In 2023, Hong Kong's total greenhouse gas emissions were 34.5 million metric tons of carbon dioxide equivalent, a decrease of one quarter from the peak.

The Hong Kong Environment and Ecology Bureau announced today (April 17) that Hong Kong has updated the method of compiling the greenhouse gas emission inventory in accordance with the requirements of the United Nations Framework Convention on Climate Change and simultaneously released the emission inventory for 2023. According to the GWP values calculated in AR5, Hong Kong's total greenhouse gas emissions in 2023 are approximately 34.5 million metric tons of carbon dioxide equivalent, a decrease of about 20% from the 2005 level. Compared to the emission peak in 2014, the total emissions have decreased by about one-fourth. The per capita greenhouse gas emissions in 2023 are at a new low since 1990, approximately 4.58 metric tons of carbon dioxide equivalent, a decrease of nearly 30% from both 2005 and 2014, roughly one-fourth of the United States and 60% of the European Union. Carbon intensity is approximately 0.012 kg of carbon dioxide equivalent per local GDP, a decrease of about 46% from 2005. Since 2013, the Hong Kong government has compiled the greenhouse gas emission inventory using the Global Warming Potential (GWP) values provided by the Intergovernmental Panel on Climate Change (IPCC) in the Second Assessment Report (AR2). The Convention decided at the 27th Conference of the Parties in 2022 that by the end of 2024, the GWP values provided in the IPCC Fifth Assessment Report (AR5) must be used to calculate greenhouse gas emission inventories. In accordance with the requirements of the Convention, the Hong Kong government has used the GWP values of AR5 to compile the greenhouse gas emission inventory for 2023 and update past emission figures to reflect the annual changes and long-term trends in greenhouse gas emissions. The main sources of the three major greenhouse gases in Hong Kong are still electricity generation (61%), transportation (18%), and waste management (8%). With Hong Kong gradually replacing coal-fired power generation with natural gas and zero-carbon energy sources, the popularity of electric vehicles, a reduction in urban solid waste disposal, and an increase in landfill gas recovery and usage for energy production, the greenhouse gas emissions from electricity generation, transportation, and waste management have decreased by approximately 32%, 7%, and 10% respectively compared to 2014. To align with the national goal of peaking carbon emissions before 2030 and achieving carbon neutrality by 2060, the Hong Kong government will continue to actively implement the four major carbon reduction strategies "net-zero electricity generation," "energy-efficient green buildings," "green transportation," and "waste reduction for all" outlined in the Hong Kong Climate Action Blueprint 2050, aiming to halve Hong Kong's carbon emissions from the 2005 level by 2035 and achieve carbon neutrality by 2050.