Towngas Signs MOUs to Boost Hong Kong Green Methanol Hub

Hong Kong is strategically positioning itself as a regional hub for green marine fuel, leveraging partnerships and government support to boost sustainable energy trading and maritime decarbonization. Towngas, a Hong Kong-based company, signed key memoranda of understanding with the Transport and Logistics Bureau and Pacific Basin Shipping to promote green methanol bunkering and trading, supporting the city's ambition to become a green maritime fuel center. Towngas produces ISCC-certified green methanol from waste materials at a facility in Inner Mongolia, with plans to scale production significantly by 2028. The Hong Kong government has introduced incentives such as tax exemptions for green methanol imports and is developing a regulatory framework, including a code of practice for methanol bunkering, to facilitate market growth. Industry leaders emphasize Hong Kong's advantages as an international free port and financial hub that can help China overcome trade barriers and enhance its influence on global green fuel pricing. These efforts align with international decarbonization regulations and aim to support shipping companies in meeting emissions reduction targets and achieving net-zero goals.