Hong Kong: Showcasing how Impact Capital Makes a Difference
10 Sep 2025
Impact capital aligns finance with purpose. As more asset owners explore their options to deploy capital for a good cause, the global impact market has experienced substantial growth in recent years, more than doubling in size in five years — rising from approximately US$715 billion in 2020 to over US$1.57 trillion in 2024.[1],[2] This expansion signifies a shift in mindset, emphasising the growing alignment of capital with purpose and the widespread adoption of impact strategies to tackle critical global challenges, such as climate change, infrastructure development, and social inclusivity.
The understanding of impact capital and deployment strategies among public stakeholders, financial services professionals, and investors in Hong Kong has improved over the years. To support orchestrated efforts, in 2024, the FSDC published Trailblazing for Change: Hong Kong, the Impact Investing Hub of Asia,[3] a foundational publication that established a strategic vision for the city’s role in advancing impact investing. Developed under the guidance of a diverse Working Group comprising leading industry practitioners, the paper explored how capital could be mobilised to generate measurable social and environmental outcomes, positioning Hong Kong as a credible and emerging centre for impact capital in Asia.
Building on this foundation and the traction gained in the city, the FSDC continued to partner with key industry stakeholders. Noting AVPN’s effort to bring its Global Conference to Hong Kong in 2025, FSDC developed this follow-up publication that expands on our previous work. By offering a thematic and forward-looking update, this new paper reflects the evolution of the market, the widening participation of stakeholders, such as family offices, institutional investors, charities and other stakeholders, and the deepening of practice across sectors and geographies. It illustrates how climate resilience, inclusive growth, and nature-based solutions reshape investment strategies and product design. It also explores how blended finance, an increasingly popular way of structuring and deploying impact investing internationally, is taking shape in Hong Kong. In short, this publication emphasises the momentum: where capital is moving, how priorities are shifting, and the implications of these shifts mean for Hong Kong’s positioning within a rapidly evolving global investment landscape.
[1] Global Impact Investing Network. (2020, June 11). Annual Impact Investor Survey 2020. https://thegiin.org/publication/research/impinv-survey-2020/
[2] Global Impact Investing Network. (2024, October 23). Sizing the Impact Investing Market 2024. https://thegiin.org/publication/research/sizing-the-impact-investing-market-2024/
[3] Financial Services Development Council. (2024, September 27). Trailblazing for change: Hong Kong, the impact investing hub of Asia. https://www.fsdc.org.hk/media/4wxfbj5c/eng-trailblazing-for-change-hong-kong-the-impact-investing-hub-of-asia_1504.pdf