The Government of Hong Kong announced the Climate Action Plan 2050, which sets out the visions on zero-carbon emissions and sustainable development. The action plan also outlines the strategies and targets for combating climate change and achieving carbon-neutrality. The Hong Kong Monetary Authority issued a statement noting that the Green and Sustainable Finance Cross-Agency Steering Group (CASG), which was set up in May 2020 and is co-chaired by HKMA and the Securities and Futures Commission, welcomes and fully supports this Climate Action Plan 2050.
Leading Hong Kong toward the goal of carbon neutrality, the new plan outlines four major decarbonization strategies and measures—target net-zero electricity generation before 2050, reduce electricity consumption of commercial buildings by 30% to 40% and of residential buildings by 20% to 30% from the 2015 level by 2050; attain zero vehicular emissions and zero carbon emissions in the transport sector before 2050; and achieve carbon-neutrality in waste management before 2050. In the next 15 to 20 years, the government will devote about $240 billion to take forward various measures on climate change mitigation and adaptation. The Environment Bureau will set up a new Office of Climate Change and Carbon Neutrality to strengthen co-ordination and promote deep decarbonization. Also, a dedicated advisory committee on combating climate change will be formed to encourage different sectors in the community, including young people, to participate actively in climate actions.
The Chief Executive Officer of the Securities and Futures Commission and Co-Chair of the CASG Mr. Ashley Alder said, “As an international financial center, Hong Kong has a critical role to play to mobilize capital to implement the four major decarbonization strategies and measures detailed in the Hong Kong’s Climate Action Plan 2050. Hong Kong will continue to consolidate its position as the green finance hub for Asia and the Mainland including the Guangdong-Hong Kong-Macao Greater Bay Area to connect international investors and the Mainland markets.” Additionally, the Chief Executive of the Hong Kong Monetary Authority and Co-Chair of the CASG Mr. Eddie Yue said, “The CASG is committed to helping accelerate the growth of green and sustainable finance in Hong Kong, with a view to supporting the transition of our economy to carbon neutrality and facilitating the management of climate risk by financial institutions. We look forward to close partnership and collaboration with all stakeholders through concrete actions to achieve the objectives set out in the action plan.”
Keywords: Asia Pacific, Hong Kong, Banking, Climate Change Risk, Climate Action Plan, Net Zero Economy, Carbon Neutrality, ESG, CASG, HKMA
Dr. Denton provides industry leadership in the quantification of sustainability issues, climate risk, trade credit and emerging lending risks. His deep foundations in market and credit risk provide critical perspectives on how climate/sustainability risks can be measured, communicated and used to drive commercial opportunities, policy, strategy, and compliance. He supports corporate clients and financial institutions in leveraging Moody’s tools and capabilities to improve decision-making and compliance capabilities, with particular focus on the energy, agriculture and physical commodities industries.
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