Ms Serena Mak CESGA and Mr Anthony Cheung CESGA, Board Governors of Friends of the Earth (HK)
As we stepped off the plane from Baku, Azerbaijan after attending COP29, we couldn’t help but reflect on the changing climate finance landscape. The bustling halls of Baku Stadium served as a microcosm of the global push toward sustainable finance, with a special focus this year on climate finance. These reflections formed the basis of our recent Asia-Pacific COP29 Roundtable discussion in Hong Kong, where we gathered with fellow delegates and stakeholders to explore how we can translate global climate dialogues into regional action.
Anthony: Among my few hats, I serve as a supervisory board member of the World Benchmarking Alliance (WBA), and one of my key takeaways was the strong need for standardisations and benchmarking of sustainable development goals (SDGs). Investors and financiers are seeking clear, standardised metrics to assess corporate performance in advancing sustainable development. This was evident across multiple pavilions – from Brazil to the Just Transition spaces.
Serena: What struck me was the evolution of climate finance discussions from last year’s COP in Dubai. This year, there was a much stronger focus on the nuts and bolts of energy transition – not just the high-level goals, but the practical infrastructure needed: grids, transmission, storage solutions for renewable energy. Walking through the renewable energy hub really drove home how this isn’t just about new technology – it’s about deploying and scaling existing solutions.
Anthony: Absolutely. And this is where Hong Kong’s role becomes crucial. As the only major international financial centre situated in the Global South (emerging markets and developing economies), we have a unique responsibility and opportunity. The market is calling for clear frameworks around transition finance, especially for high-emitting sectors where technology isn’t fully commercialised yet.
Serena: That reminds me of a powerful moment at one of the panels – an Indonesian representative explained how 80% of the province’s population earn their money from anything related to the coal value chain. We need to think about where the money goes and where the gap is, and how the private sector can move the needle.
Looking ahead to COP30 in Belém, Brazil, we see several priorities for Hong Kong:
- Leveraging our position as a bridge between China and international markets, particularly in establishing taxonomy equivalence between different jurisdictions
- Developing practical frameworks for transition finance
- Building capacity across sectors – from banking to education
- Showcasing concrete case studies of successful climate finance initiatives
Anthony: Another thing that we learned at COP29 is that three key existing technologies – solar, wind, and energy storage – are already in place to bring us toward net zero. With China leading in all three areas, Hong Kong is perfectly positioned to help channel global capital toward these genuine climate solutions.
Serena: True, and while the various financial targets discussed at COP29 – from $100 billion to $300 billion to $1.1 trillion – fell short of what’s needed, what really matters is how much capital actually flows into climate projects. That’s where Hong Kong’s financial expertise becomes crucial.
As we look towards COP30, we are both optimistic about Hong Kong’s role in scaling up climate finance across Asia. The path ahead isn’t simple, but with robust frameworks, strategic collaboration, and a focus on practical solutions, we can help bridge the gap between climate ambition and action.
The views expressed in this blog post are personal reflections of the authors based on their experiences at COP29.
