Inside Hong Kong's accelerating green transition
Hong Kong's 2023-24 budget proposes a number of new carbon neutrality measures to actively seize the opportunities under China’s “double carbon” strategy and accelerate its development into an international green technology and financial center.
Inside Hong Kong's accelerating green transition
New Sustainable Economics

Inside Hong Kong's accelerating green transition

Photo: AFP/ALTOPRESS/PABLO CAMACHO
Eurasia 28/06/2023 17:00

Hong Kong is one of the first Asian cities to take action in the fight against climate change. Its 2023-24 budget proposes a number of new carbon neutrality measures to actively seize the opportunities under China’s “double carbon” strategy and accelerate Hong Kong’s development into an international green technology and financial center, China Today reported.

As one of Asia's leaders in the fight against climate change, Hong Kong plans to achieve full carbon neutrality by 2050. The Climate Action Plan, unveiled in 2021, outlines four key steps to achieve this: developing energy-efficient green buildings, green transport, reducing waste production and promoting zero-emission electricity generation, according to China Today.
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A number of new carbon neutrality measures were also purposed in the 2023-24 budget. The HKSAR government will earmark HK $200 million under the New Energy Transport Fund for progressively commencing trials of hydrogen fuel cell electric double-deckers and heavy vehicles this year in collaboration with franchised bus companies and other stakeholders. It will also set aside HK $350 million to provide subsidies to four in-harbor ferry operators for the construction and trials of electric ferries and related charging facilities, the news site added.

In 2023-24, the government will allocate additional funding amounting to HK $62 million to gradually expand the scope of food waste collection to cover more public and private premises, including food producers, markets, hotels, and large shopping malls. The food waste collection trial scheme for public rental housing estates will also be extended to cover a total of 100 buildings, involving about 150,000 residents. It can not only reduce the smell of food waste discarded in landfills, but also send the food waste to the organic resource recovery center and convert it into renewable energy.
AFP/XINHUA/LI PENG

According to its 2023-24 budget, Hong Kong will actively seize the opportunities brought by China’s “dual carbon” strategy. Hong Kong should also leverage its advantage in “One Country, Two Systems” policy and as an international financial center, to accelerate its development into an international center for green technology and finance.

Hong Kong will proceed in five directions, namely: (a) Building a green technology ecosystem to attract top-notch enterprises and start-ups, encourage efficient interaction among industry, academia, and research sectors to commercialize R&D outcomes, and boost the demand for green technology through policy support; (b) Green finance application and innovation. Financial innovations will facilitate green projects to obtain capital more conveniently and flexibly apart from traditional financing channels; (c) Green certification and alignment with international standards; (d) Training for talent; and (e) Enhancing the exchange and cooperation across the Guangdong-Hong Kong-Macao Greater Bay Area and with international markets, China Today noted.

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