ESG for Climate Action International Conference 2023 kicked off in Cyberport, Hong Kong on Monday. The two-day event is organized by the World Green Organisation, an environmental NGO based in the Hong Kong Special Administrative Region. (XU WEIWEI / CHINA DAILY)

The Asia-Pacific region needs to make decisive efforts to tackle climate change with more investment in green and sustainability needed, a Hong Kong conference heard on Oct 30.

“We are the generation that must confront and resolve the current climate crisis,” said William Yu, founder and CEO of the World Green Organisation (WGO), in welcome remarks on the first day of the ESG for Climate Action International Conference 2023.

The SFC has been working with government bureaus, relevant authorities, and stakeholders to develop a comprehensive roadmap for adopting relevant standards

Noting that the United Nations University recently proposed a concept called “risk tipping points”, which refers to the critical moments at which a given social or ecological system is unable to buffer risks and provide its expected functions, Yu said that Hong Kong needs to make decisive decisions against climate change and to alter investment portfolios.

READ MORE: IMF urges more private green financing in emerging economies  

The two-day conference brought together experts from government, business, and academia to discuss the theme of “Accelerating Climate Actions in Asia and the Pacific for Sustainable Development”. The event was organized by the WGO, an environmental NGO based in the Hong Kong Special Administrative Region.

“Our goal is not just initiating such a conversation, but also following through with action, collaborative efforts, and structural programs to lead to possible, tangible, change,” Yu said, “Together, let’s make a difference.”

“The expansion of renewable is essential to decarbonize our energy system,” said Nam Sang-min, director of the Environment and Development Division of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

Alongside ESCAP, conference partners included Hong Kong Cyberport Management Company, Hong Kong Financial Services Development Council, Hong Kong Exchanges and Clearing, and the IFRS Sustainability Alliance. 

According to Nam, Asia’s business sector finds itself at a crucial crossroads. Asia as the globe’s manufacturing hub, contributes over half of the world's greenhouse gas emissions— with that share still on the rise. 

“Asia's accelerated urbanization further requires extensive infrastructure development that is climate compatible. The swift expansion of renewables is essential to decarbonize our energy systems and to address the growing electrification of energy consumption, including e-mobility,” Nam said.

Participants pose for a group photo at the ESG for Climate Action International Conference 2023 on Oct 30. (XU WEIWEI / CHINA DAILY)

Tim Lui, chairman of the Securities and Futures Commission of Hong Kong, discussed the city’s role in the global sustainable finance ecosystem, as well as the importance of adopting international sustainability disclosure standards to bolster its role as a leading financial center.

The SFC has been working with government bureaus, relevant authorities, and stakeholders to develop a comprehensive roadmap for adopting relevant standards, Lui said.

While ESCAP has launched the Asia-Pacific Green Deal, former Cambodian prime minister Hun Sen, during his term as the chair of the Association of Southeast Asian Nations, also proposed the ASEAN Green Deal for a cleaner future

“I learned from a recent United Nations report that extreme weather events like storms and floods have led to the displacement globally of 20,000 children on average per day,” Lui said, “This is indeed a very stark reminder that all of us must take action for our world, especially for our next generation.”

At Cyberport, Hong Kong's digital technology hub with over 2,000 start-ups and technology companies, there are close to 800 companies engaging in Smart Living solutions, with sustainability and GreenTech as one of the fastest growing sub-clusters, said Cyberport CEO Peter Yan.

"We have also seen the spread of these technologies to other areas, such as FinTech area … and even blockchain-related applications, which have rapidly developed," said Yan. 

“In this historic moment, we are transitioning from mere principles to concrete practices, guided by policies that aim to save our facture and foster (the) green economy,” said Pech Puthisathbopeaneaky, consul general of Cambodia in Hong Kong. Pech’s speech was delivered by WGO Founder and President Albert Oung.  

While ESCAP has launched the Asia-Pacific Green Deal, former Cambodian prime minister Hun Sen, during his term as the chair of the Association of Southeast Asian Nations, also proposed the ASEAN Green Deal for a cleaner future, said Pech.

“In the post-pandemic era, these initiatives call for innovative ideas that are comprehensive and commercially viable,” said Pech.

Panel speakers explore new programs to support green and sustainable finance at the ESG for Climate Action International Conference 2023 on Oct 30. (XU WEIWEI / CHINA DAILY)

Hong Kong has already become a major center for green and sustainable bonds in Asia, with the total bonds issued in the city accounting for 35 percent of the Asian market share, said Joseph Chan Ho-lim, the city’s undersecretary for financial services and the treasury.

READ MORE: AIIB launches climate action plan to tackle climate change 

The total green and sustainable debts, including bonds and loans, issued in Hong Kong reached $80.5 billion in 2022, a year-on-year increase of over 40 percent.  

“We welcome high-quality enterprises and projects from the (Chinese) mainland and overseas to utilize Hong Kong’s platform for green and sustainable financing and certification,” said Chan. 

Besides existing programs to support green and sustainable finance, Chan said a dedicated proof-of-concept subsidy scheme for green fintech in the first half of 2024, which was proposed in the 2023 Policy Address by Chief Executive John Lee Ka-chiu on Oct 25, will help develop Hong Kong into a green fintech hub. 

Contact the writers at kelly@chinadailyapac.com