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As the threat of climate change rises, Hong Kong could shine as a regional green finance hub
推時裝循環經濟 勿輕看消費者力量 (Chinese version only)
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The 26th United Nations Climate Change Conference ended on 13 November and finally reached the "Glasgow Climate Pact", the first climate agreement that clearly stipulates the gradual phase-out of coal. The two largest greenhouse gas emitters in the world, China and the United States, also issued the “U.S.-China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s”. The two sides pledged to work together to strengthen the implementation of the “Paris Agreement”.
The Hong Kong government announced the “Hong Kong's Climate Action Plan 2050” in early October, proposing four major decarbonisation strategies. In the blueprint, the government has proposed a more aggressive midterm climate target of a 50% carbon reduction by 2035 from 2005 levels to achieve carbon neutrality by 2050. As we all know, electricity generation is the biggest source of local emissions. However, Friends of the Earth (HK) is concerned whether the government can actually meet its midterm target; given that the Environment Bureau aims to only increase the supply of renewable energy to 7.5-10% by 2035.
Chief Executive Carrie Lam will be delivering what could be her last policy address today. What can we expect? Last year, she pledged for Hong Kong to go carbon neutral before 2050. Will Carrie Lam back her promise with concrete actions this time round?
The 26th UN Climate Change Conference of the Parties (COP26) will be held in Scotland in early November. The heads of state will jointly formulate the next steps on climate response plans, commitments and actions to prevent climate change disasters. In the 2020 policy address, the Hong Kong government pledged to achieve carbon neutrality before 2050. One year later, Hong Kong’s Climate Action Plan originally scheduled to be updated in the middle of this year has not yet been released.
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