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Fostering Industry-Academic Collaboration for a Sustainable GBA

Image Credits: PolyU, Press Release

The Hong Kong Polytechnic University (PolyU) and a leading property developer based in Hong Kong signed a Memorandum of Understanding (MoU) to strengthen research collaboration among industry, academia and research organisations to drive innovative solutions for sustainable development of the Greater Bay Area (GBA).

The partnership leverages the combined strengths and experience of PolyU in interdisciplinary research with that of the company in property and community development. The MoU sets out a framework for both parties to conduct three pilot research projects to explore innovative solutions and technology applications to help achieve the goals of carbon neutrality, an inclusive society and a green economy.

Through this industry-academia collaboration, the company and PolyU will develop new technology and systems to reduce carbon emissions and energy consumption in a next-generation data centre, explore new types of intergenerational housing for future Hong Kong community settlements in the GBA, and experiment with the use of blockchain technology in promoting green economy.

Witnessed by the Executive Director and CEO of the company, the Executive Director and COO of the company, the Deputy Council Chairman of PolyU, and the President of PolyU. The MoU was signed by the Deputy CFO of the company and the Deputy President and Provost of PolyU.

The Executive Director and CEO of the company stated that joint efforts across industries are essential to achieving carbon neutrality by 2050. The signing of this Memorandum of Understanding is a step forward in fostering business collaboration with academia and research organisations in order to pioneer innovative technological solutions.

Meanwhile, the President of PolyU stated that this industry-academic collaboration will see PolyU and the company working together to create solutions for major sustainability challenges including energy consumption, climate change, an ageing population and the adoption of green behaviour.

The University will continue to deepen its collaboration with key partners and stakeholders in society to proactively translate research outcomes into real-world solutions to foster more liveable and sustainable communities in Hong Kong, the Nation and the world.

Under the MoU, the company and PolyU will also continue to explore cooperation opportunities in areas including support to start-ups and entrepreneurship, application and commercialisation of new technologies, environmental, social and governance strategy and measurement, and carbon neutrality.

In 20201, the global green technology and sustainability market size was valued at US$11.49 billion in 2021. The market is projected to grow from US$13.76 billion in 2022 to US$51.09 billion by 2029, at a CAGR of 20.6% during the forecast period. Analysis indicates that the market showed an average growth of 19.8% in 2020 as compared to 2019.

The solutions and services being developed are rolled out across various applications including green building, crop monitoring, air and water pollution monitoring, and carbon footprint management.

This market’s potential is expected to spike rapidly in developing economies and emerging markets in the coming years. Innovators across the globe are likely to capture market share for their own green technologies. To capture the addressable market, more international and domestic venture capital (VC) will be required to ramp up R&D spending and drive innovation in the market.

Recently, PolyU signed a Memorandum of Understanding (MoU) with a Hong Kong-headquartered artificial intelligence company to collaborate on research and development related to metaverse technologies and autonomous driving applications. The partnership will focus on the research and development of metaverse tech and autonomous driving applications and will work together to strengthen research and development capabilities in AI-related technologies.

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