Green actions sought for Asia-Pacific region

Collaborative efforts and concrete actions are needed to promote green transition in the Asia-Pacific to tackle climate change, a conference heard on Monday.

"We are the generation that must confront and resolve the current climate crisis," said William Yu, founder and CEO of World Green Organisation, in opening remarks on the first day of the ESG for Climate Action International Conference in Hong Kong.

Organized by the WGO, a Hong Kong-based environmental nongovernmental organization, the two-day conference brought together experts from government, business and academia to discuss the climate issue under the event themed "Accelerating Climate Action in Asia and the Pacific for Sustainable Development".

"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 renewables is essential to decarbonize our energy system," said Nam Sangmin, director of the Environment and Development Division of the UN Economic and Social Commission for Asia and the Pacific, or ESCAP.

UN ESCAP is among the conference partners, which also include Hong Kong Cyberport Management Company, Hong Kong Financial Services Development Council, Hong Kong Exchanges and Clearing, and the IFRS Sustainability Alliance.

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

Citing a report by the UN, Lui said extreme weather events have led to the displacement of 20,000 children globally on average per day.

"This is indeed a very stark reminder that all of us must take action for our world, especially for our next generation," said Lui.

At Cyberport, an innovative digital community in Hong Kong with over 2,000 members, there are around 800 companies engaged in smart living solutions, with sustainability and green tech as one of the fastest growing sectors, said Cyberport CEO Peter Yan.

"We have also seen the spread of these technologies to other areas, even in the financial technology areas … and even blockchain-related technology, which has rapidly developed," said Yan.

While the UN 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 green future, said Pech Puthisathbopeaneaky, consul general of Cambodia in Hong Kong. Pech's speech was delivered by WGO Founder and President Albert Oung.

Innovative ideas

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

Hong Kong is a major center for the issuance of green bonds in Asia, said Joseph Chan Ho-lim, the city's undersecretary for financial services and the treasury. In 2022, the total amount of green and sustainable debts issued in Hong Kong, including bonds and loans, reached $80.5 billion, a year-on-year increase of over 40 percent and accounting for 35 percent of the Asian market.

"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.

In a panel discussion, industry leaders also shared insights on low-carbon technology and innovation.

While data centers generate a huge amount of heat, watching a 30-minute video on the streaming platform Netflix can also lead to 1.6 kilograms of carbon emissions, which is equivalent to driving for four miles, said Vincent Kwok, deputy managing director for Hong Kong and Macao at tech company Hewlett Packard Enterprise.