A resolution will be tabled at the Legislative Council to implement the Government Green Bond Programme.

The resolution will authorise the Government to borrow sums of up to $100 billion to implement the programme.

Subject to LegCo deliberation, the Government will move the resolution in the council on June 27.

Secretary for Financial Services & the Treasury James Lau today said: "The programme will help promote the development of green finance in Hong Kong by encouraging issuers to arrange financing for their green projects through our capital markets.

"It should also raise investor awareness and the local green investor base will grow as a result of our efforts.

"Global investments in environmental projects grew rapidly in recent years.

"I have every confidence the financial services industry will seize the opportunities in green financing, and help consolidate Hong Kong's status as an international financial centre and develop Hong Kong into a regional green finance hub."

Sums raised under the programme will be credited to the Government's Capital Works Reserve Fund for funding public works projects with environmental benefits.

The programme will align with guidelines or standards widely accepted by global investors for green bond issuance.

The borrowing ceiling is proposed to be set at $100 billion to promote the sustainable development of green finance in Hong Kong.

The Monetary Authority will help implement green bond issuance under the programme.

Mr Lau added: "Subject to LegCo's approval for the resolution, we will implement the programme as soon as possible to facilitate the inaugural government green bond issuance within this financial year."

The green bond initiative was announced by the Chief Executive in the 2017 Policy Address to promote green finance development in Hong Kong.