'HK plays pivotal role in advancing green finance'

The head of a green group said on Wednesday that it is important to further promote Hong Kong's status as a leading green financing hub on the global stage, highlighting the pivotal role of the city's financial expertise in advancing transition finance and fostering investment in sustainable projects throughout the region. Friends of the Earth (HK) and the Financial Services Development Council this week co-hosted a forum titled "Advancing Transition Finance and Cross-Border Green Financing – Engaging the Public to Achieve a Net-Zero Economy" at the COP29 China Pavilion in Azerbaijan where the United Nations Climate Change Conference is being held. Plato Yip, chairman of Friends of the Earth, said more people attended the event this year than in Dubai a year ago, proving that people from other countries are interested in what Hong Kong has to offer. "I think there is a lot of interest how Hong Kong has issued like green bonds. We topped Asia. We actually issued one-third of Asia's green bonds and [people are interested in] how we are so successful in doing this. I think it's also because people understand that climate finance is so important for effective climate change mitigation and resilience programme," he said. "The side event really helped us help Hong Kong and amplify our voice on green finance on the global stage. We do have very strong financial infrastructure, very supportive policies and talented professionals." He added that there is optimism China and Europe can play leading roles in shaping the future. "Most participants would acknowledge that the global green economy or green transformation is under way, particularly focusing on energy transformation or energy transition. This process is largely supported by China's supply chain. I have to note that Hong Kong has a huge role to play here too because coupled with the technology from China and the edge of Hong Kong's green finance, this is the winning formula," he said. Yip also said that a methane fee for major oil and gas producers was finalised by the Biden administration in the United States, but that some people fear the measure could be scrapped with Donald Trump returning to the White House. "We can expect him to take a more sceptical view on climate change initiatives, which might lead to a rollback of some US policies and measures, and this could create some uncertainty in the market and potentially slow down climate action from the US side. I think it's also important to remember that the global push for sustainability and low-carbon economy is still very strong and unlikely to be completely derailed by any one administration," he said. "Many countries and regions like the EU, China, Canada, Australia, and etc., they are all very committed, [and are] still very committed to their climate goals, regardless of what happens in the US, I think. Plus, there's another important factor is that the private sector is increasingly aware that sustainability is key for their long-term resilience and profitability."

'HK plays pivotal role in advancing green finance'

'HK plays pivotal role in advancing green finance'

'HK plays pivotal role in advancing green finance'

'HK plays pivotal role in advancing green finance'

'HK plays pivotal role in advancing green finance'