Hong Kong holds int'l summit on green economy

A Green Asia Summit (GAS) hosted by Hong Kong Exchanges and Clearing Limited (HKEX) was held online on Thursday.

The GAS gathered leaders of global enterprises, policy-makers and experts on sustainable development to share their views on the role of capital markets in low-carbon and sustainable economic transformation, while also exploring ways to utilize current technological advancements and fast-changing regulatory environments in combating climate crisis.

Carrie Lam, chief executive of the Hong Kong Special Administrative Region (HKSAR) government, said in her keynote speech that Hong Kong is well positioned to provide the necessary infrastructure and connect the flow of green and sustainable funds to promote a green economy.

"Over the years, the HKSAR government, together with the financial regulators, has continued to develop green and sustainable finance to boost investments conducive to reducing carbon emissions," Lam said.

With a view to contribute to carbon neutrality goals in the Chinese mainland and Hong Kong, and to elevate Hong Kong's position as Asia's green and sustainable financial hub, Lam added that efforts have been doubled to promote market development, align Hong Kong's regulatory standards with best international practice, and to capitalize on green finance opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Belt and Road Initiative (BRI).

Laura Cha Shih May-lung, chairperson of HKEX, believes that Hong Kong's role as a connector between East and West, its robust financial infrastructure, and the strong government support for sustainability will allow it to play an increasingly important role as Asia's green and sustainable financial center.

"Hong Kong is not only an international investment destination, but an effective two-way gateway connecting Asia with global markets," Cha said.

Nicolas Aguzin, chief executive officer of HKEX, said that China has made progress in its low-carbon energy transformation and towards its green and sustainable finance development, and the HKSAR is well placed to facilitate the growing global capital participation in the country's low-carbon transition.