Orange News: The recently announced Hong Kong SAR 2023-2024 budget outlines a plan for economic recovery and social revitalization, as well as a commitment to sustainable development and a transition to net-zero emissions. While the measures proposed are pragmatic, there are some areas where the government could further articulate its plans to achieve these goals.
One positive aspect of the budget is the alignment with the Central Government development strategies, particularly in positioning Hong Kong to spearhead high-quality development of the Greater Bay Area (GBA). The government’s work in the eight key areas outlined in the 14th Five-Year Plan is an essential step towards this goal, but more could be done to collaborate with authorities and markets in the GBA. By working together, Hong Kong can become an even more vital player in the region’s economic growth.
The budget also reaffirms the government’s commitment to sustainability and a transition to net-zero emissions. Establishing a Green Technology and Finance Development Committee is a positive move towards developing Hong Kong into an international green technology and finance center. However, the government should make the formation process and subsequent plans inclusive and transparent. Additionally, it should announce concrete measures and an expected timeline to achieve this vision.
The committee can facilitate building a green technology development ecosystem in Hong Kong, including establishing a green technology certification system, strengthening cooperation with the Mainland and international markets, and fully leveraging the mainland carbon trading market. The injection of funds towards decarbonizing the transport sector is another move, particularly support towards trials of hydrogen fuel cell electric double-deck buses and heavy vehicles, the construction and trials of electric ferries and associated facilities, and the transition to battery electric taxis.
However, the government should provide a breakdown of the budget allocation for the next 15 to 20 years that was announced in the 2022 Policy Address, specifically for climate mitigation and adaptation funding. By doing so, the government can ensure that the funds are being allocated effectively to support Hong Kong’s transition towards a more sustainable and resilient future.
Furthermore, the urgency of the climate crisis demands a swift and effective response. The government must ensure that it is transparent in its decision-making processes and engages with stakeholders to develop and implement effective decarbonization strategies. Enhancing the transparency and accountability of the Office of Climate Change and Carbon Neutrality is critical in achieving Hong Kong’s net-zero emissions target.
In conclusion, the Hong Kong SAR 2023-2024 budget provides a comprehensive plan for economic recovery and social revitalization, as well as a commitment to sustainable development and a transition to net-zero emissions. While the proposed measures are commendable, more could be done to collaborate with authorities and markets in the Greater Bay Area, provide a breakdown of climate funding, and enhance transparency and accountability in decision-making processes. By doing so, Hong Kong can achieve its goals of becoming a leader in sustainable development and decarbonization, contributing to a more sustainable future for all.
Originally published on Orange News on 27 Feb 2023. Written by Lawrence Iu.
