Published: 19:12, October 20, 2023 | Updated: 10:56, October 21, 2023
Hong Kong to showcase its green commitment at COP28
By Zhou Mo in Hong Kong

This undated photo shows a view of the Victoria Harbour in Hong Kong. (PHOTO / CHINA DAILY)

Representatives from Hong Kong will attend the 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP 28) in Dubai from Nov 30 through Dec 12, underscoring the special administrative region’s commitment to promoting environmental preservation and financial sustainability.

An event co-hosted by environmental protection organization Friends of the Earth (HK) and the Financial Services Development Council, titled “Hong Kong’s Drive Towards Green and Sustainable Development and Cutting-Edge Innovations”, will be held on Dec 6 at China Corner during the conference.

The move marks the first-ever participation of nongovernmental representatives from Hong Kong at the China Corner Side Event of COP 28

The move marks the first-ever participation of nongovernmental representatives from Hong Kong at the China Corner Side Event of COP 28.

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The attendance aims to draw international attention to Hong Kong’s achievements and dedication to driving initiatives that promote environmental preservation and financial sustainability globally.

“Hong Kong’s exceptional position within the Guangdong-Hong Kong-Macao Greater Bay Area gives us a formidable edge in becoming a global epicenter for green finance. Our shared vision is to leverage our unique location as the crossroads of East and West to forge partnerships in the Middle East and North African region,” said Plato Yip, chairperson of Friends of the Earth (HK).

Yip said he believes the voluntary carbon market will be a growth point, offering an opportunity for Hong Kong to develop into a trading center for carbon-related financial products.

“By collaborating hand in hand with countries in the Middle East and leveraging the power of cutting-edge blockchain technology and fintech, we can unlock the vast potential and lay the foundation for the world’s largest green and sustainable financial markets,” he added.

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Daniel Fung, vice-chairman of the Financial Services Development Council, said initiatives like government green bonds, with a cumulative issuance of nearly $22 billion as of July, and the world’s first tokenized green bond of HK$800 million ($102.27 million) using distributed ledger technology, have positioned Hong Kong as a leading center for sustainable investment.

In addition, the city remains the largest listing venue for Chinese offshore green bonds, accounting for 16 percent of the country’s green bond market in 2022, he added.

“By participating in the COP28, we hope to promote sustainable finance globally and create a greener future. We hope that Hong Kong’s contributions to green finance could improve the well-being of humankind,” Fung said.