced in 2020 that Hong Kong
would strive to achieve carbon neutrality before
2050. An inter-departmental “Steering Committee on
Climate Change and Carbon Neutrality” was formed
to formulate the overall strategy and oversee work
progress. The Government announced four major
decarbonisation strategies in 2021 to help Hong
Kong achieve carbon neutrality before 2050, namely
“net-zero electricity generation”, “energy saving
and green buildings”, “green transport” and “waste
reduction”, as well as the interim target to reduce Hong Kong’s total carbon emissions from the 2005 levels
by half before 2035. The then Environment Bureau2 announced Hong Kong’s Climate Action Plan 2050
on 8 October 2021 to set out the above mitigation strategies and targets in detail.
In 2022, electricity generation continued to be Hong Kong’s largest source of carbon emissions (63%),
followed by transport (19%) and waste (8%). Therefore, Hong Kong’s decarbonisation work would focus on
these three key areas. The four major decarbonisation strategies in the Hong Kong’s Climate Action Plan 2050
cover the following targets and measures -
Net-zero electricity generation: Achieve the long-term target of net-zero electricity generation before 2050
by ceasing the use of coal for daily electricity generation by 2035; increasing the share of renewable energy
in the fuel mix for electricity generation to 7.5% to 10% by 2035, and to 15% subsequently; and trying out
the use of new energy and strengthening co-operation with neighbouring regions to raise the share of
zero-carbon energy for electricity generation to about 60% to 70%.
Energy saving and green buildings: Reduce the overall electricity consumption of buildings through
promoting green buildings, improving buildings’ energy efficiency and promoting a low-carbon lifestyle.
The goal is to reduce the electricity consumption of commercial buildings by 30% to 40% and that of
residential buildings by 20% to 30% from the 2015 level by 2050, and to achieve half of the above targets
by 2035.
2
The Environment Bureau has been renamed as the Environment and Ecology Bureau with effect from 1 July 2022.

Green transport: Achieve the long-term target of attaining zero vehicular emissions and zero carbon
emissions in the transport sector before 2050, through the electrification of vehicles and ferries,
development of new-energy transport and measures to improve traffic management. The Government will
cease the new registration of fuel-propelled and hybrid private cars in 2035 or earlier. Apart from promoting
electric buses and commercial vehicles, the Government has been collaborating with the franchised bus
companies and other stakeholders to test out hydrogen fuel cell electric buses and heavy vehicles.
Waste reduction: To achieve the long-term target of carbon neutrality in waste management before 2050,
the Government will strive to develop adequate waste-to-energy facilities by 2035, so as to move away
from reliance on landfills for municipal waste disposal. The Government will continue to promote waste
reduction and recycling.
As set out in Hong Kong’s Climate Action Plan 2050 published in 2021, in the next 15 to 20 years,
the Government will devote about HK$240 billion to take forward various measures on climate change
mitigation and adaptation. The Environment and Ecology Bureau set up a new Office of Climate Change
and Carbon Neutrality in January 2023 to strengthen co-ordination and promotion of deep decarbonisation
in the community. Also, the Council for Carbon Neutrality and Sustainable Development was established
in May 2023 to offer advice on decarbonisation strategies and to encourage different sectors in the community,
including young people, to participate actively in climate actions.

Green and Sustainable Finance Initiatives
in Hong Kong
Combating climate change is an important issue
across the globe. In light of global efforts in
promoting green transformation and sustainable
development, there is accelerating demand for
green and sustainable finance. The financial sector
can be part of the solution by facilitating matching
between capital and quality green and sustainable
projects. To contribute proactively to the country’s
Dual Carbon Targets in relation to carbon emission
peak and carbon neutrality, as well as propel
Hong Kong towards its own carbon neutrality
target before 2050, the Government continues to
promote the development of green and sustainable
finance in Hong Kong. The FS announced in the
2023-24 Budget that the Government will accelerate
the development of Hong Kong into an international
centre for green technology and finance and
proceed in five directions, namely (a) building
a green technology ecosystem; (b) green finance
application and innovation; (c) green certification
and alignment with international standards;
(d) training for talents; and (e) enhancing the
exchange and co-operation with the Guangdong-
Hong Kong-Macao Greater Bay Area and
international markets.
The Government continues to join hands with the financial sector and relevant stakeholders to take forward
the initiatives under the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) 3 ,
including market regulation and development, ecosystem enhancement, and capacity building, etc.
For provision of financial support, the Government has sustained the promotion of the Green and Sustainable
Finance Grant Scheme, which was launched in May 2021 to provide funding support to eligible green
and sustainable bond issuers and loan borrowers to cover their expenses on bond issuance and external
review services. The Scheme has been well received by the industry. It has been extended by three years
to 2027, with an expanded scope of funding support to cover transition bonds and loans. These measures will
encourage relevant industries in the region to make use of Hong Kong’s transition financing platform towards
decarbonisation. As of end-Aug 2024, grants of about HK$260 million have been approved for 440 green
and sustainable debt instruments issued in Hong Kong, involving a total underlying debt issuance of around
US$120 billion.
Furthermore, the Government launched the new Green and Sustainable Fintech Proof-of-Concept Funding
Support Scheme in June 2024 to provide early-stage funding to support technology companies or research
institutes conducting green fintech activities to collaborate with local enterprises in co-developing new projects
in the market that can address the industry pain points. The Scheme facilitates the solutions concerned
to complete the commercialisation and proof-of-concept stage and enables wider adoption of green
and sustainable fintech solutions with potential in the business landscape of Hong Kong.
3
The Steering Group is co-chaired by the HKMA and the Securities and Futures Commission of Hong Kong. Members include the
Financial Services and the Treasury Bureau, the Environment and Ecology Bureau, the Insurance Authority, the Mandatory Provident
Fund Schemes Authority, Hong Kong Exchanges and Clearing Limited, and the Accounting and Financial Reporting Council.

To support talent nurturing by providing funding support to market practitioners and related professionals
as well as students and graduates of relevant disciplines to undertake training in green and sustainable finance,
the Government launched in December 2022 a three-year Pilot Green and Sustainable Finance Capacity
Building Support Scheme. As of early August 2024, the Scheme has included 70 eligible training programmes
offered by the professional and continuing education schools of local universities, professional institutions
and international training providers.
On market development, the Hong Kong Exchanges and Clearing Limited launched an international carbon
marketplace Core Climate in October 2022, which is currently the only carbon marketplace that offers
Hong Kong dollar (HKD) and Renminbi (RMB) settlement for the trading of international voluntary
carbon credits.
On the development of taxonomy, the HKMA published the Hong Kong Taxonomy for Sustainable Finance
(Hong Kong Taxonomy) in early May 2024. It serves as a pivotal tool to raise awareness about green finance,
promote common understanding on green activities, facilitate green finance flows, and provide a foundation
for further applications. It aligns with the two mainstream taxonomies of the Mainland and the European
Union (EU), and currently encompasses 12 economic activities under four sectors namely power generation,
transportation, construction, and water and waste management. For the next step, the HKMA will seek
to expand the coverage of the taxonomy to include more sectors and activities, including transition activities.
For sustainability reporting in alignment with international standards, the 2023 Policy Address promulgated
the policy measure that the Government would work with financial regulators and stakeholders to develop
a roadmap on the appropriate adoption of the International Sustainability Standards Board (ISSB) Standards
in Hong Kong. In March 2024, the Financial Services and the Treasury Bureau (FSTB) published a vision
statement, setting out the vision and approach of the Government and financial regulators in developing
a comprehensive ecosystem for sustainability disclosure in Hong Kong. A working group formed under
the Steering Group, as co-led by the FSTB and the Securities and Futures Commission, has been tasked
to formulate the roadmap. The Hong Kong Institute of Certified Public Accountants having assumed the role
of standard setter will develop the local sustainability reporting standards (Hong Kong Standards) aligned
with the ISSB Standards as well as the complementary application and implementation guidance.
The Government’s target is to launch the roadmap within 2024 to provide a transparent and well-defined
pathway on sustainability reporting for businesses in Hong Kong as well as sufficient time for making
preparations and developing readiness for the pragmatic implementation of the Hong Kong Standards.
In the process, to facilitate listed companies to adopt the local sustainability disclosure standards for
sustainable reporting in future, the Stock Exchange of Hong Kong Limited has introduced new climate-
related disclosures requirements, which are developed based on IFRS S2 Climate-related Disclosures,
for implementation under a phased approach from 1 January 2025 onwards.

The Green Bond Framework
As a core component of the GSBP, the Government first published a Green Bond Framework (the Framework)
in March 2019 which set out how it intended to issue green bonds to fund projects that would improve
the environment and facilitate the transition to a low carbon economy. The Framework and the bonds issued
under it were aligned with the Green Bond Principles (GBP) 2018 of the International Capital Market
Association (ICMA). In February 2022, the Government released an updated version of the Framework,
reflecting Hong Kong’s latest climate commitments and strategy and aligning with the latest international
standards and practices in the green bond market, including the GBP 2021 of the ICMA. The updated
Framework (February 2022 version) is applicable to the Government’s green bond issuances thereafter.
In accordance with the updated Framework, the proceeds of issuances will be used exclusively to finance
or re-finance green projects that fall under one or more of the nine Eligible Categories, i.e. renewable energy;
energy efficiency and conservation; pollution prevention and control; waste management and resource
recovery; water and wastewater management; nature conservation / biodiversity; clean transportation;
green buildings; and climate change adaptation.
The Steering Committee on the GSBP reviews and approves each project submitted by bureaux and
departments as “Eligible Project” based on the eligibility criteria outlined in the Use of Proceeds section and
the allocation of proceeds of each Green Bond Transaction (GBT) to Eligible Projects according to the process
in the Project Evaluation and Selection section of the Framework.
The proceeds of each GBT will be credited to the CWRF pending earmarking to Eligible Projects, and will be
allocated to expenditures within the last two or next two financial years from the issuance date. It is expected
that more than half of the proceeds will be allocated to future expenditures.
The Government will provide information on the allocation of the proceeds and expected environmental
benefits on an annual basis.
V.E.4 has provided a second party opinion regarding, amongst others, the alignment of the Framework
(February 2022 version) with the GBP 2021.
4
The second party opinion was originally conducted by V.E., which is now part of Moody’s Corporation.

Renewable Energy
Energy Efficiency
and Conservation
Pollution Prevention
and Control
Waste Management
and Resource
Recovery
Water and
Wastewater
Management

Nature
Conservation /
Biodiversity
Clean
Transportation
Green Buildings
Climate Change
Adaptation

Government Green Bond Issuances
Milestone
November 2018 March 2019 May 2019
Establishment of GGBP Green Bond Framework Inaugural institutional issuance

(March 2019 version) US$1 billion (1 USD tranche)
July 2021 February 2021 January 2021
GGBP’s borrowing ceiling February 2021 institutional Establishment of a Global

doubled to HK$200 billion issuances Medium Term Note Programme
US$2.5 billion (3 USD tranches)
November 2021 February 2022 May 2022
November 2021 institutional Green Bond Framework Inaugural retail issuance

issuances (February 2022 version) HK$20 billion
US$1 billion (1 USD tranche)
EUR1.75 billion (2 Euro (EUR) tranches)
RMB5 billion (2 RMB tranches)
June 2023 February 2023 January 2023
June 2023 institutional issuances Inaugural tokenised issuance January 2023 institutional
US$2.25 billion (3 USD tranches) HK$800 million issuances
EUR1.5 billion (2 EUR tranches) US$3 billion (4 USD tranches)
RMB15 billion (3 RMB tranches) EUR1.25 billion (2 EUR tranches)
RMB10 billion (2 RMB tranches)
October 2023 February 2024 July 2024
Retail Green Bond 2023 Second tokenised issuance July 2024 institutional issuances
HK$20 billion HK$2 billion (1 HKD tranche) RMB10 billion (5 RMB tranches)
RMB1.5 billion (1 RMB tranche) US$1 billion (1 USD tranche)
US$200 million (1 USD tranche) EUR750 million (1 EUR tranche)
EUR80 million (1 EUR tranche)

Cumulative Government Green Bond Issuances: Institutional:
HK$ HK$ HK$
220 billion 180 billion 40 billion
(~US$28 billion) (~US$23 billion) (~US$5 billion)
HK$ HK$ HK$

220 billion 180 billion
Retail: 40 billion
HK$ HK$ HK$
(~US$28 billion) (~US$23 billion)
220 billion (~US$5
180billion)
billion 40 billion
(~US$28 billion) (~US$23 billion) (~US$5 billion)
Breakthroughs Achieved
Year Breakthroughs at Issuance
2021 • The world’s first Global Medium Term Note Programme dedicated to green bond
issuances by a government
• The world’s largest USD government green bond deal
• The longest tenor USD government green bond ever in Asia
• The longest tenor EUR government green bond ever in Asia
2022 • The world’s largest retail green bond issuance
2023 • The largest ESG bond issuance ever in Asia

• The world’s first government tokenised green bond issuance
2024 • The world’s first multi-currency digitally native bond

Summary of Issuances
The Government has made ten rounds of green

bond issuances as at 31 August 2024. The proceeds
raised from the first nine rounds of issuances have
been fully allocated or earmarked to eligible green
projects. The details of the green projects and
the allocation of proceeds are reported
in the ensuing sections.
Round Date Descriptions
1 May 2019 • Inaugural institutional green bond

• The proceeds were fully allocated to 7 green projects across
4 eligible categories
2 February 2021 • C omprised 3 tranches

• First 30-year green bond issued by an Asian government
• The proceeds were fully allocated to 12 green projects across
4 eligible categories
3 November 2021 • Comprised 5 tranches, involving 3 currencies: USD, EUR and RMB,
as well as more green projects
• Inaugural offering of Euro-denominated and RMB-denominated bonds
• The longest tenor (20-year) EUR government green bond ever in Asia
4 May 2022 • Inaugural retail green bond

• The largest retail green bond issuance across the globe at the time
5 January 2023 • Comprised 8 tranches, involving 3 currencies: USD, EUR and RMB
with different tenors
• The largest ESG bond issuance in Asia
• The RMB tranches were doubled in size to a total of RMB10 billion
to cater for investor demand
6 February 2023 • First tokenised green bond issued by a government globally
7 June 2023 • Comprised 8 tranches, involving 3 currencies: USD, EUR and RMB
with different tenors
• The RMB tranches were further expanded to RMB15 billion,
with issuance of a new 10-year tranche
8 October 2023 • Second retail green bond
9 February 2024 • First multi-currency digital bond in the world

• First digitally native bond in Hong Kong
10 July 2024 • Inaugural offering of 20-year and 30-year RMB bonds

Retail Green Bond 2023
The Government offered a new batch of retail green

bonds (Retail Green Bond 2023) with a target issuance
size of HK$15 billion (about US$1.9 billion) for public
subscription in September 2023. The Retail Green
Bond 2023 was well received by the public, attracting
over 321,000 valid applications for a total principal
amount of over HK$30 billion (about US$3.8 billion).
The final issuance size of the Retail Green Bond 2023
was expanded to HK$20 billion (about US$2.6 billion).
The issuance received the Green Finance Certificate
(Pre-issuance Stage) from Hong Kong Quality
Assurance Agency (HKQAA).
Details of Retail Green Bond 2023
ISIN HK0000951001
Size HK$20 billion
Proceeds HK$20 billion
Tenor 3-year
Issue Date 10 October 2023
Maturity Date 12 October 2026
Issue Price 100%
Coupon Rate Linked to inflation in Hong Kong, subject to a minimum rate of 4.75%
Listing Hong Kong Stock Exchange
The issuance has further facilitated market development and at the same time promoted financial
inclusiveness, offering members of the public investment options with steady returns so that
they could also participate in and benefit from the green finance development.

The February 2024 Second Tokenised Green Bond Issuances
This is the second digital bond issuance following the Government’s inaugural tokenised green bond issued
in February 2023. Following a roadshow for global investors on 30 January 2024, around HK$6 billion worth
of digital green bonds denominated in HKD, RMB, USD and EUR were successfully issued. This issuance
achieved new breakthroughs in (1) broadening investor participation via existing market infrastructure;
(2) streamlining issuance process by issuing in digitally native format; (3) building in standardisation elements;
and (4) integrating green bond disclosures with digital assets platform.
Details of the Second Tokenised Green Bond Issuances
Issue Date 7 February 2024
Ratings (at issuance) Fitch: AA- / S&P: AA+
Listing Hong Kong Stock Exchange
Proceeds
Size Tenor Coupon
ISIN in HKD5 Maturity Date Issue Price
(million) (year) Rate
(million)
HK0000963279 US$200 1,561 2 7 February 2026 99.766% 4.625%
HK0000963287 EUR80 671 2 7 February 2026 99.781% 3.500%
HK0000963295 RMB1,500 1,626 2 Interest Payment 100.000% 2.900%

Date falling on
or nearest to
7 February 2026
HK0000976420 HK$2,000 2,000 2 Interest Payment 100.000% 3.800%

Date falling on
or nearest to
7 February 2026
The two-year digital green bonds attracted subscription by a wide spectrum of institutional investors globally,
from financial institutions (including major asset managers, banks, insurance companies and private banks)
to non-financial institutions. The issuances received the Green Finance Certificate (Pre-issuance Stage)
from HKQAA.
5
The bond proceeds were exchanged to Hong Kong dollars immediately upon receipt.

The July 2024 Green Bond Issuances
Following a virtual roadshow for global investors on 16 July 2024, approximately HK$25 billion worth
of green bonds, comprising seven tranches, were successfully issued on 24 July 2024.
Details of the July 2024 Issuances
Issue Date 24 July 2024
Ratings (at issuance) Fitch: AA- / S&P: AA+
Listing Hong Kong Stock Exchange and London Stock Exchange
Proceeds
Size Tenor Coupon
ISIN in HKD6 Maturity Date Issue Price
(million) (year) Rate
(million)
HK0001038410 RMB2,000 2,142 2 The last interest 100.000% 2.600%

payment date
falling on or nearest
to 24 July 2026

payment date
to 24 July 2029

payment date
to 24 July 2034

payment date
to 24 July 2044

payment date
to 24 July 2054
US43858AAP57/ US$1,000 7,790 3 24 July 2027 99.760% 4.250%

USY3422VDC91
HK0001031944 EUR750 6,379 7 24 July 2031 99.975% 3.375%
The offering attracted participation from a wide spectrum of investors globally, with more than HK$120 billion
equivalent in orders. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time
by the Government, among which the 30-year bond is also the longest tenor RMB bond offered by the
Government so far, providing new benchmarks for the market. The issuances also received the Green
and Sustainable Finance Certificate (Pre-issuance Stage) from HKQAA.
6
The bond proceeds were exchanged to Hong Kong dollars immediately upon receipt.

Green Projects
Overview
As of 31 August 2024, the following 116 projects under six eligible categories have been included in the GSBP.
Details of all the projects including their major expected impacts can be found in Appendix A. Of these
116 projects, 44 (Projects 73 to 116) are newly selected and approved by the Steering Committee on the GSBP
as Eligible Projects since the last report, and the major expected impacts of these 44 projects are featured
on page 22 of this report.
8
43
58
33 75
116 13
34
38
80 82
5
30 105
52
114 115 91
111 36 42
92 70
84 47
72 44 73
24 99
78
45 86
37 48 69 106
79 32
89 103
24
67 59 107
101 29
18 12 26 16
81 71
22 98 95 11 85
88 56 108
9 60 76 14 63 4 68
57 27 87 65
64 40 17 28 19
7
3 62 102 83 25 24 61 100 23
2 112 113 41 53 104 93
97 54
6 31 15 94
77 90 49 35
20 96 109
46 74 10 39 110
21
55 66
51
50
1
Waste Management and Green Buildings Water and Wastewater

Resource Recovery Management
Energy Efficiency and Pollution Prevention Climate Change

Conservation and Control Adaptation

Project Name of Project Location
1 I·PARK1 Near Shek Kwu Chau
2 O·PARK1 Siu Ho Wan, Lantau Island
3 West Kowloon Government Offices Yau Ma Tei
4 Inland Revenue Centre Kai Tak
5 Upgrading of San Wai Sewage Treatment Works - Phase 1 Yuen Long
6 Additional Sewage Rising Main and Rehabilitation of the Existing Sewage Rising Main
Between Tung Chung and Siu Ho Wan
between Tung Chung and Siu Ho Wan
7 District Cooling System at the Kai Tak Development Kai Tak
8 O·PARK2 North District
9 Treasury Building Cheung Sha Wan
10 Redevelopment of Queen Mary Hospital, Phase 1 Pok Fu Lam
11 East Kowloon Cultural Centre Lower Ngau Tau Kok
12 Kowloon Byewash Reservoir and

West Kowloon Drainage Improvement - Inter-reservoirs Transfer Scheme
Lower Shing Mun Reservoir
13 Expansion of Sha Tau Kok Sewage Treatment Works - Phase 1 Sha Tau Kok
14 Additional District Cooling System at the Kai Tak Development Kai Tak
15 Fire Services Department Pak Shing Kok Married Quarters Tseung Kwan O
16 Customs and Excise Department Quarters at Tsz Wan Shan Tsz Wan Shan
17 Reprovisioning of the Hongkong Post’s Headquarters Kowloon Bay
18
Redevelopment of Kwai Chung Hospital, Phase 2 Kwai Chung
19 Customs and Excise Department Quarters at Tseung Kwan O Area 123

Tseung Kwan O
(Po Lam Road)
20 Hospital Authority Supporting Services Centre Tung Chung
21 The Water Supplies Department Building and the Correctional Services

Chai Wan
Headquarters Building
22
Drainage Services Tower Cheung Sha Wan
23
Tseung Kwan O Government Offices Tseung Kwan O
24
Rehabilitation of Trunk Sewers in Kowloon, Sha Tin and Sai Kung Kowloon, Sha Tin and Sai Kung
25 Upgrading of Kwun Tong Preliminary Treatment Works Kwun Tong
26
Upgrading of West Kowloon and Tsuen Wan Sewerage Phase 1 West Kowloon and Tsuen Wan
27
Construction of Dry Weather Flow Interceptor at Cherry Street Box Culvert Near New Yau Ma Tei Typhoon Shelter
28
Revitalisation of Tsui Ping River Kwun Tong
29 Upgrading of West Kowloon and Tsuen Wan Sewerage Phase 2 West Kowloon and Tsuen Wan

30 Yuen Long Effluent Polishing Plant Stage 1 Yuen Long
31 Siu Ho Wan Water Treatment Works Extension Siu Ho Wan
32 Relocation of Sha Tin Sewage Treatment Works to Caverns Sha Tin
33 Shek Wu Hui Effluent Polishing Plant Sheung Shui
34 District Cooling System at the Kwu Tung North New Development Area Kwu Tung North
35 GREEN@WAN CHAI Wan Chai
36 Sports Centre, Community Hall and Football Pitches in Area 1, Tai Po Tai Po
37 Extension of Operating Theatre Block for Tuen Mun Hospital Tuen Mun
38 North District Community Health Centre Building Sheung Shui
39 Joint User Complex at Lei King Road Sai Wan Ho
40 New Acute Hospital at Kai Tak Development Area Kai Tak
41 Enhancement Works for Kwun Tong Sewage Pumping Station Kwun Tong
42 Upgrading of Sewage Pumping Stations and Sewerage along Ting Kok Road Tai Po
43 Water Supply to New Housing Developments in Sheung Shui and Fanling Sheung Shui and Fanling
44 Implementation of Water Intelligent Network Entire Hong Kong
45 In-situ Reprovisioning of Sha Tin Water Treatment Works (South Works) Sha Tin
46
46 District Cooling System for Tung Chung New Town Extension (East) Tung Chung New Town Extension (East)
47 Four sites at the periphery of Hong Kong

Three-dimensional Air Pollution Monitoring Network
and the fifth in the city centre
48 Rehabilitation of Trunk Sewers in Tuen Mun Tuen Mun
49 Upgrading of Central and East Kowloon Sewerage – Phase 3 Central and East Kowloon
50 Upgrading of Cheung Chau Sewage Treatment and Disposal Facilities Cheung Chau
51 Lamma Village Sewerage Phase 2, Package 2 Lamma Island
52 Construction and Rehabilitation of Trunk Sewage Rising Mains in Yuen Long Yuen Long
53 Construction and Rehabilitation of Trunk Sewage Rising Mains in Yau Tong Yau Tong
54 Construction of San Shek Wan Sewage Treatment Works and Pui O Village Sewerage Pui O
55 Reclaimed Water Supply to Sheung Shui and Fanling Sheung Shui and Fanling
56 School Premises of Cheung Sha Wan Catholic Primary School Cheung Sha Wan
57 School Premises of The Salvation Army Centaline Charity Fund Queen’s Hill School Fanling
58 School Premises of TWGHs Tseng Hin Pei Primary School Fanling

59 School Premises of TWGHs Tsoi Wing Sing Primary School Sha Tin
60 School Premises of Maryknoll Secondary School Kwun Tong
61 Academic Building at No. 3 Sassoon Road Pok Fu Lam
62 Fire Services Department West Kowloon Complex Jordan
63 Animal Management and Animal Welfare Building Complex in Kai Tak

Kai Tak
Development
64 Kai Tak Sports Park Kai Tak
65 Fire Station-cum-ambulance Depot with Departmental Quarters and Facilities in Area 72,
Tseung Kwan O
Tseung Kwan O
66 Redevelopment of Grantham Hospital, Phase 1 Wong Chuk Hang
67 Redevelopment of Our Lady of Maryknoll Hospital Wong Tai Sin
68 Expansion of United Christian Hospital Kwun Tong
69 Redevelopment of Prince of Wales Hospital, Phase 2 (Stage 1) Sha Tin
70 Replacement of the Storm-detecting Weather Radar at Tai Mo Shan Tai Mo Shan Peak
71 High Performance Computer System for the Hong Kong Observatory Cheung Sha Wan
72 Rehabilitation of Underground Stormwater Drains Entire Hong Kong
73 Construction and Rehabilitation of Sewage Rising Mains in Tai Po Kau Tai Po Kau
74 Outlying Islands Sewerage, Stage 2 - Extension of Sewerage System to Other Unsewered

Mui Wo
Villages in Mui Wo
75 North East New Territories Sewerage System Upgrade North East New Territories
76 Construction and Rehabilitation of Trunk Sewage Rising Mains in Cheung Sha Wan Cheung Sha Wan
77 Outlying Islands Sewerage Stage 2 – Peng Chau Village Sewerage Phase 2 Package 1 Peng Chau
78 Port Shelter Sewerage, Stage 2 and 3 Sai Kung
79 Village Sewerage in Northern Tuen Mun Tuen Mun
80 Ngau Tam Mei Water Treatment Works Extension Ngau Tam Mei
81 Expansion of Lai King Building in Princess Margaret Hospital Lai King
82 Expansion of North District Hospital Sheung Shui
83 Kwun Tong Composite Development Project Kwun Tong
84 Heritage Conservation and Resource Centre Tin Shui Wai
85 District Open Space, Sports Centre and Public Vehicle Park at Sze Mei Street San Po Kong
86 Joint-user Complex at Site G2, Anderson Road Quarry Sai Kung
87 School Premises of Two Special Schools at Renfrew Road, Kowloon Tong Kowloon Tong

88 The Vocational Training Council Aviation and Maritime Education Centre at Tsing Yi Tsing Yi
89 Centralised General Research Laboratory Complex (Block 2), Chinese University of Hong Kong Sha Tin
90 Redevelopment of No. 2 University Drive (Building 1), Hong Kong University Sai Ying Pun
91 New Academic Building in Tai Po Campus, The Education University of Hong Kong (EdUHK) Tai Po
92 A Public Market in Tin Shui Wai Tin Shui Wai
93 Chinese Medicine Hospital in Tseung Kwan O Tseung Kwan O
94 Government Chinese Medicines Testing Institute in Tseung Kwan O Tseung Kwan O
95 Campus Expansion at Ho Man Tin Slope, The Hong Kong Polytechnic University Ho Man Tin
96 Kindergarten Education Centre (Siu Sai Wan) Siu Sai Wan
97 General Outpatient Clinic and Child Assessment Centre at Ko Chiu Road Yau Tong
98 Redevelopment of Kwong Wah Hospital Mong Kok
99 Amenity Complex in Area 103, Ma On Shan Ma On Shan
100 School Premises of Hong Kong Taoist Association Wun Tsuen School Kwun Tong
101 School Premises of The Church of Christ in China Chuen Yuen First Primary School Tsuen Wan
102 School Premises of Baptist Rainbow Primary School Kai Tak
103 School Premises of Po Leung Kuk Siu Hon-sum Primary School Sha Tin
104 School Premises of Carmel Leung Sing Tak School Kwun Tong
105 School Premises of The Pentecostal Holiness Church Wing Kwong Junior School Tai Po
106 School Premises of a Primary School and a Kindergarten at Site E-1,

Sai Kung
Development of Anderson Road Quarry Site
107 Columbarium, Garden of Remembrance and Related Works at On Hing Lane Sha Tin
108 Archives Centre Kwun Tong
109 New Research Building 1, Hong Kong University of Science and Technology (HKUST) Clearwater Bay
110 New Research Building 2, Hong Kong University of Science and Technology (HKUST) Clearwater Bay
111 Yuen Long Barrage Scheme Yuen Long
112 Drainage Improvement Works in Tsim Sha Tsui Tsim Sha Tsui
113 Drainage Improvement Works in Kwun Tong – Phase 1 Kwun Tong
114 Improvement of Yuen Long Town Nullah (Town Centre Section) Yuen Long
115 Drainage Improvement Works at Yuen Long Yuen Long
116 Drainage Improvement Works at North District – Phase 1 North District

Major Expected Impacts of Newly Selected Projects
Water and Wastewater Management (Projects 73 to 80)

(i) Wastewater treatment capacity raised by 210 000 m3 per day
(ii) Operation reliability of the sewerage system enhanced
(iii) Sewage flow capacity increased and risk of sewage overflow greatly reduced
(iv) Public hygiene condition and water quality in rivers and open waters improved
een Buildings Water and Wastewater

ings Water and Wastewater
Management
Management
Green Buildings (Projects 81 to 110)

Received or expect to receive a BEAM Plus7 New Buildings
certification at Gold rating or above
Green Buildings Water and Wastew

Management
Climate Change Adaptation (Projects 111 to 116)

Reduced flooding risk in concerned areas
7
Recognised and certified by the Hong Kong Green Building Council, BEAM Plus offers a comprehensive set of performance
criteria for a wide range of sustainability issues relating to the planning, design, construction, commissioning, management,
operation and maintenance of a building. By providing a fair and objective assessment of a building’s overall performance
throughout its life cycle, BEAM Plus enables organisations and companies to demonstrate their commitment to sustainable
development. For more information, please visit www.hkgbc.org.hk.
llution prevention Climate change

d control adaptation
Project Highlights
Water and Wastewater Management

North East New Territories Sewerage System Upgrade (Project 75)
The current sewage flow in the North East New Territories sewerage system is about to reach to its design
capacity. To cope with the progressive implementation of village sewerage programme and the development of
other planned public facilities, it is required to upgrade the sewerage system in Ping Che, Ta Kwu Ling,
Man Kam To and Sha Ling to increase its handling capacity. The project is targeted for completion on
or before the second quarter of 2027.
The project includes the reconstruction of two sewage pumping stations at Sha Ling and Tong Fong;
upgrading of seven sewage pumping stations at Pak Hok Shan, Ng Chow South Road, Ping Yeung, Kat Tin,
Lin Ma Hang Road and North East New Territories Landfill; and construction of about 15.5 km of sewers along
Ping Che Road, Lin Ma Hang Road, Man Kam To Road and Fu Tei Au Road to convey the sewage in this region
to the Shek Wu Hui Effluent Polishing Plant for treatment and polishing. The proposed sewerage system will
serve an estimated ultimate population of about 23 000.
The reconstructed Sha Ling and Tong Fong Sewage Pumping Stations will adopt various environmental
measures and initiatives, including solar photovoltaic panels, landscaping works and rainwater
harvesting systems.

Green Buildings
Redevelopment of Prince of Wales Hospital, Phase 2 (Stage 1) (Project 69)
Established in 1984, the Prince of Wale’s Hospital (PWH) is a major acute hospital in the New Territories East
Cluster (NTEC) of the Hospital Authority (HA). The PWH was designed and built in the 1970s. Currently, it
provides a comprehensive range of secondary and tertiary services for the residents in the NTEC as well as
highly specialised quaternary services for patients from other clusters of the HA. It is also the teaching hospital
for the Faculty of Medicine, the Chinese University of Hong Kong.
After several decades of heavy utilisation, the physical condition and facilities of the PWH have become
dilapidated and can no longer meet the service requirement of a modern tertiary acute hospital. The existing
facilities at the PWH become inadequate in terms of space, capacity and design to cope with the rising service
demand, the present day service standard and future service requirement. Notwithstanding the completion
of Main Clinical Block and Trauma Centre in 2010 in phase 1 of the redevelopment of PWH, which aimed at
presenting the hospital with the opportunities to overcome the severe constraints on its ability to meet service
and teaching demand at that time, many clinical services in the PWH remain scattered in the old buildings
under suboptimal conditions.
Based on the Clinical Services Plan for the NTEC formulated in 2015, the PWH will be positioned as a major
acute hospital and a hub for the NTEC academic health sciences network. The phase 2 redevelopment will
provide additional space to meet the operational needs and service developments, and improve the quality of
services and the standard of care by integrating clinical services, research and training. In this redevelopment,
the PWH will adopt a patient-oriented design with well aligned and integrated services as well as better
accessibility for more efficient medical care to meet the long-term healthcare needs of the population of
the NTEC. Upon completion of the stage 1 of phase 2 project, we aim to provide 450 additional beds and
16 additional operating theatres.
The project will adopt various forms of energy efficient features and renewable energy technologies to achieve
energy saving, including high efficiency chiller plant; heat pump; demand control of supply air; energy reclaim
of exhaust air; rainwater harvesting system for irrigation purpose, and roof top solar hot water system.
Furthermore, PWH also emphasizes green design by providing green roofs, multi-purpose lawns and
outdoor sitting areas for environmental and amenity benefits.

During the construction stage, the project adopts measures including the use of Building Information
Modelling (BIM) and Modular Integrated Construction (MiC). The project also widely adopts prefabricated
elements, such as precast concrete elements and facades, etc., to enhance construction productivity and
reduce construction waste. To further reduce construction waste and promote material recycling, during the
construction process, temporary structures will only use sustainably sourced and certified wood to ensure the
exclusion of original timber. Construction debris will be sorted to comply with waste classification standards,
aiming to prevent and minimize waste generation. Materials excavated from the site will be transported to other
construction sites and a public storage area in Tseung Kwan O for future reuse.
Facing of the challenges posed by global climate change, the design of the new construction building can
withstand once-in-two-centuries heavy rainfall events. This includes the installation of waterproof barriers,
appropriately sized drainage channels, catch basins, and submersible drainage pumps, aimed at long-term
reduction of flooding risks and adaptation to the impacts of climate change.
The project is committed to incorporating multiple environmental friendly facilities and has obtained
a Gold rating in the design certification of the BEAM Plus (Version 1.2) green building assessment during
the design phase.

Climate Change Adaptation
Yuen Long Barrage Scheme, and Improvement of Yuen Long Town Nullah (Town Centre Section)
(Projects 111 and 114)
The Yuen Long district is flat in topography and the main drainage channel serving the town areas is the
Yuen Long Nullah built over 50 years ago. The rainwater from the Yuen Long New Town, the Yuen Long South
Development Area being developed and the upper catchment is collected by the Yuen Long Nullah and then
discharged via the Shan Pui River to the Deep Bay. The continuous land development and impacts of climate
change are leading to an increased flood risk in Yuen Long. Although the Drainage Services Department
(DSD) has been making efforts to alleviate the risk of flooding in Yuen Long through implementing drainage
improvement schemes, with the increased frequency of super typhoons and extreme weather events as well as
inundation due to backflow of seawater from the Deep Bay and the heavy rainfall, the risk of flooding in the
Yuen Long town areas will grow significantly. To uplift the drainage capacity and more effectively control
the flood risk in the Yuen Long town areas, the DSD is implementing a barrage scheme at the downstream
of the Yuen Long Nullah near the Yuen Long Industrial Estate. The barrage scheme includes construction
of an automatic flood barrier, a stormwater pumping station, a master control centre and the associated
electrical and mechanical facilities. The operation of the barrage is subject to rainfall and tidal forecasts,
the real-time monitored water levels in the nullah and other factors. Once the works are completed,
the flooding risk in the Yuen Long town areas will be alleviated.
Besides, polluted dry weather flow and surface runoff always flow with rainwater to the Yuen Long Nullah
through the stormwater drainage systems at the same time, causing water pollution and creating odour
problem in the Yuen Long Nullah. Therefore, the DSD will be installing dry weather flow interceptors at the inlets
along the Yuen Long Nullah to divert the polluted dry weather flow and surface runoff to the sewage collection
system, then to the Yuen Long Effluent Polishing Plant for proper treatment.
Apart from the above, the DSD will revitalise an existing section of concrete lined Yuen Long Nullah to provide
a scenic waterway. We will enhance the ecological environment of the Yuen Long Nullah by building
a meandered low flow channel with aquatic plants within the nullah and also renovate part of nullah surface
with natural materials, introduce aquatic plants and landscape elements and adjust the height of the flood
barrier based on the tidal forecast to promote the ecological connectivity across the Yuen Long Nullah
and the Shan Pui River.

Allocation of the Proceeds of the Green Bond Issuances
The total proceeds of the inaugural May 2019 issuance amounting to HK$7,829 million and those of
the February 2021 issuances of HK$19,304 million were fully allocated to seven and 12 projects respectively.
For more details of the allocation, please refer to the previous editions of the Green Bond Report.
The allocation of proceeds raised from the November 2021 issuances, Retail Green Bond 2022, January 2023
issuances, inaugural tokenised issuance in 2023, June 2023 issuances, Retail Green Bond 2023, and second
tokenised issuance in 2024 have been fully allocated or earmarked8 to eligible green projects. Their allocation 9
by financial year and eligible category as of 31 August 2024 are reported in this section.
The November 2021 Issuances
Allocation by Financial Year

The total proceeds of the November 2021 issuances amounting to HK$29,124 million were fully allocated
to 32 green projects across five financial years from 2019-20 to 2023-24 as shown in the table below.
2019-20 2020-21 2021-22 2022-23 2023-24

Year (allocated for (allocated for (allocated for (allocated for (allocated for Total proceeds
re-financing) re-financing) new financing) new financing) new financing) allocated
Green Bond HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
227 568 1,243 2,603 3,075

(2.9%) (7.4%) (16.1%) (33.7%) (39.9%)
10-year USD 7,717
(HK0000789823) (100%)
Total for re-financing: Total for new financing:
795 (10.3%) 6,922 (89.7%)
117 646 1,586 3,060 5,556

(1.1%) (5.9%) (14.5%) (27.9%) (50.7%)
5-year EUR 10,965
(HK0000789849) (100%)
763 (7.0%) 10,202 (93.0%)
86 673 1,154 1,360 1,071

(2.0%) (15.5%) (26.6%) (31.3%) (24.6%)
20-year EUR 4,344
(HK0000789856) (100%)
759 (17.5%) 3,585 (82.5%)
477 948 373 967 284

(15.7%) (31.1%) (12.2%) (31.7%) (9.3%)
3-year RMB 3,049
(HK0000789864) (100%)
1,425 (46.7%) 1,624 (53.3%)
119 262 450 1,237 981

(3.9%) (8.6%) (14.8%) (40.6%) (32.2%)
5-year RMB 3,049
(HK0000789872) (100%)
381 (12.5%) 2,668 (87.5%)
8
The final allocation for the proceeds earmarked will be subject to the actual expenditures of the projects from 2024-25 and reported
in subsequent Green Bond Reports. The allocation of proceeds raised from the November 2021 issuances, Retail Green Bond 2022
and January 2023 issuances has been updated since the last Green Bond Report.
9
Individual figures reported in each table may not add up to the total owing to rounding. A financial year of the Government runs
from 1 April of a calendar year to 31 March of the next calendar year.

Allocation by Eligible Category
Eligible Waste Management Water and

Category Energy Efficiency and Resource Wastewater Total proceeds
Green Buildings
and Conservation Recovery Management allocated
Green Bond HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
10-year USD 718 123 5,850 1,027 7,717

(HK0000789823) (9.3%) (1.6%) (75.8%) (13.3%) (100%)
5-year EUR 72 2,296 879 7,718 10,965

(HK0000789849) (0.7%) (20.9%) (8.0%) (70.4%) (100%)
20-year EUR 177 74 2,549 1,544 4,344

(HK0000789856) (4.1%) (1.7%) (58.7%) (35.5%) (100%)
3-year RMB 28 49 817 2,155 3,049

(HK0000789864) (0.9%) (1.6%) (26.8%) (70.7%) (100%)
5-year RMB 28 238 1,064 1,719 3,049

(HK0000789872) (0.9%) (7.8%) (34.9%) (56.4%) (100%)


The proceeds of the Retail Green Bond 2022 amounting to HK$20,000 million were fully allocated or earmarked
2020-21 2021-22 2022-23 2023-24 2024-25 Total proceeds

Year
(allocated for (allocated for (allocated for (allocated for (earmarked for allocated /
re-financing) re-financing) new financing) new financing) new financing) earmarked
Green Bond
HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
3,013 3,222 3,509 4,391 5,865

(15.1%) (16.1%) (17.6%) (22.0%) (29.3%)
3-year HKD 20,000
(HK0000844578) (100%)
6,235 (31.2%) 13,765 (68.8%)
Eligible Waste Management Water and

Category and Resource Wastewater Green Buildings Total proceeds allocated /
Recovery Management earmarked
Green Bond HK$ million HK$ million HK$ million HK$ million
(ISIN)
3-year HKD 105 6,981 12,914 20,000

(HK0000844578) (0.5%) (34.9%) (64.6%) (100%)

The January 2023 Issuances

The total proceeds of the January 2023 issuances amounting to HK$45,192 million were fully allocated
or earmarked to 31 green projects across five financial years from 2020-21 to 2024-25 as shown
in the table below.
2020-21 2021-22 2022-23 2023-24 2024-25 Total proceeds

Year (allocated for (allocated for (allocated for (allocated for (earmarked for allocated /
re-financing) re-financing) new financing) new financing) new financing) earmarked
Green Bond
(ISIN) HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
337 519 999 996 1,039

3-year USD (8.7%) (13.3%) (25.7%) (25.6%) (26.7%)
3,891
(US43858AAF75 /
(100%)
USY3422VCU09) Total for re-financing: Total for new financing:
856 (22.0%) 3,035 (78.0%)
735 1,215 1,343 1,871 2,615

5-year USD (9.4%) (15.6%) (17.3%) (24.1%) (33.6%)
7,778
(US43858AAG58 /
(100%)
USY3422VCV81) Total for re-financing: Total for new financing:
1,950 (25.1%) 5,828 (74.9%)
397 849 1,564 2,698 2,269

10-year USD (5.1%) (10.9%) (20.1%) (34.7%) (29.2%)
7,778
(US43858AAH32 /
(100%)
USY3422VCW64) Total for re-financing: Total for new financing:
1,247 (16.0%) 6,531 (84.0%)
322 709 617 929 1,288

30-year USD (8.3%) (18.4%) (16.0%) (24.0%) (33.3%)
3,864
(US43858AAJ97 /
(100%)
USY3422VCX48) Total for re-financing: Total for new financing:
1,031 (26.7%) 2,833 (73.3%)
1,201 1,404 1,205 1,172 1,264

(19.2%) (22.5%) (19.3%) (18.8%) (20.2%)
2-year EUR 6,246
(HK0000895893) (100%)
2,606 (41.7%) 3,640 (58.3%)
240 459 716 826 1,904

(5.8%) (11.1%) (17.3%) (19.9%) (45.9%)
7-year EUR 4,145
(HK0000895901) (100%)
699 (16.9%) 3,447 (83.1%)
777 1,189 1,116 1,773 890

(13.5%) (20.7%) (19.4%) (30.9%) (15.5%)
2-year RMB 5,745
(HK0000895919) (100%)
1,966 (34.2%) 3,779 (65.8%)
552 875 1,309 1,431 1,578

(9.6%) (15.2%) (22.8%) (24.9%) (27.5%)
5-year RMB 5,745
(HK0000895927) (100%)
1,427 (24.8%) 4,318 (75.2%)

Eligible Waste Total

Pollution Management Water and Climate proceeds
Category Energy Green
Efficiency
Prevention and Resource Wastewater Buildings
Change allocated /
and Control Recovery Management Adaptation earmarked
Green Bond
(ISIN) HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
3-year USD
12 346 3,504 28 3,891
(US43858AAF75 / - -
(0.3%) (8.9%) (90.1%) (0.7%) (100%)
USY3422VCU09)
5-year USD
892 6,672 213 7,778
(US43858AAG58 / - - -
(11.5%) (85.8%) (2.7%) (100%)
USY3422VCV81)
10-year USD
646 768 6,184 180 7,778
(US43858AAH32 / - -
(8.3%) (9.9%) (79.5%) (2.3%) (100%)
USY3422VCW64)
30-year USD
861 670 2,333 3,864
(US43858AAJ97 / - - -
(22.3%) (17.4%) (60.4%) (100%)
USY3422VCX48)
2-year EUR 100 6,099 46 6,246

- - -
(HK0000895893) (1.6%) (97.7%) (0.7%) (100%)
7-year EUR 256 3,760 130 4,145

- - -
(HK0000895901) (6.2%) (90.7%) (3.1%) (100%)
2-year RMB 119 5,537 89 5,745

- - -
(HK0000895919) (2.1%) (96.4%) (1.5%) (100%)
5-year RMB 565 5,125 56 5,745

- - -
(HK0000895927) (9.8%) (89.2%) (1.0%) (100%)

The Inaugural Tokenised Issuance in 2023

The proceeds of the inaugural tokenised issuance amounting to HK$800 million were fully allocated to five
green projects across three financial years from 2020-21 to 2022-23 as shown in the table below.
2020-21 2021-22 2022-23

Year (allocated for (allocated for (allocated for new
re-financing) re-financing) financing) Total proceeds allocated
Green Bond
(ISIN) HK$ million HK$ million HK$ million HK$ million
94 206 500
(11.8%) (25.7%) (62.5%)
365-day HKD 800
(HK0000895216) Total for new (100%)
Total for re-financing:
financing:
300 (37.5%)
500 (62.5%)
Eligible Pollution Water and

Category Prevention and Wastewater Climate Change
Green Buildings Total proceeds allocated
Control Management Adaptation
Green Bond
(ISIN) HK$ million HK$ million HK$ million HK$ million HK$ million
365-day HKD 0.42 241 556 3 800

(HK0000895216) (0.1%) (30.1%) (69.5%) (0.3%) (100%)

The June 2023 Issuances

The total proceeds of the June 2023 issuances amounting to HK$46,632 million were fully allocated or
earmarked to 56 green projects across five financial years from 2021-22 to 2025-26 as shown
in the table below.
2024-25 &
2021-22 2022-23 2023-24
Year 2025-26
(allocated for (allocated for (allocated for Total proceeds allocated /
(earmarked for
re-financing) re-financing) new financing) earmarked
new financing)
Green Bond
HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
44 100 298 3,468

3-year USD (1.1%) (2.6%) (7.6%) (88.7%)
3,910
(US43858AAK60 /
(100%)
USY3422VCY21) Total for re-financing: Total for new financing:
143 (3.7%) 3,766 (96.3%)
20 343 5,491
-
5-year USD (0.3%) (5.8%) (93.8%)
5,854
(US43858AAL44 /
(100%)
USY3422VCZ95) Total for re-financing: Total for new financing:
20 (0.3%) 5,834 (99.7%)
576 1,043 505 5,689

10-year USD (7.4%) (13.4%) (6.5%) (72.8%)
7,813
(US43858AAM27 /
(100%)
USY3422VDA36) Total for re-financing: Total for new financing:
1,619 (20.7%) 6,194 (79.3%)
23 377 1,090 4,795

(0.4%) (6.0%) (17.3%) (76.3%)
4-year EUR 6,284
(HK0000929676) (100%)
399 (6.4%) 5,884 (93.6%)
1,152 988 1,190 2,915

(18.5%) (15.8%) (19.1%) (46.7%)
9-year EUR 6,245
(HK0000929684) (100%)
2,140 (34.3%) 4,105 (65.7%)
80 114 269 6,148

(1.2%) (1.7%) (4.1%) (93.0%)
2-year RMB 6,611
(HK0000929692) (100%)
194 (2.9%) 6,417 (97.1%)
2,084 910 1,190 2,427

(31.5%) (13.8%) (18.0%) (36.7%)
5-year RMB 6,611
(HK0000929700) (100%)
2,994 (45.3%) 3,617 (54.7%)
15 65 523 2,703
(0.4%) (2.0%) (15.8%) (81.8%)
10-year RMB 3,305
(HK0000929999) (100%)
79 (2.4%) 3,226 (97.6%)

Eligible Waste Water and Climate Total proceeds

Category Energy Management Green
Wastewater Change allocated /
Efficiency and Resource Buildings
Management Adaptation earmarked
Recovery
Green Bond
(ISIN)
3-year USD
902 1,336 1,671 3,910
(US43858AAK60 / - -
(23.1%) (34.2%) (42.7%) (100%)
USY3422VCY21)
5-year USD
417 1,468 3,627 342 5,854
(US43858AAL44 / -
(7.1%) (25.1%) (62.0%) (5.9%) (100%)
USY3422VCZ95)
10-year USD
340 464 869 6,140 7,813
(US43858AAM27/ -
(4.4%) (5.9%) (11.1%) (78.6%) (100%)
USY3422VDA36)
4-year EUR 379 5,621 284 6,284

- -
(HK0000929676) (6.0%) (89.5%) (4.5%) (100%)
9-year EUR 500 413 5,166 166 6,245

-
(HK0000929684) (8.0%) (6.6%) (82.7%) (2.7%) (100%)
2-year RMB 308 6,299 5 6,611

- -
(HK0000929692) (4.7%) (95.3%) (0.1) (100%)
5-year RMB 250 502 6 5,594 260 6,611

(HK0000929700) (3.8%) (7.6%) (0.1%) (84.6%) (3.9%) (100%)
10-year RMB 260 488 229 1,072 1,256 3,305

(HK0000929999) (7.9%) (14.8%) (6.9%) (32.4%) (38.0%) (100%)


The proceeds of the Retail Green Bond 2023 amounting to HK$20,000 million were fully allocated or earmarked
2021-22 2022-23 2023-24 2024-25 &

Year (allocated for (allocated for (allocated for 2025-26 Total proceeds allocated /
re-financing) re-financing) new financing) (earmarked for earmarked
new financing)
Green Bond HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
158 353 1,997 17,49 3

(0.8%) (1.8%) (10.0%) (87.4%)
3-year HKD 20,000
(HK0000951001) (100%)
510 (2.6%) 19,490 (97.4%)
Eligible Waste Management Water and Climate Total proceeds

Category Energy Green
and Resource Wastewater Change allocated /
Efficiency Buildings
Recovery Management Adaptation earmarked
Green Bond
(ISIN)
3-year HKD 967 672 4,871 12,965 525 20,000

(HK0000951001) (4.8%) (3.4%) (24.4%) (64.8%) (2.6%) (100%)

The Second Tokenised Issuance in 2024

The total proceeds of the second tokenised issuance amounting to HK$5,858 million were fully allocated
or earmarked to 25 green projects across five financial years from 2021-22 to 2025-26 as shown
in the table below.
2024-25 &
Year 2021-22 2022-23 2023-24
2025-26
(allocated for (allocated for (allocated for Total proceeds allocated
(earmarked for
re-financing) re-financing) new financing) /earmarked
new financing)
Green Bond
HK$ million HK$ million HK$ million HK$ million HK$ million
(ISIN)
201 305 477 578

(12.9%) (19.6%) (30.6%) (37.0%)
2-year USD 1,561
(HK0000963279) (100%)
506 (32.4%) 1,055 (67.6%)
64 607
- -
(9.6%) (90.4%)
2-year EUR 671
(HK0000963287) (100%)
- 671 (100%)
34 136 388 1,068

(2.1%) (8.3%) (23.9%) (65.7%)
2-year RMB 1,626
(HK0000963295) (100%)
170 (10.5%) 1,456 (89.5%)
76 156 71 1,696
(3.8%) (7.8%) (3.6%) (84.8%)
2-year HKD 2,000
(HK0000976420) (100%)
232 (11.6%) 1,768 (88.4%)
Eligible Waste Water and Climate Total proceeds

Category Energy Management Green
Wastewater Change allocated /
Efficiency and Resource Buildings
Management Adaptation earmarked
Recovery
Green Bond
(ISIN) HK$ million HK$ million HK$ million HK$ million HK$ million HK$ million
2-year USD 98 343 1,119 1,561

- -
(HK0000963279) (6.3%) (22.0%) (71.7%) (100%)
2-year EUR 286 325 60 671

- -
(HK0000963287) (42.7%) (48.4%) (8.9%) (100%)
2-year RMB 107 1,273 246 1,626

- -
(HK0000963295) (6.6%) (78.3%) (15.1%) (100%)
2-year HKD 40 663 1,292 6 2,000

-
(HK0000976420) (2.0%) (33.1%) (64.6%) (0.3%) (100%)

External Review
The Green Bond Report 2024 is approved by the Steering Committee on the GSBP. All Government green
bonds issued under the Framework in February 2022 or before have received the Green and Sustainable
Finance Certificate (Post-issuance Stage) from HKQAA. For further information regarding HKQAA and
its assessment, please refer to the Appendix B.
Green
Post-issuance Stage
Certificate No.:
CC 7649 - CC 7654
CC 7948 - CC 7953
CC 8233 - CC 8244
CC 8557- CC 8572

Appendix A
Summary of Green Projects under the Government Sustainable Bond Programme
Green Bond
Proceeds
Total Expenditure Allocated
Year / Project up to (as of
Eligible Expected Estimate 2023-24 31 August
Project Name of Project Brief Description 2024) Major Expected Impacts 2
Category Year of
Completion (HK$ (HK$
million) million) (HK$ million)
[Breakdown
by bond]1
1 I·PARK1 Construction of a municipal Waste 2025 19,204 11,349 11,297 • Treatment capacity of 3 000 tonnes
solid waste (MSW) incineration Management of MSW per day
plant aiming to substantially and Resource [B1: 3,779
reduce the bulk size of MSW Recovery • Useful materials recovered from up
B2: 2,022 to 200 tonnes of MSW per day
and recover useful resources
through employment of B3: 2,022 • Export about 480 million kWh of
advanced technologies surplus electricity every year once
B4: 1,011
in full operation
B6: 2,100
• Reduce about 440 000 tonnes of
B9: 137 greenhouse gas emissions per year
B13: 227]
2 O·PARK1 Construction of the first organic Waste 2018 1,589 1,429 277 • Treatment capacity of 200 tonnes
resources recovery centre that Management of food waste per day
adopts anaerobic digestion and Resource [B1: 266
technology in Hong Kong to Recovery • 14 million kWh of electricity
B20: 11] generated every year at full capacity
convert food waste into biogas
for electricity generation • 42 000 tonnes of greenhouse gas
emissions avoided in carbon dioxide
equivalent (CO2e) per year at full
capacity
• Achieved Final Platinum rating under
the BEAM Plus New Buildings V1.2
3 West Kowloon Construction of a new Green 2019 4,743 3,611 1,783 • Achieved Final Platinum rating under
Government Government twin-tower building Buildings the BEAM Plus New Buildings V1.2
Offices with a total construction floor [B1: 1,769
area of about 98 000 m2 • About 41.9% (office) and 47.2%
B28: 14] (carpark) reduction of energy
accommodating various
Government departments consumption
4 Inland Revenue Construction of a new Green 2022 3,600 3,007 3,007 • Achieved Final Gold rating under
Centre Government office building Buildings the BEAM Plus New Buildings V1.2
providing about 45 000 m2 [B1: 386
of net operational floor area • About 35.0% reduction of CO2
B2: 792 emissions
and connecting to the District
Cooling System (DCS) at the B3: 792
Kai Tak Development (KTD)
B4: 396
B8: 580
B28: 62]
5 Upgrading of Upgrading of the sewage Water and 2020 2,572 1,964 1,428 • Wastewater treatment capacity
San Wai Sewage treatment level from preliminary Wastewater raised by 36 000 m3 per day
Treatment treatment to chemically Management [B1: 886
Works - Phase 1 enhanced primary treatment • 275 000 m3 of water recycled
B2: 180 per year
with UV disinfection and
expansion of the treatment B3: 180 • Achieved Final Platinum rating under
capacity from 164 000 m3 per the BEAM Plus New Buildings V1.2
day to 200 000 m3 per day B4: 90
B8: 69
B28: 23]
1
See legend at page 57. Individual figures may not add up to the total owing to rounding.
2
he major expected impacts are reported based on the latest assessment, including the assessed result in the BEAM Plus
T
Assessment Report. Further updates, where applicable, will be provided in subsequent Green Bond Reports.

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
6 Additional Construction and rehabilitation Water and 2025 1,363 650 560 • Wastewater handling capacity
Sewage Rising of about 6.5 km new and 6.5 km Wastewater raised by 60 000 m3 per day
Main and existing sewage rising main Management [B1: 241
Rehabilitation respectively between Tung • Around 165 000 of the population
B2: 70 potentially benefited
of the Existing Chung Sewage Pumping
Sewage Rising Station and Siu Ho Wan Sewage B3: 70
Main between Treatment Works to raise
Tung Chung and the handling capacity from B4: 35
Siu Ho Wan 60 000 m3 per day
B9: 144]
to 120 000 m3 per day
7 District Cooling Construction of the first DCS Energy 2025 4,946 4,419 1,144 • 35% energy efficiency improvement
System at at the KTD, a large-scale Efficiency compared to air-cooled cooling
the Kai Tak energy-efficient centralised and [B1: 501 system
Development air-conditioning system, Conservation
B2: 515 • 85 million kWh of electricity saved
to provide cooling to
multiple buildings B6: 72 per year
B8: 28 • 59 500 tonnes of greenhouse gas

emissions avoided or reduced
B9: 28] in CO2e per year
8 O·PARK2 Construction of the second Waste 2024 2,584 2,369 2,369 • Treatment capacity of 300 tonnes
organic resources recovery Management of organic waste per day
centre that adopts anaerobic and Resource [B2: 690
digestion technology Recovery • 24 million kWh of electricity
B3: 690 generated every year at full capacity
in Hong Kong to convert
organic waste into biogas B4: 345 • 67 000 tonnes of greenhouse gas
for electricity generation emissions avoided in CO2e per year
B5: 123
at full capacity
B6: 196
• Achieved Provisional Platinum rating
B7: 74 under the BEAM Plus New Buildings
V1.2
B8: 49
B9: 101
B10: 100]
9 Treasury Construction of a new Green 2022 2,281 1,580 1,568 • Achieved Final Gold rating under the
Building 22-storey Government building Buildings BEAM Plus New Buildings V1.2
providing about 26 500 m2 [B2: 583
of net operational floor area • About 27.89% (Office) and 31.82%
B3: 645 (carpark) reduction of energy
for facilities including offices
of various bureaux and B4: 322 consumption
departments, a general
out-patient clinic, a child care B5: 18]
centre and an elderly day
care centre
10 Redevelopment Construction of a new hospital Green 2024 13,556 5,643 5,643 • Achieved Provisional Gold rating
of Queen Mary block and the associated Buildings under the BEAM Plus New
Hospital, facilities with a construction [B2: 1,555 Buildings V1.2
Phase 1 floor area of about 143 000 m2 B3: 1,026
near the existing Queen Mary • About 18.2% (hospital) and 29.3%
Hospital compound to enhance B4: 481 (carpark) reduction of CO2 emission
its medical service capacity
B6: 1,728
B28: 853]
11 East Kowloon Construction of a new cultural Green 2023 4,176 2,774 2,388 • Achieved Provisional Gold rating
Cultural Centre centre with a construction floor Buildings under the BEAM Plus New
area of about 50 900 m2 to [B2: 783 Buildings V1.1
provide various cultural facilities B3: 722
and services as well as public • About 13.2% reduction of energy
open space for the community B4: 361 consumption
B9: 372
B28: 150]

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
12 West Kowloon Construction of a water tunnel Water and 2022 1,222 676 676 • Additional 3.4 million m3 of fresh
Drainage from the Kowloon Byewash Wastewater water yield per year
Improvement - Reservoir to the Lower Shing Management [B2: 229
Inter-reservoirs Mun Reservoir as well as the B3: 229
Transfer intake and outfall structures for
Scheme transferring collected surface B4: 115
runoff from the Kowloon group
of reservoirs to the Lower Shing B8: 77
Mun Reservoir
B28: 26]
13 Expansion Reconstruction of the existing Water and 2025 2,041 1,189 1,189 • Additional 3 340 m3 of wastewater
of Sha Tau Sha Tau Kok Sewage Treatment Wastewater treated per day
Kok Sewage Works to increase its capacity Management [B2: 329
Treatment from 1 660 m3 per day to • Expected to achieve Gold rating
B3: 329 under the BEAM Plus New
Works - Phase 1 5 000 m3 per day and
construction of a larger and B4: 165 Buildings V1.2
longer submarine outfall to • The energy efficient features of the
improve quality of the receiving B9: 366]
project are expected to achieve
waters of Starling Inlet 15% energy saving in the annual
energy consumption
• 24 m2 of photovoltaic panels
will be installed
14 Additional Construction of the second Energy 2028 4,269 2,465 2,465 • 35% energy efficiency improvement
District Cooling DCS at the KTD, a large-scale Efficiency compared to air-cooled cooling
System at energy-efficient centralised and [B3: 1,020 system
the Kai Tak air-conditioning system, Conservation
B4: 510 • 53 million kWh of electricity saved
Development to meet the projected growth
in cooling demand of user B5: 718 per year
buildings including the New • 37 000 tonnes of greenhouse gas
Acute Hospital and the Kai Tak B21: 217]
Sports Park in CO2e per year
15 Fire Services Construction of five new Green 2021 1,625 1,288 1,174 • Achieved Final Platinum rating under
Department 16 to 17-storey quarters blocks Buildings the BEAM Plus New Buildings V2.0
Pak Shing with a total construction floor [B8: 1,174]
Kok Married area of about 47 140 m2 for the • About 13.1% reduction of CO2
Quarters provision of 648 departmental emissions
quarters units and the ancillary
facilities
16 Customs Construction of one new Green 2022 533 336 331 • Achieved Provisional Gold rating
and Excise 25-storey quarters block with Buildings under the BEAM Plus New
Department a construction floor area [B7: 331] Buildings V1.2
Quarters at of about 13 300 m2 for the
Tsz Wan Shan provision of 175 departmental • About 30.5% reduction of energy
quarters units and the ancillary consumption
facilities
17 Reprovisioning Construction of Green 2023 1,601 950 950 • Achieved Provisional Gold rating
of the Hongkong an eight-storey high new Buildings under the BEAM Plus New
Post’s building with a construction [B6: 888 Buildings V1.2
Headquarters floor area of about 25 750 m2 B28: 62]
to accommodate the Hongkong • About 18.4% reduction of energy
Post’s Headquarters, some consumption
out-housed units and a new
delivery office
18 Redevelopment Construction of a new Main Green 2025 7,4523 3,697 3,697 • Achieved Provisional Platinum rating
of Kwai Chung Block and Child & Adolescent Buildings under the BEAM Plus New
Hospital, Block and the ancillary facilities [B5: 1,009 Buildings V2.0
phase 2 within the existing compound of B6: 1,250
Kwai Chung Hospital to facilitate • About 13% reduction of CO2
its adaptation of modernised B7: 696 emissions
model of psychiatric care
B8: 401
B9: 341]
The Total Project Estimate is for both phases 2 and 3 of the project. Green bond proceeds will only fund phase 2 of the project.
3

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
19 Customs Construction of two new 25- Green 2024 1,035 450 449 • Achieved Provisional Gold rating
and Excise to 26-storey quarters blocks Buildings under the BEAM Plus New
Department with a total construction floor [B9: 449] Buildings V1.2
Quarters at area of about 23 860 m2 for the
Tseung Kwan O provision of 306 departmental • Natural ventilation is adopted
Area 123 quarters units and the ancillary in common area resulting in 55.9%
(Po Lam Road) facilities energy reduction for fan power
in all common area compared with
Building Energy Code (BEC) 2018
• Over 30% energy reduction for
artificial lighting system in common
area compared with BEC 2018
20 Hospital Construction of a new Green 2024 3,788 2,061 2,061 • Achieved Provisional Platinum rating
Authority supporting services building Buildings under the BEAM Plus New
Supporting with a construction floor [B6: 2,061] Buildings V2.0
Services Centre area of about 52 540 m2
to accommodate a laundry, • The energy efficient features of
a central food production unit the project are expected to achieve
for patient meals, a data centre 5.5% energy saving in the annual
and central emergency stores energy consumption
to meet the demand of the
Hospital Authority
21 The Water Construction of a new Green 2025 3,253 557 557 • Achieved Provisional Platinum rating
Supplies 15-storey high twin-tower office Buildings under the BEAM Plus New
Department building with a net operational [B9: 557] Buildings V2.0
Building and floor area of about 37 000 m2
the Correctional for accommodating the • About 23% reduction of CO2
Services Water Supplies Department emissions
Headquarters Headquarters and its
Building Hong Kong and Islands
Regional Office, the Correctional
Services Department
Headquarters Building,
a government dental clinic
and a public carpark
22 Drainage Construction of a new 21-storey Green 2025 2,158 517 517 • Achieved Provisional Platinum rating
Services Tower office building with a net Buildings under the BEAM Plus New
operational floor area of about [B7: 517] Buildings V2.0
19 220 m2 for reprovisioning the
facilities for both the Drainage • About 16.7% reduction of CO2
Services Department and emissions
the Social Welfare Department
23 Tseung Kwan O Construction of a new 16 to Green 2025 5,228 1,790 1,790 • Expected to achieve at least Gold
Government 18-storey twin-tower building Buildings rating under the BEAM Plus New
Offices with a net operational floor [B6: 1,790] Buildings V1.2
area of about 44 000 m2 for
accommodating various • The energy efficient features of the
Government departments and project are expected to achieve
facilities, including a general 10.5% energy saving in the annual
out-patient clinic, a job centre, energy consumption
a government families clinic,
a government dental clinic and
a child care centre for
government employees
24 Rehabilitation Rehabilitation of four existing Water and 2022 679 337 303 • Risk of sewage overflow from the
of Trunk Sewers trunk sewers ranging from 50 m Wastewater sewers of 1.65 km long in total
in Kowloon, to 1 km long and construction Management [B9: 292 greatly reduced
Sha Tin and of additional trunk sewers B28: 11]
Sai Kung in Kowloon, Sha Tin and • Construction of new trunk sewers
Sai Kung to reduce the risk in Sha Tin and Sai Kung is expected
of sewage overflow to increase the sewage flow capacity
• Around 900 000 of the population
potentially benefited

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
25 Upgrading Upgrading of the preliminary Water and 2022 350 343 271 • Wastewater treatment capacity
of Kwun Tong treatment works to increase Wastewater raised by 110 000 m3 per day
Preliminary its treatment capacity from Management [B8: 271]
Treatment 330 000 m3 per day to • Photovoltaic panels on the rooftop
Works 440 000 m3 per day of workshop and pump hall installed
26 Upgrading of Construction of new or Water and 2022 277 142 115 • About 70% of the total annual
West Kowloon modification of existing dry Wastewater pollution loading from the respective
and Tsuen weather flow interceptors Management [B9: 115] stormwater systems is estimated
Wan Sewerage (DWFIs) in Tsuen Wan and West to be removed
Phase 1 Kowloon areas to intercept the
polluted stormwater during dry
weather period and convey it
to Stonecutters Island Sewage
Treatment Works for proper
treatment and disposal
27 Construction Construction of an underground Water and 2022 665 423 371 • About 70% of the total annual
of Dry Weather DWFI with automatic penstocks Wastewater pollution load that enters New Yau
Flow Interceptor at Cherry Street box culvert, Management [B8: 341 Ma Tei Typhoon Shelter through
at Cherry Street a pumping station, B28: 30] the Cherry Street Box Culvert
Box Culvert an underground stormwater is estimated to be removed
bypass box culvert, and an
underground twin rising main • Photovoltaic panels on the rooftop
to intercept the polluted of sewage pumping station installed
stormwater during dry
weather period and pump it to
Stonecutters Island Sewage
28 Revitalisation of Revitalisation of the existing Water and 2024 1,342 675 675 • The appearance and habitat of the
Tsui Ping River King Yip Street nullah to turn Wastewater nullah with a length of approximately
it into a green and vibrant Tsui Management [B5: 147 one km enhanced
Ping River with environmental, B6: 235
ecological and landscaping • Nullah bed of around 1.73 hectares
upgrading, while enhancing B7: 88 revitalised
the flood conveyance capability • Polluted discharge into the nullah
of the nullah B8: 59
reduced
B9: 147]
• The flood conveyance capability
of the nullah enhanced
29 Upgrading of Upgrading of the existing Water and 2026 2,286 724 724 • Sewage conveyance capacity
West Kowloon sewerage system in West Wastewater increased
and Tsuen Kowloon and Tsuen Wan, Management [B6: 644
Wan Sewerage including construction of new • Risk of sewage leakage and overflow
B28: 79] reduced
Phase 2 gravity sewers of about 14.5 km
long and replacement of • Coastal water quality improved
existing gravity sewers of about and the associated odour problem
19 km long, to accommodate alleviated
the projected flow increase
and to reduce the risk of
pollution caused by leakage
from ageing sewers
30 Yuen Long Reconstruction of part of the Water and 2027 6,950 2,202 2,159 • Wastewater treatment capacity
Effluent existing Yuen Long Sewage Wastewater raised by 30 000 m3 per day
Polishing Plant Treatment Works to increase Management [B5: 1,986
Stage 1 its treatment capacity from • 235 000 m3 of water recycled
B28: 172] per year
70 000 m3 per day to 100 000 m3
per day and reserve space • Residual organic content of the
for future construction of effluent reduced by 50%
co-digestion facilities for sludge
and food waste • Photovoltaic panels will be installed
on the rooftop of most of the
buildings
• Achieved Platinum rating under
BEAM Plus Neighbourhood V1.0
and Provisional Platinum rating
under BEAM Plus New
Buildings V1.2

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
31 Siu Ho Wan Upgrading of the Siu Ho Wan Water and 2027 3,806 989 985 • Water treatment capacity raised
Water Treatment Water Treatment Works to Wastewater by 150 000 m3 per day
Works increase its water treatment Management [B5: 985]
Extension capacity from 150 000 m3 per
day to 300 000 m3 per day and
increase the transfer capacity
of the related raw water supply
systems
32 Relocation of Relocation of Sha Tin Sewage Water and 2031 19,916 3,302 2,956 • The environment of the existing
Sha Tin Sewage Treatment Works (STSTW) Wastewater STSTW site and its surroundings
Treatment to caverns to release the Management [B5: 2,731 greatly improved
Works to existing site for innovation B20: 170
Caverns and technology development • Odour management efficiently
and other uses beneficial B21: 34 enhanced for the benefit of the
to people’s livelihood and social surrounding communities
development and improve the B28: 21]
• About 28 hectares of land released,
environment of the existing site bringing multifold benefits to the
and its surroundings community and the economy
• Treated effluent utilised for
equipment cooling to save energy
• Existing E&M equipment in Upstream
Sewerage and Pumping Stations
(USPS) upgraded (e.g. 31.5%
of capacity upgrade for Ma On Shan
Sewage Pumping Station), ensuring
sufficient future development
potential in Ma On Shan area as well
as maintaining the durability of USPS
33 Shek Wu Reconstruction of the existing Water and 2034 11,973 2,841 2,841 • Wastewater treatment capacity
Hui Effluent Shek Wu Hui Sewage Treatment Wastewater raised by 65 000 m3 per day
Polishing Plant Works to increase the treatment Management [B7: 2,461
capacity from 105 000 m3 • Treatment level enhanced from
B23: 379] secondary to tertiary
per day to 170 000 m3 per day 4,
and upgrading of the sewage • 34 million kWh of electricity
treatment level to tertiary generated by renewable energy
standard for conversion into installation every year 5
a “Shek Wu Hui Effluent
Polishing Plant” • 26 million m3 of effluent for water
reclamation per year
to be served
under the BEAM Plus New
Buildings V1.2
34 District Cooling Construction of a DCS, Energy 2034 5,788 207 207 • Approximately 35% energy efficiency
System at a large-scale energy-efficient Efficiency improvement compared to air-cooled
the Kwu Tung centralised air-conditioning and [B7: 177 cooling system
North New system, in support of the Conservation
B14: 29] • 42 million kWh of electricity saved
Development low-carbon development
Area at the Kwu Tung North New per year
Development Area • 29 400 tonnes of greenhouse gas
in CO2e per year
4
he ultimate treatment capacity of Shek Wu Hui Sewage Treatment Works is 190 000 m3 per day. Part of the increased capacity
T
(i.e. 20 000 m3 per day) is proposed to cater for the needs of the First Phase development of Kwu Tung North and Fanling North
New Development Area and is funded separately.
5
Based on the ultimate treatment capacity of Shek Wu Hui Sewage Treatment Works of 190 000 m3 per day.

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
35 GREEN@ Design and construction Waste 2020 29 22 3 • Opened to the public since
WAN CHAI of facilities for holding publicity Management October 2021
and educational programmes, and Resource [B10: 3]
and collecting and handling Recovery • Received 27 051 visitors in 2023
recyclables for the community • Collected more than 537 tonnes
in Wan Chai District of recyclables in 2023
• Organised 185 educational events
in 2023
36 Sports Centre, Construction of a new sports Green 2021 2,163 1,447 945 • Achieved Final Gold rating under the
Community Hall centre cum swimming pools, Buildings BEAM Plus New Buildings V1.2
and Football a community hall, football pitch [B10: 945]
Pitches in and ancillary facilities at • About 38.1% (Sports Centre) and
Area 1, Tai Po a project site of about 43.2% (Carpark) reduction of energy
25 100 m2 consumption
37 Extension Construction of a new operating Green 2025 2,730 1,710 1,255 • Expected to achieve Gold rating
of Operating theatre (OT) extension block Buildings under the BEAM Plus New
Theatre Block with a construction floor [B10: 1,255] Buildings V1.2
for Tuen Mun area of about 21 982 m2
Hospital to accommodate 20 OTs, • About 15.4% reduction of CO2
intensive care unit and emissions
associated supporting areas,
the linkage with the existing OT
block, a new Electrical Building
and an additional Dangerous
Good Building; as well as
expansion and refurbishment
of the existing facilities and
building for integration with the
extension block
38 North District Construction of a new joint-user Green 2024 1,780 1,202 1,202 • Achieved Provisional Platinum rating
Community building with a construction Buildings under the BEAM Plus New
Health Centre floor area of about 31 000 m2 [B10: 1,202] Buildings V2.0
Building to accommodate a community
health centre, a maternal and • About 16.6% reduction of CO2
child health centre, a student emissions
health service centre, an elderly
health centre, offices of the
Department of Health and
other facilities
39 Joint User Construction of a new joint-user Green 2025 674 187 186 • Expected to achieve Gold rating
Complex at building with a construction Buildings under the BEAM Plus New
Lei King Road floor area of about 12 180 m2 [B10: 186] Buildings V2.0
to accommodate a district
library and other facilities • The energy efficient features of the
10.5% energy saving in the annual
energy consumption
40 New Acute Construction of a new acute Green 2026 36,567 5,784 4,503 • Achieved Provisional Platinum rating
Hospital hospital comprising five building Buildings under the BEAM Plus New
at Kai Tak blocks - the Acute Block, [B10: 4,503] Buildings V1.2
Development the Administration Block,
Area the Education Block, • About 21.2% reduction of CO2
the Oncology Block and emissions
the Specialist Out-patient Clinic
Block with a total construction
floor area of about 573 595 m2

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
41 Enhancement Construction of an underground Water and 2022 1,054 976 562 • Additional 16 000 m3 of sewage
Works for Kwun balancing facility with Wastewater temporary storage capacity
Tong Sewage a temporary storage capacity Management [B10: 562]
Pumping Station of 16 000 m3 at the Kwun Tong • Rainwater harvesting system
Sewage Pumping Station is provided at the rooftop of sewage
site to regulate the excessive pumping station and is expected
preliminarily treated sewage to save 862 000 L of irrigation water
from Kwun Tong Preliminary demand per annum
Treatment Works during its • Expected about 29% reduction
extreme peak flow periods of CO2 emissions annually
• Photovoltaic panels on the rooftop
of the plant house installed and
is expected to generate 15 700 kWh
of electricity every year
under BEAM Plus New
Buildings V1.2
42 Upgrading Upgrading of the existing Ting Water and 2023 847 599 537 • Wastewater treatment capacity
of Sewage Kok Road sewerage system Wastewater raised by 10 500 m3 per day
Pumping in Tai Po to increase its Management [B10: 537]
Stations and treatment capacity from • Around 64 000 of the population
Sewerage along 11 500 m3 to 22 000 m3 per day potentially benefited
Ting Kok Road
43 Water Supply Construction of a fresh water Water and 2024 1,700 819 716 • Total service reservoir storage
to New Housing service reservoir and the Wastewater capacity raised by 55 000 m3
Developments associated trunk mains and Management [B10: 716]
in Sheung Shui distribution mains to improve • Around 160 000 of the population
and Fanling the fresh water supply to potentially benefited
Sheung Shui and Fanling areas
for the planned new housing
developments
44 Implementation Establishment of a water Water and 2025 2,131 803 658 • Leakage rate in government water
of Water intelligent network across Wastewater mains reduced from about 15%
Intelligent Hong Kong to monitor the Management [B10: 658] in 2019 to below 10% by 2030 with
Network water loss of the fresh water full implementation of the project
distribution network for and other measures
follow-up actions
45 In-situ In-situ reprovisioning of Sha Tin Water and 2026 8,827 4,123 2,903 • Water treatment capacity raised
Reprovisioning Water Treatment Works (South Wastewater by 190 000 m3 per day
of Sha Tin Water Works) to replace the aged Management [B10: 2,903]
Treatment treatment facilities and uprate • Around 300 000 of the population
Works (South the treatment capacity of the potentially benefited
Works) South Works from 360 000 m3
per day to 550 000 m3 per day
46 District Cooling Construction of a DCS for Tung Energy 2034 3,918 230 230 • The maximum annual saving
System for Tung Chung New Town Extension Efficiency in electricity consumption upon full
Chung New (East) to promote energy and [B14: 230] utilisation of the plant is estimated
Town Extension efficiency and conservation. Conservation to be 31 million kWh, with a
(East) The scope of works comprise corresponding reduction of about
chiller plants, chilled water 21 500 tonnes of CO2 emission
distribution pipes, electrical and per annum
mechanical equipment at chiller
plants and connection facilities
at user buildings
47 Three- The new 3D air pollution Pollution 2025 55 13 13 • Complement the traditional air
dimensional monitoring network uses the Prevention quality monitoring network by
Air Pollution Light Detection and Ranging and Control [B11: 12 providing real-time 3D measurement
Monitoring (LiDAR) system to measure B19: 0.4]
Network the real-time vertical and 3D • Enhance the understanding of
distribution of air pollutant regional pollutants formation and
concentration and wind profile transportation
up to several kilometers • Improve the air quality modelling and
above ground to identify the forecasting abilities and accuracies
trajectories of regional ozone
and suspended particulates • Provide more robust and scientific
transport, enhance the basis for developing emission
understanding of their sources control strategies
and the formation processes

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
48 Rehabilitation of Rehabilitation of existing trunk Water and 2023 807 473 402 • Risks of trunk sewers structural
Trunk Sewers in sewers of about 4.6 km long Wastewater failure and sewage overflow from
Tuen Mun along Tin Hau Road, Lung Mun Management [B11: 161 the sewers of 4.6 km long in total
Road and across Tuen Mun B19: 241] substantially reduced
River and construction of new
duplicated trunk sewer of 600 m • Around 500 000 of the population
long in Tuen Mun to reduce the potentially benefited
risk of sewage overflow
49 Upgrading of Rehabilitation of existing sewers Water and 2024 681 388 358 • Risk of sewage overflow from
Central and of about 450 m long in Tsim Wastewater the sewers of 7.5 km long in total
East Kowloon Sha Tsui, and demolition and Management [B11: 165 substantially reduced
Sewerage – construction of sewers of about B15: 100
Phase 3 7 km long in Central and East • Construction of about 7 km long
Kowloon to reduce the risk B17: 92] gravity sewer is expected to increase
of sewage overflow the sewage flow capacity
50 Upgrading Upgrading of the Cheung Chau Water and 2026 2,607 652 652 • Wastewater treatment capacity
of Cheung Sewage Treatment Works to Wastewater of Cheung Chau Sewage Treatment
Chau Sewage increase its treatment capacity Management [B12: 652] Works raised by 5 800 m3 per day
Treatment from 4 000 m3 per day to
and Disposal 9 800 m3 per day and upgrade • Treatment level enhanced from
Facilities its treatment standard from primary to secondary
primary level to secondary level, • Around 16 000 of more population
and upgrading of the existing potentially benefited
Pak She Sewerage Pumping
Station to increase its treatment • Photovoltaic panels will be installed
capacity from 29 000 m3 per day on the rooftop of some buildings
to 42 000 m3 per day
51 Lamma Village To provide public sewerage Water and 2026 503 101 101 • Additional 820 m3 of wastewater
Sewerage system for seven unsewered Wastewater treated per day
Phase 2, village areas, and Hung Shing Management [B18: 101]
Package 2 Yeh Beach on Lamma Island • Around 2 000 of the population
and a large number of beach-goers
52 Construction Construction and rehabilitation Water and 2026 886 228 228 • The operation reliability of the
and of about 3.7 km new and 3.7 km Wastewater sewerage system is enhanced
Rehabilitation existing sewage rising main Management [B18: 228]
of Trunk Sewage respectively between sewerage • Around 280 000 of the population
Rising Mains network at Tin Fuk Road and potentially benefited
in Yuen Long Wang Lok Street
53 Construction Construction and rehabilitation Water and 2026 621 175 175 • The operation reliability of the
and of about 3.1 km new and 2.5 km Wastewater sewerage system is enhanced
Rehabilitation existing sewage rising main Management [B16: 175]
of Trunk Sewage respectively between Yau • Around 180 000 of the population
Rising Mains Tong Sewage Pumping Station potentially benefited
in Yau Tong and Kwun Tong Preliminary
Treatment Works
54 Construction Construction of secondary Water and 2026 1,689 456 456 • Additional 5 800 m3 of wastewater
of San Shek sewage treatment works with Wastewater treated per day
Wan Sewage a design capacity of 5 800 m3 Management [B13: 456]
Treatment per day at San Shek Wan • Around 13 000 of the population
Works and in South Lantau, construction potentially benefited
Pui O Village of about 1.4 km of submarine • Photovoltaic panels will be installed
Sewerage outfall for disposal of treated at San Shek Wan sewage treatment
effluent, and provision of trunk works and are expected to generate
sewers and village sewerage 83 220 kWh of electricity every year
in Pui O
• About 9 500 m3 of effluent reclaimed
for re-use per year

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
55 Reclaimed Construction of Shek Wu Hui Water and 2026 1,256 552 552 • Ultimate production capacity
Water Supply water reclamation plant, laying Wastewater of 73 000 m3 of reclaimed
to Sheung Shui of about 25 km of pumping Management [B14: 552] water per day
and Fanling and distribution mains in
northeastern part of Sheung • Expansion of the use of lower grade
Shui and Fanling areas, and water (i.e. seawater and recycled
the associated water main water) for non-potable purposes
connection works, so as to to ensure sustainable use
supply reclaimed water to of fresh water
Sheung Shui and Fanling areas • Estimated that about 22 million m3
of fresh water can be saved each
year ultimately
56 School Construction of a new Green 2021 346 265 213 • Achieved Final Gold rating under
Premises of five-storey high 30-classroom Buildings the BEAM Plus New Buildings V1.2
Cheung Sha primary school with [B15: 213]
Wan Catholic a construction floor area • About 21.15% reduction of energy
Primary School of about 10 000 m2 for the consumption
reprovisioning of Pak Tin
Catholic Primary School
57 School Construction of a 30-classroom Green 2021 386 257 214 • Achieved Final Gold rating under
Premises of primary school with Buildings the BEAM Plus New Buildings V1.2
The Salvation a construction floor area [B15: 214]
Army Centaline of about 11 255 m2 to meet • About 25.11% reduction of energy
Charity Fund the projected demand for public consumption
Queen’s Hill sector primary school places
School in the North District
58 School Construction of a 30-classroom Green 2021 387 248 212 • Achieved Final Gold rating under
TWGHs Tseng a construction floor area [B15: 212]
Hin Pei Primary of about 11 469 m2 to meet • About 37.2% reduction of energy
School the projected demand for public consumption
sector primary school places
in the North District
59 School Construction of 30-classroom Green 2022 363 337 334 • Achieved Final Gold rating under
TWGHs Tsoi a construction floor area [B15: 334]
Wing Sing of about 10 998 m2 at Shui • About 24.2% reduction of energy
Primary School Chuen O, Sha Tin to meet the consumption
projected long-term demand
for public sector primary school
places of the Sha Tin District
60 School Construction of a new Green 2022 435 295 287 • Achieved Final Gold rating under
Premises eight-storey high 30-classroom Buildings the BEAM Plus New Buildings V1.2
of Maryknoll secondary school with [B15: 287]
Secondary a construction floor area • About 22.05% reduction of energy
School of about 13 300 m2 for the consumption
reprovisioning of Maryknoll
Secondary School
61 Academic Construction of a new Green 2022 811 759 664 • Achieved Provisional Platinum rating
Building at No. 3 eight-storey academic building, Buildings under the BEAM Plus New
Sassoon Road providing approximately [B17: 664] Buildings V1.2
10 400 m2 in net operational
floor area of space for the • About 14.9% reduction of energy
relocation of various teaching consumption
and research facilities at some
old buildings under the Li Ka
Shing Faculty of Medicine of the
University of Hong Kong
62 Fire Services Construction of a new building Green 2024 981 588 588 • Achieved Provisional Gold rating
Department with total construction floor Buildings under the BEAM Plus New
West Kowloon area of about 20 110 m2 for the [B17: 588] Buildings V1.2
Complex relocation of the supporting
operational facilities of Tsim • The energy efficient features of
Sha Tsui Fire Station Complex, the project are expected to achieve
Fire Services Club and other 10.9% energy saving in the annual
accommodations of the Fire energy consumption
Services Department

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
63 Animal Construction of a new Animal Green 2024 882 602 602 • Achieved Provisional Gold rating
Management Management and Animal Buildings under the BEAM Plus New
and Animal Welfare Building Complex [B17: 602] Buildings V1.2
Welfare Building with a construction floor area
Complex of 21 316 m2 in Kai Tak • About 38.6% reduction of CO2
in Kai Tak Development, for safeguarding emissions
Development and promoting animal welfare,
controlling local animal
diseases, protecting public
health and enhancing animal
management measures
64 Kai Tak Sports Design, build and operate Green 2024 31,898 21,275 18,969 • Achieved Platinum rating under
Park a new sports infrastructure Buildings the BEAM Plus Neighborhood V1.0
comprises a 50 000-seat Main [B10: 564
Stadium, a 10 000-seat Indoor • The Main Stadium, Indoor Sports
B11: 2,304 Centre and Public Sports Ground
Sports Centre, a 5 000-seat
Public Sports Ground, with B12: 4,365 achieved Provisional Platinum rating
about 14-hectare landscaped under the BEAM Plus New
open space and other ancillary B15: 3,575 Buildings V1.2
facilities. The total construction • About 15.8% to 61.8% reduction
B16: 1,003
floor area is about 460 000 m2 of energy consumption in different
B17: 2,820 areas of the Main Stadium
B18: 3,782 • About 19.3% to 36.4% reduction
of energy consumption in different
B19: 556]
areas of the Indoor Sports Centre
• About 21.5% reduction of energy
consumption in the Public Sports
Ground
65 Fire Station Construction of a 17-storey Green 2025 655 180 180 • Achieved Provisional Gold rating
cumambulance building with a construction Buildings under the BEAM Plus New
Depot with floor area of 16 026 m2 to [B11: 180] Buildings V2.0
Departmental accommodate a fire stationcum
Quarters and ambulance depot, departmental • The energy efficient features of
Facilities quarters and other facilities the project are expected to achieve
in Area 72, of the Fire Services Department 5.5% energy saving in the annual
Tseung Kwan O energy consumption
66 Redevelopment Construction of a new 14-storey Green 2026 11,538 786 739 • Achieved Provisional Gold rating
of Grantham clinical block and 13-storey Buildings under the BEAM Plus New
Hospital, university block with a total [B16: 739] Buildings V2.0
Phase 1 construction floor area
of 149 655 m2, including • The energy efficient features of
in-patient wards, ambulatory the project are expected to achieve
care facilities, an oncology 10% energy saving in the annual
centre, operating theatres, energy consumption
a centre for clinical innovation
and discovery and an institute
of cancer care
67 Redevelopment Construction of a new hospital Green 2028 4,544 357 342 • Achieved Provisional Gold rating
of Our Lady block with a total construction Buildings under the BEAM Plus New
of Maryknoll floor area of about 58 700 m2 for [B13: 117 Buildings V1.2
Hospital Our Lady of Maryknoll Hospital B16: 224]
to enhance its medical services • About 14.7% reduction of CO2
capacity emissions
68 Expansion of (i) Construction of a new Green 2029 18,358 6,226 4,319 • Expected to achieve Gold rating
United Christian ambulatory block with a total Buildings under the BEAM Plus New
Hospital construction floor area of about [B13: 4,319] Buildings V1.1
170 500 m2 and (ii) construction
of a new extension to Block S • The energy efficient features of
and the auxiliary electrical and the project are expected to achieve
mechanical building with a total 10% energy saving in the annual
construction area of about energy consumption
43 750 m2 to enhance the
medical service capacity for
United Christian Hospital
69 Redevelopment Construction of a new In-patient Green 2027 24,935 2,644 2,035 • Achieved Provisional Gold rating
of Prince of Extension Block with a total Buildings under the BEAM Plus New
Wales Hospital, construction floor area of about [B13: 270 Buildings V1.2
Phase 2 300 000 m2 accommodating B14: 1,765]
(Stage 1) various major clinical facilities • About 30.9% reduction of CO2
emissions

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
70 Replacement Installation of an up-to-date Climate 2024 48 30 30 • The up-to-date storm-detecting

of the storm-detecting weather radar Change weather radar is primarily used for
Storm-detecting at Tai Mo Shan to replace the Adaptation [B11: 28 monitoring heavy rain and strong
Weather Radar existing one which has been B19: 2] winds associated with severe
at Tai Mo Shan in operation for over 20 years weather, allowing the Hong Kong
Observatory to issue timely forecasts
and warnings for tropical cyclone,
thunderstorm, rainstorm, flood
and landslip
• Timely and reliable weather forecasts
and warnings can help reduce loss
of life and damage to property and
minimise disruption to economic
and social activities during
hazardous weather
71 High Procurement of a high Climate 2025 90 57 57 • Higher computing power for

Performance performance computer (HPC) Change generating more detailed local
Computer system to enable Hong Kong Adaptation [B18: 56 weather forecast for Hong Kong up
System for the Observatory to sustain quality B19: 1] to at least five days ahead and at
Hong Kong weather services to the a finer resolution up to 24 hours
Observatory Hong Kong community
and enhance its capability for • Strengthen support for probabilistic
forecasting high-impact weather forecasts of high-impact weather
affecting Hong Kong • By working with the existing
HPC system for the Hong Kong
International Airport to improve
weather services for specialised
users, such as aviation community,
by generating probabilistic forecasts
on the trajectory of aircraft under the
effect of hazardous weather
72 Rehabilitation Condition survey of about Climate 2025 1,341 508 500 • Minimise the risk of stormwater
of Underground 90 km and rehabilitation Change drains collapse
Stormwater of about 41 km underground Adaptation [B12: 145
Drains stormwater drains and • Ensure the proper function
B13: 120 of stormwater drainage (flood
associated manholes
throughout the territory B15: 46 protection) system
B16: 100
B17: 89]
73 Construction Construction of about 600 m Water and 2023 108 82 82 • Enhance the operation reliability
and of twin sewage rising mains with Wastewater of the sewerage system and prevent
Rehabilitation a diameter of 300 mm between Management [B27: 82] pollution caused by leakage
of Sewage Tai Po Kau Sewage Pumping
Rising Mains Station and the sewerage • Around 11 000 of the population
in Tai Po Kau network at Nam Wan Road potentially benefited
74 Outlying Islands Construction of a sewage Water and 2026 136 60 60 • 365 m3 of wastewater to be treated
Sewerage, pumping station with design Wastewater per day
Stage 2 - capacity of about 365 m3 Management [B27: 60]
Extension per day at Luk Tei Tong; about • Around 1 100 of the population
of Sewerage 300 m of twin rising mains with potentially benefited
System to Other a diameter of 150 mm; and
Unsewered about 2.9 km of gravity sewers
Villages in with diameters ranging from
Mui Wo 150 mm to 250 mm
75 North East Construction of two sewage Water and 2027 826 212 212 • The public hygiene condition and
New Territories pumping stations (SPSs) with Wastewater water quality in rivers and open
Sewerage design capacities of about Management [B28: 212] waters are improved
System 16 000 and 6 000 m3 per day
Upgrade at Sha Ling and Tong Fong; • Around 23 000 of the population
upgrading of seven existing potentially benefited
SPSs, construction of about
8.9 km of twin rising mains and
about 5.5 km of single rising
main and construction of about
1.1 km of gravity sewer

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
76 Construction Construction of about 1.7 km Water and 2030 1,200 47 47 • The operational efficiency and
and of single-pipe trunk sewage Wastewater reliability of the sewage rising mains
Rehabilitation rising main with diameters Management [B28: 47] network are enhanced
of Trunk Sewage ranging from 1 800 mm
Rising Mains in to 2 000 mm connecting • Around 900 000 of the population
Cheung Sha Cheung Sha Wan Sewage in Northwest Kowloon potentially
Wan Pumping Station (CSWSPS) to benefited
Northwest Kowloon Preliminary
Treatment Works (NWKPTW)
on Stonecutters Island; and the
rehabilitation of about 1.6 km of
existing twin-pipe trunk sewage
rising mains with diameters
ranging from 1 800 mm to
2 000 mm connecting CSWSPS
to NWKPTW on Stonecutters
Island
77 Outlying Islands Construction of public sewerage Water and 2023 134 51 31 • Reduce water pollution to the
Sewerage system for six unsewered areas Wastewater receiving waters of Peng Chau
Stage 2 – in Peng Chau, namely Nam Management [B32: 31]
Peng Chau Wan San Tsuen, Tai Yat San • Around 2 500 of the population
Village Tsuen (part), Wai Tsai Tseng San potentially benefited
Sewerage Tsuen, Central Peng Chau, Nam
Phase 2 Wan Shan Ting Tsuen, and Tung
Package 1 Wan Village and convey their
sewage to the existing Peng
Chau Sewage Treatment
Works for proper treatment
and disposal
78 Port Shelter Construction of public sewerage Water and 2025 1,184 637 602 • Reduce the amount of pollutants
Sewerage, system for seven unsewered Wastewater being discharged into the nearby
Stage 2 and 3 areas within the Port Shelter Management [B28: 266 water bodies
catchment, namely Wong Chuk B29: 117
Wan, Wo Mei, Heung Chung, • Around 13 500 of the population
Tseng Lan Shue, Sam Long, B32: 219] potentially benefited
Tai Po Tsai and Po Toi O for
proper treatment and disposal
of their sewage
79 Village Construction of public sewerage Water and 2024 431 267 260 • Reduce the amount of pollutants
Sewerage system for four unsewered Wastewater being discharged into the nearby
in Northern village areas in Northern Tuen Management [B20: 260] stream courses and marine waters
Tuen Mun Mun, namely, Fuk Hang Tsuen
(Lower), Po Tong Ha, Siu Hang • Around 6 250 of the population
Tsuen and Tsz Tin Tsuen to potentially benefited
convey their sewage to the
existing Pillar Point Sewage
80 Ngau Tam Mei Investigation study, design Water and 2028 137 52 52 • Water treatment capacity raised
Water Treatment and site investigation on the Wastewater by 210 000 m3 per day
Works water treatment process and Management [B22: 52]
Extension operation of the proposed
extension of the Ngau Tam Mei
Water Treatment Works (NTM
WTW) and its raw water transfer
and fresh water distribution
facilities to cater for the
proposed increase in the output
of the NTM WTW
81 Expansion of Lai Construction of a new extension Green 2028 6,052 332 300 • Expected to achieve Gold rating
King Building block with a total construction Buildings under the BEAM Plus New
in Princess floor area of about 85 765 m2 [B22: 300] Buildings V2.0
Margaret for Princess Margaret Hospital
Hospital to enhance its medical • The energy efficient features of
services capacity the project are expected to achieve
10% energy saving in the annual
energy consumption

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
82 Expansion of Construction of a new acute Green 2031 35,131 1,833 1,772 • Expected to achieve Gold rating
North District block with a total construction Buildings under the BEAM Plus New
Hospital floor area of about 370 233 m2 [B22: 1,772] Buildings V2.0
for North District Hospital
to enhance its medical • The energy efficient features of
services capacity the project are expected to achieve
10% energy saving in the annual
energy consumption
83 Kwun Tong Construction of a high block Green 2027 4,545 359 359 • Expected to achieve Platinum rating
Composite and a low block with a total Buildings under the BEAM Plus New
Development construction floor area of [B23: 359] Buildings V2.0
Project about 84 400 m2 to provide
(i) the long-term accommodation • The energy efficient features of
for the Civil Service College and the project are expected to achieve
some civil service supporting a minimum of 11% energy saving
facilities in the high block; and in the annual energy consumption
(ii) accommodation for a range
of community and welfare
facilities in the low block
84 Heritage Construction of a Heritage Green 2026 2,594 206 193 • Achieved Provisional Platinum rating
Conservation Conservation and Resource Buildings under the BEAM Plus New
and Resource Centre with a total construction [B23: 193] Buildings V2.0.
Centre floor area of about 44 980 m2 to
support the development of the • The energy efficient features of
arts and culture and better serve the project are expected to achieve
the needs of the community 10% energy saving in the annual
energy consumption
85 District open Construction of a multiple Green 2026 1,605 314 314 • Achieved Provisional Platinum rating
space, sports purposes amenity with a total Buildings under the BEAM Plus New
centre and construction floor area of about [B23: 314] Buildings V2.0.
public vehicle 29 050 m2 at Sze Mei Street,
park at Sze Mei San Po Kong to enhance and • The energy efficient features of
Street increase leisure, recreational the project are expected to achieve
and sports facilities of the 10% energy saving in the annual
Kai Tak East Sports Centre energy consumption
(KTESC) and the Kai Tak East
Playground, and provide
underground public car parking
spaces with the adoption
of smart parking system
86 Joint-user Construction of a joint-user Green 2027 2,025 108 108 • Expected to achieve Gold rating
Complex at Site complex consisting two building Buildings under the BEAM Plus New
G2, Anderson blocks of three storeys and [B23: 108] Buildings V2.0
Road Quarry seven storeys respectively,
on top of a two-storey basement • The energy efficient features of
with a total construction floor the project are expected to achieve
area of about 36 500 m2 in 11% energy saving in the annual
the Anderson Road Quarry energy consumption
to provide sports, recreational,
cultural and welfare facilities for
the residents
87 School Construction of a 12-classroom Green 2026 780 105 105 • Achieved Provisional Gold rating
Premises of special school for children Buildings under the BEAM Plus New
Two Special with mild intellectual disability [B23: 105] Buildings V1.2
Schools at (MiID) and a 24-classroom
Renfrew Road, special school for children with • The energy efficient features of
Kowloon Tong MiID and moderate intellectual the project are expected to achieve
disability (MoID) with a total 10% energy saving in the annual
construction floor area of about energy consumption
17 973 m2 to meet the projected • About 215.65 tonnes of greenhouse
shortfall of school places for gas emissions avoided in carbon
children with MiID and MoID dioxide equivalent (CO2e) per year
in Kowloon as well as to alleviate
the regional and territory-wide
shortfall of boarding places for
children with MoID

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
88 The Vocational Construction of a seven-storey Green 2025 862 200 200 • Achieved Provisional Gold rating
Training Council (excluding the roof level) Buildings under the BEAM Plus New
Aviation and building which will provide [B24: 200] Buildings V1.2
Maritime approximately 9 395 m2
Education in net operational floor area • The energy efficient features of
Centre at for developing the new Aviation the project are expected to achieve
Tsing Yi and Maritime Education Centre 6% energy saving in the annual
to support the manpower energy consumption
development of the aviation and
maritime industries, as well as to
improve facilities for vocational
and professional education and
training in Hong Kong
89 Centralised Construction of a nine-storey Green 2025 1,416 605 605 • Achieved Provisional Platinum rating
General new (excluding a basement Buildings under the BEAM Plus New
Research floor) research laboratory [B24: 605] Buildings V1.2
Laboratory building with a total construction
Complex floor area of about 23 987 m2 • About 17.7% reduction of energy
(Block 2), to meet the demand for space consumption
Chinese and infrastructure to support
University of research in life sciences and
Hong Kong biomedical services in CUHK
90 Redevelopment Construction of a nine-storey Green 2025 600 358 358 • Achieved Provisional Platinum rating
of No. 2 new research laboratory Buildings under the BEAM Plus New
University Drive building on University Drive [B24: 358] Buildings V2.0
(Building 1), to provide approximately
Hong Kong 7 100 (m2) in net operational • About 5.5% energy savings in the
University floor area, and the Faculty annual energy consumption
of Science and the Faculty
of Engineering of HKU will be
the major users of the proposed
new building
91 New Academic Construction of an eight-storey Green 2025 651 159 159 • Achieved Provisional Gold rating
Building in Tai new academic building with Buildings under the BEAM Plus New
Po Campus, a total construction floor area [B26: 159] Buildings V1.2
The Education of about 14 753 m2 to provide
University of necessary campus space and • About 17.3% (Educational) and
Hong Kong contemporary facilities for 36.1% (Carpark) reduction of energy
(EdUHK) teaching and research in the consumption
digital era
92 A Public Market Construction of a three-storey Green 2027 1,499 71 71 • Expected to achieve Gold rating
in Tin Shui Wai air-conditioned elevated market Buildings under the BEAM Plus New
building with green roof and [B24: 71] Buildings V2.0
outdoor landscaped garden
over a section of Tin Fuk Road • The energy efficient features of the
adjoining Tin Shui Wai MTR project are expected to achieve
Station with a total construction at least 10% energy saving in the
floor area of about 22 317 m2 annual energy consumption
to offer residents wider choices
of fresh provisions
93 Chinese Construction of a Chinese Green 2025 8,620 1,437 1,437 • Expected to achieve Gold rating
Medicine Medicine Hospital with a total Buildings under the BEAM Plus New
Hospital in construction floor area of [B24: 1,437] Buildings V2.0
Tseung Kwan O about 159 000 m2 in Area 78,
Tseung Kwan O, to provide • The energy efficient features of
quality Chinese Medicine the project are expected to achieve
services including inpatient, 5.5% energy saving in the annual
day-patient, outpatient and energy consumption
community services

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
94 Government Construction of a Government Green 2025 2,005 289 289 • Targeted to achieve Gold rating
Chinese Chinese Medicines Testing Buildings under the BEAM Plus New
Medicines Institute (GCMTI) with a total [B28: 289] Buildings V2.0
Testing Institute construction floor area of
in Tseung about 27 600 m2 in Area 78, • The energy efficient features of the
Kwan O Tseung Kwan O, to specialise project are expected to achieve
in scientific research on Chinese at least 5.5% energy saving in the
Medicine drugs with a view annual energy consumption
to setting reference standards
on safety, quality and testing
method of Chinese Medicine
drugs, and strengthening the
capability for the quality control
and identification of Chinese
Medicine drugs
95 Campus Construction of an eleven- Green 2027 1,418 238 191 • The Provisional Platinum Rating from
Expansion at storey new academic and Buildings the BEAM Plus New Buildings V2.0 is
Ho Man Tin administration building with [B25: 191] targeted to be obtained by Q4 2024
Slope, The a total construction floor area
Hong Kong of about 18 978 m2 at PolyU • The energy efficient features of the
Polytechnic to provide additional teaching project are expected to achieve
University and research facilities for 14.6% energy saving in the annual
students of the Department of energy consumption
Rehabilitation Science and the
School of Optometry
96 Kindergarten Construction of a kindergarten Green 2026 467 52 52 • Achieved Provisional Gold rating
Education (KG) education centre at Siu Sai Buildings under the BEAM Plus New
Centre (Siu Sai Wan with a total construction [B25: 52] Buildings V2.0
Wan) floor area of about 7 200 m2 to
provide KG students a learning • The energy efficient features of the
environment conducive to project are expected to achieve
learning through play and free 10.0% energy saving in the annual
exploration activities energy consumption
97 General Provision of a general outpatient Green 2028 1,029 23 23 • Expected to achieve Gold rating
Outpatient clinic (GOPC) and reprovision Buildings under the BEAM Plus New
Clinic and Child of a child assessment centre [B25: 23] Buildings V1.2
Assessment (CAC) with a total construction
Centre at floor area of about 15 734 m2 • The energy efficient features of the
Ko Chiu Road to meet the healthcare needs project are expected to achieve
of residents in the Kwun Tong 10.0% energy saving in the annual
District energy consumption
98 Redevelopment Construction of new Green 2029 19,502 6,197 4,519 • Achieved Provisional Gold rating
of Kwong Wah hospital complex with a total Buildings under the BEAM Plus New Buildings
Hospital construction floor area of about [B24: 510 V1.2 for Phase 1 building and
276 734 m2 for Kwong Wah B25: 197 expected to achieve Gold rating
Hospital to enhance its medical under the BEAM Plus New Buildings
services capacity B26: 3,773 V1.2 for Phase 2 building
B29: 39] • The energy efficient features of the

project are expected to achieve both
17% (main building) and 8% (carpark)
for phase 1, as well as both 16%
(main building) and 8% (carpark)
for phase 2 on energy saving in the
annual energy consumption
99 Amenity Construct the Amenity Complex Green 2029 74 53 53 • Expected to achieve Gold rating
Complex in Area 103, Ma On Shan to Buildings under the BEAM Plus New
in Area 103, better meet the needs of the [B26: 53] Buildings V2.0
Ma On Shan local community
• The energy efficient features of the
energy consumption

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
Premises of primary school with Buildings under the BEAM Plus New
Hong Kong construction floor area of about [B26: 159] Buildings V1.2
Taoist 10 667 m2 for the reprovisioning
Association of Hong Kong Taoist Association • The energy efficient features of the
Wun Tsuen Wun Tsuen School project are expected to achieve
School 6.0% energy saving in the annual
energy consumption
Premises of The primary school with Buildings under the BEAM Plus New
Church of Christ construction floor area of about [B31: 274] Buildings V1.2
in China Chuen 11 396 m2 for the reprovisioning
Yuen First of The Church of Christ • About 40.1% (Educational) and
Primary School in China Chuen Yuen First 34.7% (Carpark) reduction of CO2
Primary School emissions
102 School Construction of a 30-classroom Green 2026 438 91 91 • Expected to achieve Gold rating
Baptist Rainbow construction floor area of about [B27: 91] Buildings V1.2
Primary School 11 440 m2 for the reprovisioning
of Baptist Rainbow Primary • The energy efficient features of the
School project are expected to achieve
energy consumption
Po Leung Kuk construction floor area of about [B29: 101 Buildings V2.0
Siu Hon-sum 9 530 m2 for the reprovisioning B30: 64]
Primary School of Po Leung Kuk Siu Hon Sum • The energy efficient features of
Primary School the project are expected to achieve
energy consumption
Carmel Leung construction floor area of about [B27: 39] Buildings V2.0
Sing Tak School 11 050 m2 for the reprovisioning
of Carmel Leung Sing Tak • The energy efficient features of the
School project are expected to achieve
energy consumption
The Pentecostal construction floor area of about [B29: 388] Buildings V1.2
Holiness Church 13 136 m2 to meet the projected
Wing Kwong long-term demand for public • The energy efficient features of the
Junior School sector primary school places project are expected to achieve
of the Tai Po District 6.0% energy saving in the annual
energy consumption
106 School Construction of a 30-classroom Green 2025 484 113 113 • Expected to achieve Gold rating
Premises primary school and Buildings under the BEAM Plus New
of a Primary a six-classroom kindergarten [B31: 113] Buildings V2.0
School and at the co-located premises with
a Kindergarten construction floor area of about • The energy efficient features of the
at Site E-1, 13 700 m2 for the reprovisioning project are expected to achieve
Development of of Canton Road Government 10.0% energy saving in the annual
Anderson Road Primary School and increasing energy consumption
Quarry Site the supply of government
owned kindergarten premises
107 Columbarium, Construction of (i) a three-storey Green 2025 860 360 338 • Achieved Provisional Gold rating
Garden of columbarium block to provide Buildings under the BEAM Plus New
Remembrance about 40 000 niches; and [B29: 338] Buildings V1.2
and Related (ii) a Garden of Remembrance
Works at with a lawn for scattering • About 14.3% reduction in energy
On Hing Lane of cremains and a Garden consumption for Plant Room,
of Forever Love for keeping Lift and Toilet Area and 30.8%
of abortuses reduction in energy consumption
for Niche and Common Area,
which constitutes at least 5.0% of
energy saving in the annual energy
consumption under the BEC 2018

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
108 Archives Centre Construction of (i) a cavern Green 2028 2,774 173 173 • Expected to achieve Platinum rating
complex and connection adits Buildings under the BEAM Plus New
of about 6 500 m2 in area [B27: 173] Buildings V2.0
and about 190 000 m3 in total
volume inside the mountain • The energy efficient features of
body of Tai Sheung Tok at the project are expected to achieve
the Anderson Road Quarry 5% energy saving in the annual
Development site; and energy consumption
(ii) a 4-storey Archives Centre
(with 3 storeys inside caverns)
and at the portal (about
2 000 m2 in site area), including
its structure and foundation,
building services, installation
of automated storage and
retrieval systems, furniture
and equipment
109 New Research Construction of an eight-storey Green 2025 477 150 150 • Expected to achieve Gold rating
Building 1, new research building with Buildings under the BEAM Plus New
Hong Kong construction floor area of about [B31: 150] Buildings V2.0
University of 9 414 m2 at HKUST to provide
Science and facilities for research, industrial • The energy efficient features of the
Technology collaboration and translational project are expected to achieve
(HKUST) activities in multiple disciplines 10.0% energy saving in the annual
of science, engineering, energy consumption
technology and innovation
110 New Research Construction of an eight- Green 2026 835 53 53 • Expected to achieve Gold rating
Building 2, storey new research laboratory Buildings under the BEAM Plus New
Hong Kong building with construction [B32: 53] Buildings V2.0
University of floor area of about 11 245 m2
Science and at HKUST for research and • The energy efficient features of the
Technology development activities in the project are expected to achieve
(HKUST) field of synthetic biology 10.0% energy saving in the annual
energy consumption
111 Yuen Long Construction of an automatic Climate 2030 3,783 158 158 • To uplift the drainage capacity and
Barrage flood barrier, a stormwater Change alleviate the flooding risk in the
Scheme pumping station, a master Adaptation [B27: 158] Yuen Long town areas
control centre and the
associated electrical and • To promote the ecological
mechanical facilities in Yuen connectivity between the Deep
Long Nullah (YLN) to alleviate Bay and the YLN under non-critical
the risk of flooding in Yuen operations
Long; modification of the YLN,
improvement of drainage
system, construction of flood
walls and drainage channels
in Yuen Long, as well as the
revitalisation of the YLN
112 Drainage Construction of an underground Climate 2027 953 192 192 • To upgrade the drainage capacity
Improvement stormwater storage tank Change of the drainage system and alleviate
Works in of approximately 20 300 m3, Adaptation [B28: 192] the flood risk in the areas
Tsim Sha Tsui stormwater pumping station
and the associated electrical
and mechanical facilities at
the Urban Council Centenary
Garden, Tsim Sha Tsui; about
700 m of stormwater drains with
diameters ranging from 600 mm
to 1 800 mm at Chatham Road
South, Granville Road, Granville
Square and Cameron Road; and
re-provision and enhancement
of open spaces and
public toilets

Green Bond
Proceeds
Category Year of
[Breakdown
by bond]1
113 Drainage Construction of an underground Climate 2028 938 112 112 • To upgrade the drainage capacity
Improvement stormwater storage tank at the Change of the drainage system and alleviate
Works in Sau Nga Road Playground in Adaptation [B21: 112] the flood risk in the areas
Kwun Tong – Kwun Tong with a capacity
Phase 1 of about 64 000 m3 and
the associated electrical and
mechanical facilities; about
185 m of stormwater drains
with diameters ranging from
1 800 mm to 3 000 mm in the
nearby roads including Hip Wo
Street; and re-provision and
enhancement of the Sau Nga
Road Playground
114 Improvement of Construction of a dry weather Climate 2030 857 31 31 • To divert the polluted dry weather
Yuen Long Town flow (DWF) interception system Change flow and surface runoff to the
Nullah (Town including a pumping station with Adaptation [B23: 31] sewage collection system, then to
Centre Section) designed capacity of about the Yuen Long Effluent Polishing
18 000 m3 per day, box culverts Plant for proper treatment
with DWF interceptors of about
3.6 km with widths ranging
from 600 mm to 1 000 mm,
and construction of pipes
of about 600 m with diameter
of 350 mm; strengthening the
structure of a section of the
Yuen Long Nullah (town centre
section) of about 1 km;
and revitalisation of a section
of the Yuen Long Nullah
of about 1 km between
the Long Ping Station
and the Shap Pat Heung Road
115 Drainage Construction of new stormwater Climate 2027 785 202 190 • To lower the flood risks of the areas
Improvement drains and drainage channels Change
Works at as well as widening the existing Adaptation [B24: 150
Yuen Long drainage channels in Tai Tseng B26: 40]
Wai, Shui Tsiu San Tsuen,
Ho Lik Pui, Tai Wo, Shan Ha
Tsuen, Ha Che, Sung Shan New
Village and Lin Fa Tei
116 Drainage Construction of underground Climate 2028 950 20 20 • Improvement drainage works
Improvement stormwater storage tank Change to tackle the flooding risks posed
Works at of approximately 10 000 m3 Adaptation [B31: 20] by climate change
North District – and a stormwater pumping
Phase 1 station, about 2.5 km long
stormwater drains with diameter
ranging from 600 mm to 1.8 m
and the associated electrical
and mechanical facilities,
and flood walls of about 500 m
long and about 1 m tall at Kong
Ha and Sha Tau Kok Town;
drainage channel of about
670 m long with widths ranging
from 450 mm to 6 m, flood walls
of about 1 370 m long and about
1 m tall, and stormwater drains
of about 870 m with diameters
ranging from 600 mm to 2.1 m
at Shek Kiu Tau, Hang Tau,
Kai Fong Garden, Kwu Tung
Road and Tin Ping Shan Tsuen
near Man Kok Village,
Sheung Shui Wai

Breakdown by Bond - Legend
Legend Issuance Green Bond (ISIN)
B1 The inaugural issuance (May 2019) 5-year USD (US43858AAB61 / USY2836BAN48)
B2 The February 2021 issuances 5-year USD (US43858AAC45 / USY3422VCR79)
B3 The February 2021 issuances 10-year USD (US43858AAD28 / USY3422VCS52)
B4 The February 2021 issuances 30-year USD (US43858AAE01 / USY3422VCT36)
B5 The November 2021 issuances 10-year USD (HK0000789823)
B6 The November 2021 issuances 5-year EUR (HK0000789849)
B7 The November 2021 issuances 20-year EUR (HK0000789856)
B8 The November 2021 issuances 3-year RMB (HK0000789864)
B9 The November 2021 issuances 5-year RMB (HK0000789872)
B10 Retail Green Bond 2022 3-year HKD (HK0000844578)
B11 The January 2023 issuances 3-year USD (US43858AAF75 / USY3422VCU09)
B12 The January 2023 issuances 5-year USD (US43858AAG58 / USY3422VCV81)
B13 The January 2023 issuances 10-year USD (US43858AAH32 / USY3422VCW64)
B14 The January 2023 issuances 30-year USD (US43858AAJ97 / USY3422VCX48)
B15 The January 2023 issuances 2-year EUR (HK0000895893)
B16 The January 2023 issuances 7-year EUR (HK0000895901)
B17 The January 2023 issuances 2-year RMB (HK0000895919)
B18 The January 2023 issuances 5-year RMB (HK0000895927)
B19 The inaugural tokenised issuance (February 2023) 365-day HKD (HK0000895216)
B20 The June 2023 issuances 3-year USD (US43858AAK60 / USY3422VCY21)
B21 The June 2023 issuances 5-year USD (US43858AAL44 / USY3422VCZ95)
B22 The June 2023 issuances 10-year USD (US43858AAM27 / USY3422VDA36)
B23 The June 2023 issuances 4-year EUR (HK0000929676)
B24 The June 2023 issuances 9-year EUR (HK0000929684)
B25 The June 2023 issuances 2-year RMB (HK0000929692)
B28 Retail Green Bond 2023 3-year HKD (HK0000951001)
B29 Second tokenised issuance (February 2024) 2-year USD (HK0000963279)
B30 Second tokenised issuance (February 2024) 2-year EUR (HK0000963287)
B31 Second tokenised issuance (February 2024) 2-year RMB (HK0000963295)
B32 Second tokenised issuance (February 2024) 2-year HKD (HK0000976420)

Appendix B
Assessment Summary of the Hong Kong Quality Assurance Agency
Scope and Objectives

Hong Kong Quality Assurance Agency (HKQAA) has been engaged by the Government of the Hong Kong
Special Administrative Region of the People’s Republic of China (the HKSARG) to undertake an independent
assessment on the information presented in its Green Bond Report 2024 (the Report). The assessment
provides assurance, in accordance with the HKQAA Green and Sustainable Finance Certification Scheme
2021 (GSFCS)1 – Post-Issuance requirements, on the alignment of the green bonds and the projects financed
by their proceeds mentioned in the Report against the Green Bond Framework and the Environmental Method
Statement of the HKSARG. This summary reflects our opinion for the issuance of the HKQAA Green and
Sustainable Finance Certificate. The scope of HKQAA’s assessment covers the data and information
for the period between 1 August 2023 and 31 August 2024.
Process and Methodology

The process applied to this assessment is set out in GSFCS. The evidence gathering process set out in the
scheme was designed to ensure an independent assessment process.
Our assessment procedures performed include:
reviewing relevant documentation;
visiting the relevant sites;
interviewing persons who prepare the Report; and
verifying the selected representative sample of projects, data and information.
Raw data and supporting evidence of the selected samples have been thoroughly examined by HKQAA’s
assessment team during the assessment process.
Independence
The HKSARG is responsible for the collection and presentation of the information in the Report. HKQAA
is not involved in the collection and calculation of data presented in or the compilation and development
of the Report. Our assessment activities are independent from the HKSARG.
1
GSFCS is developed with reference to widely adopted international and national guidelines and principles.
For details, please refer to Section B1.0, C1.0 and Section 2.5 of the GSFCS Handbook. Please contact HKQAA to obtain
the Handbook.

Limitations
There are inherent limitations in performing the assessment. Assurance engagements are based on selective
testing of the information and data being examined. It is possible that fraud, error or non-compliance may
occur and not be detected. The assessment does not provide assurance on the information outside the defined
reporting boundary and period.
There are additional inherent risks associated with the assurance over the information presented in the
Report against the relevant requirements or criteria. Such assurance requires the information to be examined
against source data compiled using definitions and estimation methods developed by the HKSARG. Finally,
the assessment of the Report against GSFCS is subjective and will be interpreted differently by different
stakeholder groups.
Our assessment is limited to assurance in accordance with the GSFCS post-issuance requirements,
as well as the related policies and procedures of the scheme in place on 31 August 2024.
Conclusion
The information on the green bond activities presented in the Report is verified by the assessment team
of HKQAA as consistent with the agreed assessment scope, objectives and criteria.
HKQAA adopts a risk-based approach. Our examination includes assessing the evidence relevant to the
information and disclosures by the HKSARG in the Report.
Based on the assessment results, the assessment team has concluded that no material error or omission has
been identified in the Report. It is materially correct and is a fair representation of the data and information for
the reporting periods. The Report is prepared in accordance with the post-issuance requirements of GSFCS.
© Hong Kong Quality Assurance Agency 2024. All rights reserved. Except as permitted under the
Copyright Ordinance (Cap. 528), no part of this publication may be reproduced, stored in a retrieval
system or transmitted in any form or by any means, whether electronic, mechanical, micro copying,
photocopying, recording or otherwise, without the prior written permission of the copyright owner. Whilst
we use all reasonable endeavours in providing the Summary, the results and interpretations presented are
based upon gathered information in good faith from primary or secondary sources and that no estimate
of confidence levels in the findings can be provided. We do not warrant that the Summary will meet
your requirements or that it will be complete, error free or delivered without interruption. The information
contained in the Summary does not constitute investment recommendations and is not a recommendation
to buy, sell or hold bonds, shares or securities issued. HKQAA shall not be liable for any claims or losses
of any nature, arising indirectly or directly from use of the information, howsoever arising.
For the details of Terms and Conditions of GSFCS, please visit the link.

Hong Kong Quality Assurance Agency
Hong Kong Quality Assurance Agency (HKQAA) is a non-profit organisation established in 1989. As one of
the leading conformity assessment organisations in the region, HKQAA is committed to providing certification
and assessment services for industries. Through knowledge sharing and technology transfer, HKQAA helps
enterprises enhance management performance and competitiveness.
Ample Experience in Fostering Sustainable Finance

HKQAA has developed diverse services and obtained ample experience in the fields of social responsibility,
environmental protection, sustainability and responsible investment:
Under the nomination of the China National Institute of Standardization and the Innovation and
Technology Commission of the Government of the Hong Kong Special Administrative Region (HKSAR),
expert of HKQAA represents China and the HKSAR respectively to join the related ISO technical
committees to develop the ISO 14030 Green Debt Instruments – Environmental performance
of nominated projects and assets and ISO 32210 Framework for sustainable finance: Principles
and guidance
Observer of the Green Bond Principles (GBP) under the International Capital Market Association (ICMA)
Approved verifier under the Climate Bonds Standard
Provision of assessment and rating services on listed companies’ sustainability performance

for the Hang Seng Corporate Sustainability Index Series
Enhancing Credibility in Green Finance

In keeping with the green finance development in the region, HKQAA launched the Green Finance
Certification Scheme in 2018 to provide third-party conformity assessments for green bond and green loan
issuers, so as to enhance credibility and stakeholder confidence in green finance.
HKQAA has developed the Scheme with reference to a number of widely recognised international and
national standards on green finance including, among others:
CDM under the UNFCCC;
GBP under the ICMA;
China Guiding Catalogue for the Green Industry;
China Green Bond Endorsed Projects Catalogue;
EU Final TEG report for Sustainable Finance Taxonomy; and
ISO 26000:2010 Guidance on Social Responsibility.
In May 2021, in response to Government policies and market needs, HKQAA took a further step and rolled
out the Green and Sustainable Finance Certification Scheme, which aimed to promote more capital flows
towards green and sustainable uses. This echoes the Government’s goals of achieving carbon neutrality before
2050 and developing Hong Kong into a regional green and sustainable finance hub.
Enquiry
Hong Kong Quality Assurance Agency
Address: 19/F., K. Wah Centre, 191 Java Road, North Point, Hong Kong
Tel: (852) 2202 9111Fax: (852) 2202 9222
Email: [email protected]
Website: http://www.hkqaa.org

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Hong Kong Special Administrative Region

of the People’s Republic of China

4 Hong Kong’s Commitments on Climate and Environmental Protection

6 Green and Sustainable Finance Initiatives in Hong Kong

8 The Green Bond Framework

11 Government Green Bond Issuances

14 Retail Green Bond 2023

15 The February 2024 Second Tokenised Green Bond Issuances

16 The July 2024 Green Bond Issuances

22 Major Expected Impacts of Newly Selected Projects

27 Allocation of the Proceeds of the Green Bond Issuances

27 The November 2021 Issuances

29 Retail Green Bond 2022

30 The January 2023 Issuances

32 The Inaugural Tokenised Issuance in 2023

33 The June 2023 Issuances

35 Retail Green Bond 2023

36 The Second Tokenised Issuance in 2024

3 Green Bond Report 2024

4 Green Bond Report 2024

5 Green Bond Report 2024

6 Green Bond Report 2024

7 Green Bond Report 2024

8 Green Bond Report 2024

9 Green Bond Report 2024

10 Green Bond Report 2024

November 2018 March 2019 May 2019

Establishment of GGBP Green Bond Framework Inaugural institutional issuance

July 2021 February 2021 January 2021

GGBP’s borrowing ceiling February 2021 institutional Establishment of a Global

November 2021 February 2022 May 2022

November 2021 institutional Green Bond Framework Inaugural retail issuance

June 2023 February 2023 January 2023

October 2023 February 2024 July 2024

11 Green Bond Report 2024

(~US$28 billion) (~US$23 billion) (~US$5 billion)

HK$ HK$ HK$

(~US$28 billion) (~US$23 billion) (~US$5 billion)

Year Breakthroughs at Issuance

2022 • The world’s largest retail green bond issuance

2023 • The largest ESG bond issuance ever in Asia

2024 • The world’s first multi-currency digitally native bond

12 Green Bond Report 2024

The Government has made ten rounds of green

Round Date Descriptions

1 May 2019 • Inaugural institutional green bond

2 February 2021 • C omprised 3 tranches

4 May 2022 • Inaugural retail green bond

6 February 2023 • First tokenised green bond issued by a government globally

8 October 2023 • Second retail green bond

9 February 2024 • First multi-currency digital bond in the world

10 July 2024 • Inaugural offering of 20-year and 30-year RMB bonds

13 Green Bond Report 2024

The Government offered a new batch of retail green

Details of Retail Green Bond 2023

Size HK$20 billion

Proceeds HK$20 billion

Issue Date 10 October 2023

Maturity Date 12 October 2026

1 May 2019 • Inaugural institutional green bond

2 February 2021 • C omprised 3 tranches