HONG KONG SAR – Media OutReach Newswire – December 21, 2023 – Amid a worsening climate crisis and extreme weather events, countries around the world have been affected, to varying degrees, by devastating natural disasters. Although a small city, Hong Kong must be part of the global climate debate. September’s ‘once-in-a-century’ torrential rains have sent a wake-up call: we must work closely with the global community to seize new opportunities to combat climate change. The World Green Organization (WGO) “ESG International Conference for Climate Actions 2023” invited global experts to engage in a global dialogue on green finance, low-carbon technologies, climate policies and as the opportunities and challenges of carbon markets. Taking place at Cyberport on October 30 and 31, the fourth edition of the WGO flagship event marked a major step forward in the global debate on climate change, thanks to the support of dozens of policy makers, private sector giants , academics and experts in sustainable development.
Aiming to achieve the Sustainable Development Goals (SDGs) proposed by the United Nations in 2015 and help accelerate the global transition to low-carbon economies, the WGO has kept pace with its progress and is honored for receiving the support of its conference partners – the United Nations Economic and Social Commission for Asia (ESCAP), Cyberport, Hong Kong Exchanges and Clearing Limited (HKEX), Financial Services Development Council and IFRS Sustainability Alliance. We were privileged to have the Director of the United Nations ESCAP Environment and Development Division, Dr. Sangmin Nam, Undersecretary for Financial Services and Treasury, Mr. Joseph Chan, JP, the Chairman of the Securities and Futures Commission, Mr. Tim Lui, the Head of Carbon and ESG Products of HKEX. Market Mr. Ken Chiu, Vice Chairman of the Financial Services Development Council Mr. Daniel Fung, CEO of Cyberport Mr. Peter Yan, JP and local consuls general of Spain, Cambodia, Thailand and Laos officiate at the the opening ceremony alongside WGO CEO, Dr. William Yu and WGO Chairman and ASEAN Economic Club Co-Chair, Mr. Albert Oung.
Comprised of panel discussions and seminars, the conference examined the development of global carbon markets, sustainable development, ESG investment strategies, the application of low-carbon technologies and much more. Financial experts, economists and financial leaders from around the world, including China, Southeast Asia and Europe, provided unique insights as guest speakers and engaged in dialogue with the participants, uniting the parties stakeholders against the gigantic challenge of climate change. Hong Kong companies that played a key role in the discussions included Crystal International Group Limited, King’s Flair, Sun Life Hong Kong Limited, the Asian Corporate Coalition for Climate Change, BOC Group Life Assurance Company Limited, CS Tech Solution Limited, Ex-0 Infinity International. Co. Ltd, Global Leaders Corporation, Greater Bay Area Sustainability Institute, Negawatt Utility Limited, Hewlett Packard, The Hong Kong and China Gas Company, Worldwide Envision Centre, BDO Hong Kong, Power Assets Holdings Limited (Hong Kong Electric), GuangDong JunPin Cabinet of Lawyers, International Chamber of Sustainable Development, Eco Smart and Riskory Consultancy Limited, among others.
The promotion of green finance has dominated the global debate, particularly in a year marked by record heatwaves around the world. Speakers shared the consensus that it is imperative to accelerate the development of carbon markets: Carbon markets have gained popularity in recent years, providing businesses with green development opportunities and playing a major role in the global transition towards low-carbon economies. As we put things into motion, we must seize the generous growth opportunities that come with carbon neutrality targets. This means proactively developing carbon markets and creating more carbon finance and climate-related products. Businesses around the world must accelerate the design and implementation of carbon management strategies. Complemented by ESG measures, such strategies should bring companies closer to their net zero emissions targets by 2050 and ultimately realize the UN vision.
Financial Services and the Bureau of the Treasury have been a strong supporter of the conference. In his speech, Undersecretary Joseph Chan noted that ESG has become the driving force of global green economies: “As an international financial center enjoying strong homeland support and close ties with the world, Hong Kong is obliged to lobby for green finance. Following the success of the Bureau’s Proof-of-Concept grant program, next year the government will launch another grant program for green finance technology. The latest policy speech also stated that Hong Kong would exploit opportunities within the Greater Bay Area to strengthen engagement between financial markets and encourage the exploration of synergies between fintech, talent and green finance. Chan reiterated that the HKSAR government recognizes its role in tackling climate change with the rest of the world and is striving to reduce carbon emissions for a carbon-neutral Hong Kong, and as its contribution to peak carbon dioxide and the carbon of the motherland. neutrality objectives.
Meanwhile, Securities and Futures Commission (SFC) Chairman Tim Lui said the SFC, alongside HKEX, has spared no effort to promote green finance and ESG development in Hong Kong. “Earlier this year, the International Sustainability Standards Board (ISSB) published IFRS S1 and IFRS S2 – which require companies to disclose sustainability risks and opportunities in their financial reports. In July, HKEX completed a series of consultations on the new standards and plans to apply them to listed companies with a phased approach. Expressing confidence, Lui said the agreement would send a clear, comprehensive and consistent message to Hong Kong’s financial market and improve corporate governance. He believes this would also strengthen the legitimacy of ESG-related messaging and, therefore, public confidence and that of foreign and local investors, while strengthening Hong Kong’s position as a green financial hub. Lui pointed out that the SFC had long put in place measures to reduce its own carbon emissions and promote collaboration on the city’s path to a green economy.
Dr Sangmin Nam, Director of the UN ESCAP Division for Environment and Development and a first-time participant, said: “Post-pandemic climate change demands the full attention of the global community. carbon emissions. Yet challenges remain, particularly among developing Asia-Pacific countries that lack resources and capital to combat climate change. To achieve our goal of net zero emissions, countries will need to work together, with thriving economies providing support while reducing emissions. “.
WGO CEO Dr. William Yu highlighted the importance of developing green finance: “Hong Kong’s ‘once-in-a-century’ rainstorm left a lasting impression. Climate change threatens the survival of humanity and hinders the development of different countries. We have to act. Achieving our goal of net zero emissions in 30 years could cost millions and will certainly be a financial burden. But that shouldn’t be a reason to stop. Establishing a robust global carbon market framework could stabilize carbon pricing and increase stakeholder knowledge. -how and skills – and carbon markets will eventually prove successful.”
Dr. Yu added: “Climate change mitigation is an urgent long-term mission. Countries must persevere together. Over the past two days, global experts have gathered to discuss measures to combat climate change – an important step towards reducing emissions. The conference can inspire stakeholders from different sectors and inform bold solutions to reduce carbon emissions as we shape a brighter sustainable future.
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