Towngas and DBS Hong Kong sign MoU to launch the first sustainable financing initiative for Hong Kong’s green hydrogen projects
In the UK, Fuel Cells Works reported that DBS Bank Limited (DBS Hong Kong) and The Hong Kong and China Gas Company Limited (Towngas) signed a Memorandum of Understanding (MoU).
Under this initiative, Towngas will be provided with a loan from DBS Hong Kong, the proceeds of which will be allocated to green hydrogen projects undertaken by Towngas that meet the standards of the Hong Kong Monetary Authority’s Hong Kong Taxonomy for Sustainable Finance Phase 2A.
This marks Hong Kong’s first loan dedicated to supporting local green hydrogen projects, representing an important milestone for green finance and the development and application of new energy solutions in Hong Kong, according to the report.
According to the MoU, Towngas will commission an independent third-party certification body to verify the lifecycle carbon emissions of the green hydrogen involved in the project and its downstream applications across the value chain, ensuring compliance with the standards for the Hong Kong Taxonomy. DBS Hong Kong will provide a loan to Towngas to support its green hydrogen projects, including green hydrogen production and hydrogen power generation at construction sites.
Category: Hydrogen
