Hong Kong Sees 82% Growth in Climate Startups Amid Green Finance Push

Hong Kong is becoming increasingly a hub for climate solutions and green finance globally. The city's government is encouraging green tech startups in various programs actively, which has resulted in 82% more climate-focused businesses since 2023. The trend aligns with Hong Kong's broader plan to be at the forefront as a world leader in clean tech and financial sustainability.

To support such startups, the government created the GreenTech Hub at InnoCentre in Kowloon Tong. The Hong Kong Science and Technology Parks Corporation (HKSTP) runs this facility, which provides incubation programs, funding, mentorship, and access to essential resources to the startups. More than 200 green technology businesses are already members of this hub, making use of its infrastructure to grow their businesses.

The GreenTech Hub hosts several innovative firms. One Energy, for example, is launching battery-swapping facilities for electric motorbikes across Hong Kong. Having currently only a fraction of the city's 75,000 motorbikes electric, the company aims to put up around 100 additional facilities by the end of the year to facilitate the transition to cleaner transport.

Another startup, Azure Era Energy Saving Technology, deals with radiative cooling technology. The company has developed optical films that reflect solar radiation and can reduce indoor temperatures by up to 15°C. With Hong Kong's many glass skyscrapers retaining heat, such technology can significantly lower energy consumption and improve indoor climate control.

Luquos Energy, another GreenTech Hub-based company, has created a battery system using a sulfur-based liquid solution. It's a less flammable and cheaper substitute for lithium-ion batteries, offering a safe and lower-cost energy storage solution.

Apart from providing resources to startups, the GreenTech Hub is also a platform for business, research, and investor connection. It connects financial institutions, academic experts, and technology firms to drive the commercialization of green innovations. The networking environment allows product demonstration, capability building, and application of new technologies in the real world, enabling the speeding up of Hong Kong's shift towards a greener economy.

Hong Kong's push for green finance and climate technology is part of its wider commitment to mainstreaming sustainability in its financial system. By incubating innovation through strategic initiatives like the GreenTech Hub, the city is positioning itself as a leader in clean tech investment and climate entrepreneurship.

GreenTech Hub will further enhance support for start-ups to play a crucial role in driving Hong Kong's position as a front runner in the world transition to a low-carbon economy. More details about the program and individual companies are available in respective reports and press releases of HKSTP.

Source: South China Morning Post