SCMP: Hong Kong stands at a pivotal moment in economic transformation. It is crucial that we seize the opportunities for a green transition.

In his policy address on Wednesday, the chief executive should position Hong Kong as a showcase of China’s ecological strength, embracing comprehensive environmental policies to accelerate the city’s transition towards a sustainable green hub.
The government could focus on six key areas. First, it should establish a climate governance framework that prioritises action and allocates resources for meeting climate challenges. Hong Kong could adopt a climate framework law and enhance the role of the Steering Committee on Climate Change and Carbon Neutrality.

Second, promote low-carbon industries and advance a circular economy by prioritising waste reduction and resource efficiency. The government should roll out more producer responsibility schemes, pilot municipal solid waste charging in government buildings, and expand the Green@Community initiative by 2025.

Third, it should continue to strengthen Hong Kong as a sustainable finance hub through implementing the International Sustainability Standards Board benchmarks, providing sector-specific guidance and ensuring compliance with new sustainability listing rules.
Fourth, it should support Hong Kong’s role as a regional finance centre by participating in Just Energy Transition Partnerships, a financing mechanism that aids countries in transitioning from coal to low-carbon electricity.
Fifth, it should use nature-based solutions for climate mitigation and adaptation, which involve conserving, restoring and managing ecosystems to reduce carbon emissions, benefiting both biodiversity and our quality of life.

Sixth, it should develop ambitious pathways to make Hong Kong a leading green transport hub, by stepping up efforts to popularise electric vehicles here, enhancing the transport network and collaborating with the mainland on logistics decarbonisation and sustainable aviation fuel.
This June marked the 12th consecutive month of global temperatures reaching 1.5 degrees Celsius above pre-industrial levels. The estimated cost of inaction could exceed US$1,266 trillion globally, according to the Climate Policy Initiative, while a rapid transition to net-zero could boost global gross domestic product by 3.8 per cent by 2070, according to research by Deloitte. Hong Kong must make a decisive choice: to embrace bold sustainable policies, or suffer the ramifications of climate change.

Originally published on SCMP on 15 October 2024. Written by Rosie Chen.