Hong Kong Boosts Green Finance Leadership with Global Building Certifications

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Expansion of Green Building Standards

The Hong Kong Green Building Council has taken a significant step by issuing its first BEAM Plus global certificate to a complex in Djibouti, an East African country. This move marks the council's expansion into international markets, aiming to support sustainable development and enhance Hong Kong's position as a regional green finance hub.

The council, a non-profit organization focused on promoting eco-friendly structures, has extended its Building Environmental Assessment Method (BEAM) Plus certification programme to foreign markets. This initiative is expected to attract more international developers, particularly those involved in the Belt and Road Initiative, to secure funding in Hong Kong for their projects.

Importance of the First Global Certificate

In June, the council issued its first BEAM Plus global version certificate to a complex in Djibouti, while another structure in Macau is anticipated to receive the same certification soon. Ivan Fu Chin-shing, director of the council, emphasized that this extension would be crucial in attracting international developers to access funding in Hong Kong for their projects.

"Hong Kong is an international financial centre with many banks offering green loans to companies, while global investors also like to invest in the city's green bonds," Fu said. The international BEAM Plus certification reflects Hong Kong's growing role in helping the United Nations achieve its sustainability and humanitarian goals through green financing.

Impact on Green Bonds and Sustainable Development

Hong Kong was responsible for 45 per cent, worth US$43 billion, of the total green bonds issued in Asia in 2024. BEAM Plus is one of the world's pioneering green building standards, enabling developers to apply for certificates that validate how their projects incorporate energy-efficient designs and materials, reduce carbon emissions, and conserve water.

An assessment typically takes 45 days to complete and offers four different rankings. As of September, there were 2,900 projects registered under BEAM Plus, covering more than 8,900 buildings and an area totalling over 100 million square metres, according to data from the council.

Since the council started accepting applications in the middle of last year, 15 developers have submitted documentation for their projects in mainland China, Macau, Thailand, Cambodia, and Africa. Fu explained that the global version of these certificates not only applied the original Hong Kong standards but also reflected specific climate and market situations where those projects are located.

"The Djibouti project certificate is a milestone, as this is the first certificate issued under the global version of the BEAM Plus, while the project is also in a Belt and Road Initiative country," Fu said. "This showed that Hong Kong can set the standards for green buildings not only for developers in the city, but also for those in overseas markets."

Future Goals and Collaborations

"We have been discussing with the Hong Kong Association of Banks and hope to promote more banks to use our new certificates to grant the green loans," Fu added. International investors can also rely on the BEAM Plus Global version to make their investment decisions.

In his latest policy address, Hong Kong Chief Executive John Lee Ka-chiu confirmed the government's support for the Green Building Council to promote the BEAM Plus certification among Belt and Road countries, Fu noted. Last month, the council held the city's 13th Green Building Week, an annual event that included activities to raise public awareness about the importance of sustainable buildings.

"The Hong Kong public and the construction industry have been made aware of the need to address climate change challenges," Fu said. "Mainland China has already set goals to promote sustainable development and cut carbon emissions."

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