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Friends of the Earth (HK) Response to the 2022-23 Budget Consultation

2022-02-16



Invest to make Hong Kong

 

  • Climate Ready
  • Pandemic Resilient
  • A Liveable city
  • A Circular Economy
  • Financially Competitive

 


Hong Kong continues to be beset by the ongoing pandemic, but COVID-19 is not the only crisis that the city is facing. Climate change, waste crisis, and air pollution still pose a threat to the health and livelihood of Hong Kong citizens. Hong Kong is lagging behind many international cities in the realms of climate actions and environmental protection. Friends of the Earth (HK) recommends the Financial Secretary to enable Hong Kong’s sustainable development with the following measures:

Climate Change

 

  • Scaling up investment into renewable energy production and import
  • Subsidising low-carbon and energy efficient retrofits for building owners
  • Investing in the research and development of green hydrogen for transport
  • Internalising the cost of climate change with carbon pricing

 

Circular Economy

 

  • Strengthening the city’s recycling system to aid waste reduction efforts
  • Improving public green procurement to stimulate green businesses

 

Air Quality

 

  • Accelerating efforts to electrify and decarbonise the transport grid
  • Adopting electronic road pricing in central business districts
  • Enhancing pedestrianisation and cycling infrastructure and experience
  • Implementing vehicle quotas and higher vehicle registration taxes to curb private car growth

 

Green Finance

 

  • Building up ESG (environment, social & governance) and sustainable investing capacity in Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC)
  • Supporting the incubation of green finance and ESG talents in Hong Kong

 

ØAligning with Taskforce on Nature-related Financial Disclosures (TNFD) to assess emerging nature-related risks and opportunities

The ongoing pandemic should not be an obstacle but rather an opportunity for the government stimulate investments, create new employment, and transition towards a greener and more sustainable economy.

Encl. Friends of the Earth (HK) Response to the 2022-23 Budget Consultation


 

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Friends of the Earth (HK) Response to the 2022-23 Budget Consultation: Don’t Forget about Climate Change, A Missed Opportunity to Decarbonise
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