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The Hong Kong Green Tech Challenge
Green Building Edition

The Hong Kong Green Tech Challenge is a joint initiative between Carbonless and  Hong Kong Science and Technology Parks Corporation.

We are working with eight Corporate Partners, global and local leaders in the world famous Hong Kong real estate and construction industry, to identify specific opportunities in their building portfolio for sustainable innovation. This unique collaborative programme is also supported by Strategic Partners bringing expertise from architecture through banking and other relevant areas of expertise to the Green Building theme.

We are committed to find and invite to Hong Kong the best growth stage technology companies from around the world; we call them Green Tech Innovators. Our goal is to engage in serious business dialogue, drive investment and accelerate decarbonisation in Hong Kong through the implementation and scaling of new innovative solutions in the city.

Opportunity Statements

The Challenge have engaged 8 Corporate Partners to provide real and tangible opportunities in their building and construction portfolios to adopt and deploy green technologies. The adoption and implementation of new technologies will support our partners in accelerating their sustainability and net-zero roadmaps. Below are the Opportunity Statements across Energy, Carbon, Waste and Water that relates to validated opportunities within their building portfolios and construction sites.


Energy Management and Control: Advanced solutions to revolutionise energy efficiency in buildings, targeting both existing structures and new construction.

Energy Efficiency: New processes and products that can improve energy efficiency and performance through retrofitting HVAC systems or other building fabric innovations that can substantially reduce energy consumption within buildings.

Renewable Energy: Innovations and technologies that can be scalable to enable adoption of renewable energy generation in Hong Kong’s urban environment.

Construction Site and Supply Chain Electrification: New advances in electrification technologies such as BESS or EV charging infrastructure to allow construction sites and supply chain to be powered by electricity to accelerate the retirement of gasoline and diesel.


Carbon Capture: Innovations in carbon capture that are designed for Hong Kong’s urban environment and landscape. Solutions should be scalable and capable of managing projected emissions intensity and are commercially sensible to implement.

Embodied Carbon: New sustainable materials and products to reduce embodied carbon significantly within buildings for both refurbishment and new developments. This could include replacing internal walls, doors, floorings, sanitary systems or alternatives to concrete and steel.


Waste Management and Efficiencies: Smart systems and innovations that improve waste management and recycling efficiencies within buildings so that excess waste is minimised, recycling rates are improved and less energy is consumed during waste operations for residential, commercial and retail buildings.


Water Treatment: Wastewater treatment solutions that are environmentally friendly and reduce freshwater demand for both construction sites as well as commercial buildings.

The Hong Kong Green Tech Challenge is now accepting submissions.

Introducing our partners

Carbonless, HKSTP and all our partners have been brought together by the desire to shift gears in Hong Kong with the Green Tech Challenge – this is a mission to identify real projects and real commitments to decarbonise. We have invited the whole industry to join us, but the criteria and the bar to join have been set high. You can be assured that you will be enaging with the most committed stakeholders in Hong Kong’s real estate and construction industry.

Corporate Partners

Corporate Partners of the Hong Kong Green Tech Challenge are large corporations and organistions in the city who are committed to decarbonisation. They are ambitious with their own sustainability and decarbonisation roadmaps and supports the city’s Climate Action Plan 2050. Our Corporate Partners provide opportunity statements, use cases and projects in their pipelines to the Challenge.


Colliers are global leaders in real estate services and investment management operating in over 68 countries.  With over 40 years of local market experience in Hong Kong, Colliers are one of the largest and most respected commercial real estate firms in the city, providing a full suite of advisory and transactional services to a diverse client base that includes multinational corporations, developers and investors.  Colliers are widely recognised for delivering innovative solutions that help clients maximize the value of their real estate assets in the dynamic Hong Kong market.


Goodman is a specialist global industrial property and digital infrastructure group. They own, develop and manage high-quality, sustainable properties that are close to consumers and provide essential infrastructure for the digital economy. Goodman operates in 14 countries across Asia Pacific, Europe and the Americas, and they own 17 industrial properties in Hong Kong. Leveraging Goodman’s global expertise, they are shaping the future of industrial property in Hong Kong and contributing to Hong Kong’s transition towards a more sustainable, low-carbon economy.

The Hong Kong University of Science and Technology

The Hong Kong University of Science and Technology (HKUST) is a world-class research intensive university that focuses on science, engineering and business as well as humanities and social science. As of September 2023, HKUST members have founded 1,747 active start-ups, including 10 Unicorns and 13 exits (IPO or M&A), generating economic impact worth over HK$ 400 billion. Their Sustainability/Net-Zero Office stewards the comprehensive 2028 Sustainability Challenge and the Net-Zero Action Plan 2045, guiding the university towards a more vibrant, inclusive, and sustainable campus to support the university’s goals and priorities. Their vision is for HKUST to become a global leader by transforming their campus into a net-zero carbon, zero waste, and positive impact living laboratory for experiential learning and research within a vibrant and engaged community.

New World Development

New World Development, a premium brand infused with a unique personality defined by The Artisanal Movement, was founded in 1970 and was publicly listed in Hong Kong in 1972. Their core business areas include investment in property and property development, and investment in and/or operation of hotels and other strategic businesses, boasting operations in Greater China, especially the Greater Bay Area. Driven by their commitment to reduce the environmental impact of their businesses and create sustainable communities, they established a Group-wide sustainability strategy that sets concrete environmental and social targets for the Group and creates shared value for all stakeholders.


NWS Holdings is a conglomerate with a diversified portfolio of market-leading businesses, predominantly in Hong Kong and the Mainland. The Group’s businesses include toll roads, insurance, logistics, construction, and facilities management. Through the Group’s sustainable business model, it is committed to creating more value for all stakeholders and the community.

Within its construction segment, Hip Hing Construction, established in 1961 and wholly owned by NWS Holdings, has grown to become one of the leading contractors in Hong Kong. Over the years, they have been trusted by their clients to construct many of the landmark buildings which define Hong Kong. The construction services provided by Hip Hing Construction Group have contributed to the development of Hong Kong and its economy and have helped shape a better living environment for the people of Hong Kong.

Swire Pacific

Swire Pacific (HKEX: 00019/00087) is a Hong Kong-listed international conglomerate with a diversified portfolio of market-leading businesses. The company has a long history in Greater China, where the name Swire or Taikoo (太古) has been established for over 150 years. Swire Pacific’s strategy is focused on Greater China and South East Asia, where we seek to grow our core businesses of Property, Beverages, and Aviation, as well as new areas of growth, such as healthcare. Swire Pacific is the largest shareholder in two other listed companies in Hong Kong: Swire Properties Limited and Cathay Pacific Airways Limited. Swire Pacific is listed on the Hang Seng Corporate Sustainability Index, the Dow Jones Sustainability Asia Pacific Index and the MSCI All Country World Index (ACWI) ESG Leaders Index.


Veolia group aims to be the benchmark company for ecological transformation. With nearly 220,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them.

Yau Lee

Yau Lee Holdings, a leading green-integrated corporation, went public in 2001. Building on a solid foundation of conventional construction experience, Yau Lee Construction Co Limited was founded in 1958 and has gradually developed into one of Hong Kong’s largest consortia. Their expertise spans building construction, precast and low-carbon building materials manufacturing and trading, E&M services, plumbing and drainage works, green building and energy optimization solutions, construction IT solutions, Virtual Design & Construction implementation, curtain wall and steel works, as well as property and hotel development.

Yau Lee consistently strives for excellence to enhance construction productivity, buildability, and sustainability. We think green, practice green, act green, and aim to provide a green living environment for our society and the world.

Strategic Partners

Strategic Partners are an alliance of companies and organisations that are passionate in supporting the city in achieving its decarbonisation goals as outlined in the Climate Action Plan 2050. Strategic Partners bring financial, technical and regulatory/compliance advise, expertise and networks to support the engagement and implementation processes of the Challenge.

Strategic Partners play an important role in the selection process in helping us identify the best technically and commercially relevant Green Tech Innovators for the identified projects.

Supporting Organisation:

Expert Panel

The Expert Panel are made up of our local and international experts and authorities in the Green Buildings theme. They bring technical, commercial and regulatory experience and know-how in decarbonising the real estate and construction sector. Our Expert Panel will support the selection process to ensure that the most suitable Green Tech Innovators are selected to work with our Corporate Partners.

Our Local Experts represent the Hong Kong context and know the local landscape inside out, whilst our International Experts bring their global perspective from different geographic locations and international best practices to the Challenge.

Cary Chan

Former Executive Director of Hong Kong Green Building Council
Former President and CEO of Siemens HK & Macao
Founder of Tony Ip Green Architects
Former Under Secretary for the Environment for the Hong Kong SAR Government
Former Secretary of Innovation and Technology for the Hong Kong SAR Government
Principal, Sustainability Transformation at 10 Design
CEO and Managing Partner of Artprojekt (Germany)
Founder of World Green Building Council
Global Solutions Director - Sustainability at Jacobs

This is a unique opportunity to grow your business across Asia’s real estate markets through one of the world’s most visible and vibrant hubs.

Who we are looking for

First and foremost, we are looking for a good match. A match between the demand that the projects represent and the supply of scalable solutions that are not yet available in Hong Kong. These solutions are to be provided by growth stage technology companies that are interested in the market of Hong Kong and Asia Pacific for business expansion. We are deliberately not using the word “startup”, because through this program we are not looking for simply new ideas, but businesses that inspire through the growth and validated innovation.  

We are looking for tried and tested technology solutions that can be deployed in Hong Kong in a matter of weeks or months, not years. We are looking for businesses with established teams, global talent with relevant track record and capacity to deliver large-scale projects for Corporate Partners. We are looking for companies that are financially stable with multiple customers and are ready to scale across markets in Asia and beyond.

If this sounds like your company, and you are actively looking to expand your business into Hong Kong and Asia through tangible business opportunities with the region’s most progressive corporations, download our Opportunity Statements Document to find out more and apply to the Hong Kong Green Tech Challenge.

Hong Kong,
Asia’s Green City

Hong Kong is already well known to the world as an unrivalled international gateway to the Greater Bay Area, Greater China and all Asia. The city is now also ready and well positioned to become a global hub for green technology and finance.

As the Real Estate and Construction industry is a cornerstone of Hong Kong’s economy and also a critical piece of the city’s decarbonisation puzzle, we dedicated the first Hong Kong Green Tech Challenge to the sector with the Green Building edition.

Hong kong 2

Hong Kong Climate Action Plan 2050

As announced in Hong Kong Climate Plan 2050, the city committed to achieving carbon neutrality before 2050. This is the target and goal that our Challenge is designed to support and turn into an opportunity for innovation, partnerships and investment.

Buildings account for approximately 90% of Hong Kong’s total electricity consumption, and over 60% of the city’s carbon emissions arise from electricity generation for buildings. Achieving positive change is a monumental task, but it is also a unique, transformational opportunity for companies equipped with the right solutions. The Hong Kong Green Tech Challenge is a collaborative platform to unlock value in the decarbonisation process by identifying relevant projects, applicable solutions delivered by investable tech companies.

Fitness and Readiness

How comprehensive and compatible is your solution? How fast can it be deployed?


How novel is the solution? What are the projected improvements compared to existing practices?

Carbon Impact

What is the scale of carbon emission reduction? Any CO2-related revenue or cost saving?


How fast can the solution scale within the organisation? What are the market opportunities?

Opportunity-Solution Fit

Is your solution a fit for the Opportunity Statements presented? How well does it address the use cases and projects presented?


Do you have a team who can address both technical and commercial aspects when leading projects?


What is the life-cycle cost of implementation including assessment of benefits?


What are the risk factors of your solution? How does it address existing risks?

Key Dates

June – Applications Open
Applications open for Green Tech Innovators to submit their solutions that can solve the opportunities proposed by Corporate Partners

August – Applications Close
We will notify all Green Tech Innovators who have been selected for the Virtual Solutions Day and work with you to prepare your pitch

August – Virtual Solutions Day
Up to 20 Green Tech Innovators will be invited to present their solutions online. Eight of them will be matched with one or more Corporate Partner(s) to start commercial engagement virtually.

October – Hong Kong Roadshow
The eight selected Innovators will be invited to Hong Kong in person to participate in a roadshow with a focus on building business opportunities with Challenge stakeholders.

October – Hong Kong Green Tech Assembly
An exclusive closing event for up to 100 people, including all Partners, the Green Tech Innovators, public sector stakeholders and aligned investors.

Hong Kong: Green Tech & Finance Hub

Hong Kong is already well known to the world as an unique international gateway to the Greater Bay Area, Greater China and all Asia. The city is now also ready and well positioned to become a global hub for green technology and finance.

With anchors like Carbonless and HKSTP, Hong Kong’s Green Tech ecosystem is growing rapidly. The city’s Green Tech ecosystem has been growing to be one of the most supportive in the world. Industry players are also  dedicating resources and investment into new technology and innovation for decarbonisation.

Eight selected Green Tech Innovators will have the chance to visit Hong Kong in October on a sponsored trip to engage with stakeholders face-to-face and deep dive into business.

Hong Kong’s Climate Roadmap

As announced in Hong Kong Climate Plan 2050, the city committed to achieving carbon neutrality before 2050. This is the target and goal that our Challenge is designed to support and turn into an opportunity for innovation, partnerships and investment.

The Real Estate and Construction industry serves as a pivotal cornerstone of Hong Kong’s economy and the broader Asian region. In Hong Kong alone, the sector accounted to more than USD 70 billion in economic activity in 2022. Buildings also account for around 90% of electricity consumption and more than 60% of carbon emissions in the city. This backdrop presents a unique opportunity for innovation and new business for incumbents and industry innovators alike. That is indeed the goal of this unique innovation program.

About Carbonless

Carbonless is a rapidly growing innovation and investment platform specialised on technology solutions that help decarbonise Asia. We bring together capital, mature startups, enterprises and government entities to help build a robust regional carbontech ecosystem, facilitate growth and reach carbon targets for a cleanear future.

Our team and advisory community bring experience across geographies from Fortune 500 corporate leadership roles in M&A, investment and carbon trading functions, whilst others have grown technology businesses across borders and exited startups.

For more details, please visit the Carbonless home page.

About Hong Kong Science and Technology Parks

Innovation and technology run in Hong Kong Science and Technology Park’s DNA. From Hong Kong to the world, HKSTP are propelling pioneers into forces for good, steering them to success, and transforming their ideas to impact. For 20 years, HKSTP have been building up Hong Kong as an I&T hub, creating a thriving ecosystem with their world-class infrastructure, collaborative network, and global vision.

HKSTP has more than 100 green tech ventures. As part of the commitment to accelerate carbon reduction ahead of the target plan, HKSTP will be the leading ecosystem builder to advocate and drive sustainable climate I&T development, further catalysing Hong Kong as the international green tech and green finance centre

For more details, please visit the HKSTP home page.


The Challenge will initially be remote / virtual. Eight Green Tech Innovators will be invited to Hong Kong in October for the Hong Kong Green Tech Roadshow and Assembly with travel expenses sponsored.

Companies applying should have an existing product / solution that have been tried, tested, and ideally commercially deployed. Solutions should be scalable and compatible across borders, markets, and ecosystems. Teams should be well-established technically and commercially. Companies should be financially sound and ready to deploy pilot projects with Corporate Partners.

Applicants should be key decision makers of the company.

There are no guarantees for applicants to receive investment or partnerships. However, we can assure you that the stakeholders of this program are committed to finding innovative solutions to partner with or invest in. This is not a PR exercise, we are looking for tangible and measurable outcomes.

The selected eight Green Tech Innovators will be invited on a sponsored trip (flights and accommodation) to Hong Kong in October for the Hong Kong Green Tech Roadshow and Assembly.

No. We do not take equity in exchange for participation in the program and we expect nothing in return upfront.

The Challenge and all its events will be in English. We expect our participants and our partners to speak English on a business level.

No. We are working to ensure that the process of exploring business or investment opportunities is as efficient as possible. After the application process, you should expect no more than 6-8 video calls / in-person meetings before a decision on a deal is made.

No. The selected companies will receive an unique opportunity to engage with our Corporate Partners. The outcome of this process might very well be implemented in our partners’ operations. We believe this is an extremely attractive business opportunity for an innovative company that is ready to scale.

Selected companies will also be invited on a sponsored trip to Hong Kong for the Hong Kong Roadshow to facilitate face to face meetings with your matched Corporate Partner and other stakeholders and investors.

If you are one of the selected companies invited to join the Hong Kong Roadshow, you will be required to travel to Hong Kong. You can find details on visa requirements for travellers coming to Hong Kong SAR here.

We always strive to create an environment where sharing business models and plans are protected. That said, we encourage our participants to have the necessary legal documents (such as NDAs) in place. We will help facilitate the signing process. During investment and partnership negotiations, the participating companies have full discretion over the information they share and the business agreements they make.

Application Deadline: Friday, August 2! Secure your spot today! Apply Now

Get in touch!

If you are a fitting Green Tech Innovator with relevant solutions, please do not hesitate and apply right away or get in touch to clarify any question you might have.

And if you are a company or organisation that would simply like to know more about this initiative, feel free to reach out as well!

Direct Contact: hello@carbonless.asia