Hong Kong File Photo: VCG

Hong Kong is implementing an economic transformation program to reduce carbon emissions while drag down its unemployment rate, and enhance its economic position in the Guangdong-Hong Kong-Macao Greater Bay Area, said Hong Kong Special Administrative Region Financial Secretary Chan Mo-po in a government blog on Sunday.

Hong Kong is making efforts to reduce the carbon print of economic activities and planning to reach carbon neutrality goal by 2050. According to a survey published by international NGO Climate Bonds Initiative last week, a total of $38 billion in green economy bonds were issued in Hong Kong from 2015 to 2020, of which $12 billion were issued in 2020. 

Aside from the regular green economy bonds and loans, sustainability-linked bonds and loans, and transition bonds were also popular with the local market, which shows the great development potential of the local green economy. 

According to the regional government's financial budget for 2021, the ceiling of green economy loans in 2021 will be raised to 200 billion yuan ($31.97 billion), and 177.5 billion yuan of bonds may be issued in accordance with market demand. 

Chan also mentioned that the green economy is a vital factor in driving continuous economic growth and can provide more job opportunities for local residents. Hong Kong's economy in the first quarter was adjusted up to 7.9 percent, and the unemployment rate fell to 6.8 percent, demonstrating a strong economic rebound for the region.