New Energy Transport Fund

The New Energy Transport Fund (NET Fund) in Hong Kong is a government initiative aimed at promoting green innovative transport technologies to improve air quality and reduce carbon emissions. It evolved from the Pilot Green Transport Fund (PGTF) established in 2011 with an initial allocation of HK$300 million, later expanded by an additional HK$800 million in 2020 and renamed as NET Fund.

Objectives:

• To subsidize the transport sector and charitable/non-profit organizations to trial and adopt green innovative transport technologies.
• To reduce roadside air pollution and greenhouse gas emissions from the transport sector, which accounted for about 46% of fine suspended particulates and 52% of nitrogen oxides in 2019.
• To accelerate the green transformation of Hong Kong’s transport trade.

Target Beneficiaries:

• Transport trade operators.
• Charitable and non-profit making organizations.

Key Features:

• Two application categories:
  1. Applications for Trial (AT) to test new green transport technologies.
  2. Applications for Use (AU) to procure proven technologies for wider adoption.
• The fund supports trials of innovative technologies, excluding electric commercial vehicles from April 1, 2025, to focus on technologies needing local testing.
• A dedicated scheme for trial of hydrogen fuel cell heavy vehicles.
• Steering Committee comprising transport sector representatives, experts, academics, and government officials oversees application vetting, subsidy approval, and project monitoring.
• The Steering Committee applies a merit-based approach, revises subsidy arrangements, and manages trial projects to maximize benefits.
• The fund encourages the green transformation of the entire transport sector by supporting mature and suitable technologies for local adoption.

Application Process:

• Applicants submit proposals under either the Trial or Use category.
• The Steering Committee assesses eligibility, funding caps, subsidy amounts, and terms.
• Approved projects are monitored, and trial findings reviewed.
• Applicants must report any changes in the use of funded products.

Contact and further details are managed by the New Energy Transport Fund Secretariat under the Environment and Ecology Bureau of Hong Kong.

This comprehensive framework ensures effective use of public funds to promote sustainable transport innovations in Hong Kong.