Gong Peng says the city is the gateway for climate cooperation and a hub for accelerating green innovation and finance in the GBA

No doubt about it — given its profound and increasing catastrophic impact, climate change is one of the greatest threats for humankind. UNICEF recently highlighted the huge impact of climate change on children, stating that natural disasters, environmental degradation and biodiversity loss can devastate agriculture, cutting children off from nutritious foods and safe water. The latest report by the Intergovernmental Panel on Climate Change also emphasized the urgent need for global emissions to peak by 2025 and immediate scaled-up adaptation and mitigation efforts to manage the devastating effects of climate change and to build a sustainable future.

The Guangdong-Hong Kong-Macao Greater Bay Area is integral to China’s climate-change strategy, serving as a hub for technological innovation and green finance that drive sustainable practices and clean energy development. It faces significant climate risks such as a rise in sea levels and extreme weather, making resilience and adaptation efforts, underpinned by robust financial and technological capabilities, essential for the region’s sustainable future.

The inaugural Hong Kong Climate Forum: Greater Bay Area — Climate Action and Cooperation, recently held at the University of Hong Kong, was a milestone in underscoring Hong Kong’s vital role as a nexus for green innovation and finance, bridging the GBA with the global community. The forum marked the first climate gathering among subnational entities since the US-China Sunnylands Statement, which calls for accelerated climate actions and enhanced collaboration at the subnational level.

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During the event, finance and technology were highlighted by Hong Kong’s Financial Secretary Paul Chan Mo-po as pivotal for catalyzing the shift toward a green future. Chinese energy authorities stressed the critical need to bolster regional and international cooperation to effectively tackle climate change. Professor Cui Yi from Stanford University pointed out the necessity of escalating scalable projects to amplify the impact of innovative solutions. It is essential to expand new models and strategies rapidly to adhere to stringent timelines for reducing carbon emissions.

Nations worldwide are grappling with the colossal endeavor of meeting their carbon reduction targets and advancing the transition to renewable energy and infrastructure. China has set an ambitious goal of peaking CO2 emissions before 2030 and achieving carbon neutrality before 2060, while Hong Kong faces its challenge of achieving carbon neutrality by 2050.

Technological advancements are crucial for reaching those goals. Enhanced energy storage capacity, green buildings, and new energy vehicles are but a small part of the huge package of revolutionary measures needed to combat climate challenges.

Hong Kong is well placed to facilitate green financing and development of advanced technologies, with its convergence of scientists dedicated to top-notch research and education.  

Institutionally, five local universities, including HKU, rank among the top 100 universities worldwide. They enjoy a well-established tradition of conducting basic research, which is vital for breaking new ground in finding solutions for tackling and preventing abnormal climate phenomena. In addition, the educational programs offered at the universities play a significant role in preparing the next-generation climate leaders in China and globally. For example, HKU has taken a fresh initiative by setting up the Institute for Climate and Carbon Neutrality (ICCN), the organizer of the above important forum, which is intended to serve as a platform for climate research, innovation and cooperation among Hong Kong, the GBA and other parts of China, and beyond. Its pillar programs, including research, education, and international cooperation, will nurture future climate leaders and build bridges for resilience. Here HKU is taking the lead in climate education. Its newly launched master’s programme in climate governance and risk management, with its first intake set for this fall, attracted more than 1,000 applications globally. ICCN is also offering doctoral, post-doctoral research opportunities and executive training programs on climate leadership and corporate governance and sustainability.

Taking advantage of its geographical location and access to diverse expertise, Hong Kong could become a global talent and innovation hub. Having a critical mass of top talent is important for generating impactful research to be shared by scholars worldwide. The institute aims to serve as a bridge for the GBA for climate action and cooperation, starting from China and California on a subnational scale, then expanding to other jurisdictions worldwide.

The institute is also a platform for cooperation at scale, capitalizing on the research capabilities and facilities in Hong Kong and other partner cities in the GBA. An array of mainland firms has adopted measures to ensure low-carbon operations, setting good examples for their supply chain partners. Companies like CATL, China Energy Conservation and Environmental Protection, China Mengniu Dairy Company Ltd showcased at the forum their efforts in mitigating and adapting to climate change at the corporate levels.

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Materializing the green revolution requires funding support. Chan has acknowledged that there is a substantial funding gap that needs to be addressed. Yet, Hong Kong is positioned to make significant contributions in this domain as Asia’s green financing center. With green bonds from Hong Kong constituting more than one-third of Asia’s total, the region is pivotal in servicing bond issuers from across the Chinese mainland, Asia, and globally.

In all, Hong Kong and the local academic community, is well-positioned to accelerate the global effort to address environmental challenges. Now is the moment to intensify our collective commitment and partnerships to foster a habitable planet and a sustainable future for all.

The author is chair of Global Sustainability, vice-president and pro-vice-chancellor (academic development) of the University of Hong Kong. He is also founding director of Institute for Climate and Carbon Neutrality.

The views do not necessarily reflect those of China Daily.