New Energy Transport Fund (previously named Pilot Green Transport Fund)
In Hong Kong, the transport sector, including road and marine transport, was the largest air pollution source in 2017. It accounted for about 53% of the local fine suspended particulates, 57% of nitrogen oxides and 53% of sulphur dioxide. The sector is also responsible for about 18% of local greenhouse gas emissions. The exhaust emissions of motor vehicles are also the main cause of roadside air pollution.
To help improve roadside air quality and reduce carbon emissions, thereby helping to avert global climate change, the Government put in place a $300 million Pilot Green Transport Fund (PGTF) to subsidise the transport trade and charitable/non-profit making organisations to try out green innovative transport technologies previously in March 2011.
To further encourage trial and wider use of green innovative transport technologies, the Government injected additional $800 million to the fund to extend its scope as below in 2020 and renamed the PGTF as the “New Energy Transport Fund” (“NET Fund”) in September of the same year:
(i) Applications under the original scope of the PGTF are categorised as “Applications for Trial” (“AT”) and detailed conditions of subsidy are also refined;
(ii) A new section of “Applications for Use” (“AU”) is created to subsidise the transport sector and charitable/non-profit making organisations to directly procure products of the technologies that have been proved under the AT to be relatively mature and suitable for adoption locally.