KMB closes an HK$800 million sustainability-linked loan facility with Chong Hing Bank Promoting Hong Kong towards zero emissions with green finance
The Kowloon Motor Bus Company (1933) Limited (“KMB”) and Chong Hing Bank Limited (“Chong Hing Bank” or the “Bank”) announce that a 5-year HK$800 million sustainability-linked loan facility has been successfully closed, with three key performance targets to promote projects related to sustainable development and environmental, social and governance (“ESG”) and support the development of zero-emissions transportation by obtaining green financing.
This is the second KMB’s sustainability-linked loan facility. KMB has set out key sustainability performance targets in relation to the reduction of greenhouse gas emissions of buses, increment in green procurement and average training hours for employees. In view of that the Government and stakeholders are paying more and more attention to the sustainable development of enterprises and promoting ESG projects that can create financial value and business opportunities, KMB once again reached a loan financing arrangement linked to sustainability performance, demonstrating the achievements of KMB transforming into green transportation.
Mr Joseph Leung, Finance Director of KMB, said, “KMB has started green financing schemes for two years and formulated a blueprint on bus electrification. KMB is upgrading the entire bus fleet to zero-emission buses by 2040. Clear examples include double-deck electric buses to be deployed next year, 500 electric buses to be employed in our fleet in the coming three to five years, and two multi-storey bus depots to be built in Tuen Mun and Tai Po for new energy buses. All aforementioned demonstrates KMB’s determination to drive green public transport in Hong Kong. KMB would like to express our gratitude for Chong Hing Bank’s support and recognition. We will continue identifying suitable financing solutions and lead Hong Kong’s transportation industry into a new-green era.”
Mr Ivor Sin, Head of Corporate Banking Division of Chong Hing Bank, said, “Promoting social sustainability is one of the most important visions of modern corporates. Chong Hing Bank is proud to be involved in the KMB's sustainable development business strategies to reduce carbon emissions and protect the planet. Chong Hing Bank will continue to fulfill its corporate social responsibility, actively promote sustainable development and green finance, and work with corporates to build a better society and drive the economic development of Hong Kong and the Greater Bay Area.”
KMB has closed a 5-year HK$800 million sustainability-linked loan facility with Chong Hing Bank. Representatives include (from the left) Mr Joseph Leung, Finance Director of KMB, Mr Steve Hui, Administration Director of KMB, Mr Ivor Sin, Head of Corporate Banking Division of Chong Hing Bank, and Mr Leo Lai, Head of Corporate Banking Department 1 of Chong Hing Bank.
Passengers may call the KMB Customer Service Hotline on 2745-4466 or visit KMB website www.kmb.hk or App1933 for more details.