Financial Secretary Paul Chan on Monday said Hong Kong will put itself in a position to seize the massive opportunities brought about by the world's transition to environmental sustainability.

He made the comment at the opening ceremony of the inaugural Hong Kong Green Week, where more than 5,000 participants are expected to join a series of events themed around green technology and finance.

Chan said global investment in clean energy-related industries last year exceeded US$1.7 trillion for the first time, surpassing funding for oil-related upstream industries.

"There's huge potential for green development around the world and Hong Kong will not be absent from riding this tide. For that reason, in last year's budget we put forward a vision to develop Hong Kong into a global centre for green tech and green finance,” he said.

“We need to become a frontrunner in this sphere, seizing on the opportunities from the green transition and utilising our strengths to contribute to building a sustainable future for our country, region and the world.”

The finance chief said that while Hong Kong has advantages in scientific research, internationalisation and raising capital, cooperation is needed with other cities in the Greater Bay Area given their strengths in product transformation, commercialisation, industrialisation and manufacturing.

“If we collaborate together, we can form great synergies and create a complete industrial chain,” Chan said.

Meanwhile, Hong Kong Monetary Authority Chief Executive Eddie Yue said it is estimated that the Asia-Pacific region will see investments in climate-related industries grow to US$66 trillion over the next 30 years, and it’s imperative to push forward climate-related finance to reach the goal of transitioning to low-carbon economies.