Chinese President Xi Jinping (first row, second left), Hong Kong’s Financial Secretary Paul Chan Mo-po (second row, fourth left) and other leaders pose for a group photo during the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in San Francisco, the United States, Nov 16. (PHOTO / HKSAR GOVT)

The key to effectively address climate change lies in strengthening international cooperation, Financial Secretary of the HKSAR government Paul Chan Mo-po stressed on Thursday, while underscoring the vast commercial prospects embedded in global green transformation. He also presented the SAR’s proactive steps toward achieving the goals on this global agenda.

Chan made his remarks at the 30th Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in San Francisco, which he attended on behalf of John Lee Ka-chiu, chief executive of the HKSAR.

The meeting was divided into two sessions, with the first session featuring discussions on combating climate change and facilitating green transformation.

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Effectively addressing this global concern requires not only the individual efforts of each economy but also hinges on international collaboration and the implementation of robust and constructive policies, Chan said.

To realize Hong Kong’s established targets of attaining carbon neutrality before 2050 and slashing its carbon emissions by 50 percent from the 2005 level before 2035, the government has set up the Office of Climate Change and Carbon Neutrality in January this year. 

Chinese President Xi Jinping (front row, eighth right) Hong Kong’s Financial Secretary Paul Chan Mo-po (front row, seventh right) and other leaders attend the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in San Francisco, the United States, Nov 16, 2023. (PHOTO / HKSAR GOVT)

Given the task of ensuring an ample, secure, reliable and economically viable energy supply, the office aims to raise the proportion of zero-carbon energy in Hong Kong’s energy portfolio to a range of 60-70 percent, and is prepared to allocate the necessary resources to tackle climate change, Chan added. He unveiled that the formulation of a strategy for hydrogen development is underway.

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Chan also noted that global green transformation requires coordinated support in terms of policies, funding, and technology, which in turn will create enormous business opportunities. 

Pointing to Hong Kong’s status as an international financial center and Asia’s green financial hub, and its burgeoning green technology ecosystem in recent years, Chan said the SAR, with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, will make concerted efforts to evolve into a global hub for green technology and green finance.   

Chan said Hong Kong looks forward to enhancing its cooperation with other APEC members to achieve high-quality development that is sustainable, green and more inclusive.

Financial Secretary of the HKSAR government Paul Chan Mo-po (center) attends the Asia-Pacific Economic Cooperation (APEC) Leaders' Dialogue with the APEC Business Advisory Council in San Francisco, the United States, Nov 16, 2023. (PHOTO / HKSAR GOVERNMENT)

After the first session of the APEC Economic Leaders’ Meeting, Chan attended the opening of the dialogue session with members of the APEC Business Advisory Council. In the evening, he joined the APEC Economic Leaders’ Dinner.

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Chan will attend the second session of the APEC Economic Leaders’ Dinner on Friday (San Francisco time) and will depart for Hong Kong afterward.

Contact the writer at irisli@chinadailyhk.com