FoE(HK) successfully participated in ReThink HK 2023, leaving
a lasting impact and inspiring positive change for a sustainable future. Our
exhibition booth received significant attention, with visitors from diverse
industries expressing interest in our initiatives such as our green finance
courses like the EFFAS Certified ESG Analyst (CESGA) Programme, Tree Planting
Challenge Programme, and used clothes recycling.
We also had the privilege to be one of the supporting
organisations in the panel discussion “Financing Biodiversity: The Next
Frontier for Private Sector Leadership”. “Overall, the conference
provided invaluable insights and highlighted the collective efforts required to
address biodiversity conservation.” said Bien Wong, CESGA our Board
Governor and moderator of the session.
Once again, we would like to express our sincere gratitude
to everyone who visited our booth and attended the panel discussion. A big thanks to our Vice-Chairperson, Anthony
Cheung, CESGA and our Board Governors Serena Mak, CESGA, Ophelia Lin, Keith Ho,
Caroline Law and Johnny Wei for visiting our booth to support. Your enthusiasm
and support have been instrumental in making our participation at the ReThink
HK 2023 a resounding success.
At Friends of the Earth (HK), we will remain committed to
our mission of protecting the environment and promoting sustainable living in
Hong Kong. We believe that through collective efforts and individual actions,
we can create a better, greener future for generations to come!
FoE (HK) is excited to continue its participation in the ReThink Exhibition in Hong Kong. We are privileged to have the opportunity to meet different sustainability professionals and parties in one go.
Yesterday, we had incredible responses from visitors who were captivated by our strong commitment to sustainability. On the second day, we keep up the good work on engaging visitors through our comprehensive showcase of our ongoing efforts in promoting ESG and business sustainability. Specifically, we offered glimpses to our green finance courses and Tree Planting Challenge Programme, opening visitors’ eyes to various ways in which corporates can contribute to sustainability.
And finally, thank you very much to our Vice-Chairperson, Mr. Anthony Cheung, CESGA and our Board Governor Mr. Bien Wong, CESGA for visiting our booth to support.Together, we can make a difference!
FoE(HK) is excited to announce its participation as a key NGO partner and supporting at the ReThink Exhibition in Hong Kong. The organisation has already made a remarkable impact, showcasing innovative offerings and a strong commitment to sustainability.
Visitors to our booth have been captivated by a range of exciting initiatives. One highlight is our presentation of green finance courses, which have garnered significant interest. These courses, including the EFFAS Certified ESG Analyst (CESGA) Programme and Executive Certificate in ESG Analysis & Green Finance Valuation Programme, provide valuable insights into sustainable investing and environmental regulations. Additionally, we are proud to introduce our Tree Planting Challenge programme, a crucial step towards decarbonisation and combating deforestation. Furthermore, as one of the largest local NGO partners who actively participate in used clothes recycling, we aim to spread the message of “treasuring resources” and “waste reduction” throughout the city.
Our Board Governor Mr. Bien Wong, CESGA has also supported the Panel discussion on the 1st day of the event.The ReThink Exhibition serves as a collaborative platform for individuals, organisations, and institutions dedicated to supporting sustainable development. Tomorrow is the last day of the exhibition, so we invite you to visit our booth at ReThink HK 2023. Discover more about our impactful initiatives and programmes for a sustainable future.
[About Friends of the Earth (HK)]
Friends of the Earth (HK) was established in 1983 as a charitable organisation. We are one of Hong Kong’s most prominent green groups which dedicated to promoting sustainable development, conservation, and environmental protection. With a strong focus on advocacy, education, and community engagement, the organisation strives to create a greener and more sustainable future for Hong Kong and beyond. For more information, please visit https://www.foe.org.hk/.
A carbon credit is a paper security representing one ton of CO2 reduced or removed from the atmosphere, generated by projects like wind farms or planting trees. Buyers can trade the units or use them to offset their own emissions, in which case they must retire the credit to avoid it being used twice.
The
recent independent scientific analysis of a project’s CO2 reduction claims
often lags behind the issuance of the corresponding carbon credits, leaving
buyers in the $2 billion market exposed to losses.
Unlike
its regulated equivalent in the compliance market, the voluntary carbon market
lacks oversight, and buyers can find that promises made by sellers don’t always
hold true.
Corporations
relying on carbon credits to support their green claims now face “robust and
credible” proof that the vast majority of such securities aren’t fit for
purpose, according to a study published in the journal Science, by a team of researchers from
the Universities of Amsterdam (Netherlands) and Cambridge (UK).
The research, which analyzed 18 carbon-offset projects across Peru, Colombia,
Cambodia, Tanzania and the Democratic Republic of Congo, found that only 5.4
million — or 6% — of a potential 89 million credits were linked to additional
carbon reductions through preserved forests. More than 60 million carbon
credits originated from projects that barely reduced deforestation.
“There
has been a suspicion that these carbon credits lead to greenwashing,” said
Andreas Kontoleon, the study’s senior author and a professor of environmental
economics and public policy at the University of Cambridge. “We now have robust
and credible evidence that offset programs have deficiencies”
A number of major carbon traders are finding that offsets they bought may now
have no value. Trafigura Group, the world’s largest trader of carbon-removal
credits, has suspended a consignment as it awaits the results of a probe into
the forestry project behind the units. The situation has led the company to
replace the offsets in a contract with a corporate client and instead keep the
stranded credits on its own books.
Since the first carbon credit was traded roughly 35 years ago, the market has
been hit by a steady stream of scandals that have led to wild price swings and
even collapsing valuations. That has implications not just for firms trading
such credits, but also for companies that use them to underpin green claims to
customers and regulators.
All
the projects studied offsets detailed in Science are overseen by the NGO
Verra, which dominates the sector. These programs are part of the
“Reducing Emissions from Deforestation and Forest Degradation”
(REDD+) system, developed by the United Nations but organized by private
institutions. The standard setter said it has “significant concerns” about the
study’s methodology because of the small sample size. Extrapolating the study’s
conclusions to all carbon offset projects is unwarranted when only about one
out of four projects have been examined, Verra said. “We recognize the areas
for improvement in the current system and are committed to fostering that
ongoing evolution,” Verra added in a statement on its website.
