The Hong Kong SAR Government’s Climate Action Plan 2050 (“CAP2050”) has defined climate action areas under a four-pronged decarbonisation strategy - net-zero electricity generation, energy saving and green buildings, green transport, and waste reduction. Progressive corporates are also investing further on greenhouse gas mitigation measures in response to global call for net-zero transition. This Conference brought audience to the latest development of several decarbonisation areas with specific relevance to Hong Kong.
Carbon Pricing – Experts argue by putting a fair price on carbon, countries and jurisdictions can effectively drive down greenhouse gas emissions. Hong Kong Exchanges and Clearing Limited (“HKEX”) launched Core Climate, i.e. Hong Kong’s voluntary carbon market in October 2022 while some large corporates have piloted internal carbon pricing to reflect the potential costs and risks of climate change in their operations. The Conference explored the role of carbon pricing in corporates' quest in reaching net zero.
Digitalisation – Buildings account for 90% of the electricity used in Hong Kong and generate over 60% of Hong Kong’s carbon emissions. The Government aims to improve energy performance of government buildings and infrastructure by 2024-2025 while businesses with buildings ownership are seeking digital technologies to further reduce energy consumption and operational emissions. The Conference aimed to identify and disseminate latest cases on improving building energy efficiency through digital transformation.
Closing the Loop – A linear economy leads to further resource and energy depletion. Waste generation remains a most challenging environmental issue in Hong Kong with high per capita waste disposal rate. The Government is under pressure to accelerate regulatory measures and various types of producer responsibility schemes (“PRS”). The Conference dived into two recent policies, advanced ban on disposable tableware and handling retired electric vehicle batteries, to understand how business makes preparation and identifies alternative business models.
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