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Sustainable development

Hong Kong Government Unveils 2022-23 Budget with Focus on Green City and Caring Society

Strategic Insights

— 2 min read

In his 2022-23 Budget speech, Financial Secretary Paul Chan outlined the government's strategies to build a green city and a caring society with quality life, with a focus on decarbonisation, environmental protection, and community care services. The budget allocates $200 million to the Green Tech Fund, $1.5 billion to extend the EV-charging at Home Subsidy Scheme, and $8.4 billion for drainage improvement works in various districts. The government also plans to earmark funding for coastal area improvement projects, develop sports and cultural facilities, and promote arts and cultural activities.

Key Takeaways:

  • The Hong Kong government has allocated $200 million to the Green Tech Fund to promote decarbonisation and environmental protection, with a focus on net-zero electricity generation, energy saving, and green buildings.
  • The EV-charging at Home Subsidy Scheme will be extended to the 2027-28 financial year, with an additional $1.5 billion allocation to support the installation of EV charging-enabling infrastructure for about 140,000 parking spaces.
  • The government plans to gradually convert petrol or liquefied petroleum gas filling stations into quick charging stations, with the aim of supporting more types of vehicles.
  • Strategic studies on coastal management will begin, with a view to providing guidelines on planning and land use, formulating long-term strategies, and developing preventive measures.
  • The government will allocate $8.4 billion for drainage improvement works in various districts, with a focus on enhancing flood control capability.
  • The Five-year Plan for Sports & Recreational Facilities will be implemented, with a budget of $20 billion to develop sports and cultural facilities.
  • The Community Arts Scheme will be regularised, with a $20 million annual allocation to promote arts and cultural activities, starting from the 2024-25 financial year.
  • The Built Heritage Conservation Fund will receive an additional $1 billion injection.
  • The government will regularise three pilot schemes for community and residential care services, involving an additional annual expenditure of over $1.9 billion.
  • Seven contract residential care homes will be set up in the multi-welfare services complex in the Kwu Tung North New Development Area, and a new contract residential care home will be established under the development project at Queen's Hill in Fanling.

Statistics:

  • $200 million allocated to the Green Tech Fund
  • $1.5 billion allocated to extend the EV-charging at Home Subsidy Scheme
  • 140,000 parking spaces to be supported with EV charging-enabling infrastructure
  • $8.4 billion allocated for drainage improvement works in various districts
  • $20 billion allocated for the Five-year Plan for Sports & Recreational Facilities
  • $20 million annual allocation for the Community Arts Scheme
  • $1 billion injection into the Built Heritage Conservation Fund
  • $1.9 billion annual expenditure for community and residential care services
  • 26 low-lying or windy residential areas to be improved under coastal area improvement projects
  • 26km total length of the Victoria Harbour promenade to be extended
  • 700 existing private residential buildings to have EV charging-enabling infrastructure installed

Sources:

  • Hong Kong Government: 2022-23 Budget speech
  • Hong Kong Information Services: "Financial Secretary announces significant allocation for green initiatives in 2022-23 Budget"
  • Contify.com: "Hong Kong Government Announces 2022-23 Budget with Focus on Green City and Caring Society"
  • MIL OSI Asia Pacific News: "Government Announces Support for Innovation and Job Opportunities in 2022-23 Budget"

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