Hong Kong’s First Green‑Hydrogen Loan Boosts Its 2050 Carbon‑Neutral Goal

On Oct. 30, DBS Bank’s Hong Kong arm signed a memorandum of understanding with Towngas to provide loans for hydrogen production and other clean‑energy projects. The deal marks the city’s first financing dedicated to local green hydrogen, a step that could speed up Hong Kong’s climate plan.

The financing will back projects that meet the Hong Kong Monetary Authority’s sustainable‑finance standards, including a facility that will turn landfill gas into hydrogen. By linking finance to these standards, the loan encourages low‑carbon development across the city.

The landfill‑to‑hydrogen plant, located at the South East New Territories Landfill Extension in Tseung Kwan O, is slated for completion in the first quarter of 2027. It is expected to produce about 300 kg of hydrogen each day, which can be used as fuel or for electricity generation.

Towngas is co‑chaired by brothers Peter Lee Ka Kit and Martin Lee Ka Shing, whose family ranked second on Forbes’ 2026 list of Hong Kong’s wealthiest with a $34.9 billion fortune. Their involvement highlights how private capital is being directed toward projects that support Hong Kong’s aim to achieve carbon neutrality before 2050.

The initiative shows how a major bank’s loan can jump‑start clean‑energy projects, helping Hong Kong move toward its 2050 carbon‑neutral target. By financing the first local green‑hydrogen projects, the city creates a model for future sustainable investments.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Practice Listening

Practice Listening