HONG KONG -- The Hong Kong Special Administrative Region government will devote some $30 billion in the next 15 to 20 years to implement climate-change mitigation and adaptation measures, Financial Secretary Paul Chan said Wednesday.

Hong Kong is planning to take four major decarbonization strategies, namely achieving net-zero electricity generation, saving energy in buildings, promoting green transport and waste reduction, Chan said at the Asia-Pacific Business Forum 2023.

He said that he believed the government's climate budget will boost private-sector investment, as companies become increasingly aware of the benefits that green practices can bring.

Chan said that Hong Kong has come a long way in decarbonization. In the first half of this year, more than 60 percent of newly registered private cars in Hong Kong were electric vehicles.

The HKSAR government will formulate a strategy on hydrogen development in early 2024 to promote the adoption of hydrogen fuel as zero-carbon energy, he said.