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HK welcomes green tech fund scheme

The Hong Kong Quality Assurance Agency recently announced the launch of its Green Finance Certification Scheme – Green Fund to provide third-party conformity assessments on green funds.

It encourages investors from the fund market to support green projects and enhances the transparency of the investment process.

Secretary for Financial Services & the Treasury noted that the scheme was developed with reference to a number of pertinent international and national standards.

Following the successful implementation of the certification scheme for green debt instruments last year, the extension to green funds will further strengthen market confidence in green financial products, in line with the government’s ongoing commitment to developing Hong Kong into a leading hub for green finance and technology in the region.

Much encouraged by an increasing number of funds with an investment focus on climate, green, environmental or sustainable development in Hong Kong in recent years, the government will continue to support the certification scheme and encourage more local, Mainland and overseas entities to make use of it and our capital markets for financing their green projects.

Green tech and projects central to smart city development

Under the Smart City Blueprint for Hong Kong, a main mission for the government is to consume fewer resources and make Hong Kong more environment-friendly, while maintaining its vibrancy, efficiency and liveability.

Hong Kong is working to:

  • Reduce its carbon intensity by between 65% and 70% by 2030 compared with the 2005 level
  • Phase down coal-fired electricity generation gradually and replace with natural gas and non-fossil fuel sources. Coal as a proportion of the fuel mix will be reduced from 47% as of 2016 down to about 25% in 2020
  • Apply renewable energy on a wider and larger scale based on mature and commercially available technologies with the public sector taking the lead
  • Further promote energy efficiency and conservation in the community with a particular focus on buildings
  • Implement other measures to achieve carbon emission reduction by phases

Moreover, Hong Kong is working to promote retro-commissioning and building-based smart/IT technologies; install LED lamps in public lighting systems progressively under the LED Public Lighting Replacement Programme of the Highways Department ; and continue to include requirements, such as green building design, provision of smart water meter system, electric vehicle charging facility and real-time parking vacancy information for new land sale sites in Kowloon East, with a view to developing a green and smart community.

Upon implementation of the above, Hong Kong’s residents will be able to enjoy better indoor and outdoor air quality, live in greener buildings with various smart and energy-saving features, use technology applications to enable efficient power consumption and energy conservation, and reduce daily waste in their homes and workplaces.

Using I&T to cope with climate change

Recently, Hong Kong’s innovation and technology achievements in energy efficiency and conservation, and renewable energy were showcased at Green I&T Day, OpenGov reported earlier.

The event was held in Hong Kong Science Park by the Environment Bureau and the Electrical & Mechanical Services Department.

Smart applications that make use of I&T will help achieve the targets to help mitigate climate change.

In addition, the government will lead by example and encourage the community to take part in promoting energy-saving initiatives and renewable energy development.

The Electrical & Mechanical Services Department also signed memorandums of co-operation with the Guangdong Provincial Association for Science & Technology and the Guangdong Productivity Centre to enhance I&T co-operation between the two places.

Looking ahead the government will continue to explore and formulate initiatives to adopt new green technologies when they become commercially available, reduce carbon consumption, create a more sustainable environment for people and optimise the use of city resources, including waste reduction, reuse and recycling.

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