|
Hong Kong, 28 March – Asia’s robust economic fundamentals present significant opportunities for scaling financing into sustainable development projects, even amid geopolitical headwinds and trade tensions, said policy and business leaders at the inaugural Hong Kong edition of Unlocking capital for sustainability held on 27 March, Thursday. Against the backdrop of increasing global polarisation and accelerating climate change, Asia is uniquely positioned to lead decarbonisation efforts and capitalise on the opportunities that the region’s green transition offers. Hong Kong, in particular, has emerged as a key gateway in the region for sustainable finance, authorising over 220 environmental, social and governance (ESG) funds last year, with assets under management (AUM) totaling HK$1.2 trillion, with opportunities for trillions more. In his keynote address, Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, Government of the Hong Kong Special Administrative Region, noted that Hong Kong’s “markets, regulatory frameworks and connectivity with global capital flows position us uniquely – not merely as a gateway, but as a catalyst for scaling green and transition finance across Asia and beyond.” Hong Kong is making significant strides, with green and sustainable debt issuances in 2024 exceeding US$84 billion. The city is also fostering cross-border trade and digital collaboration in carbon markets to connect capital with carbon projects worldwide, developing its FinTech ecosystem to finance underfunded and impactful green projects, and building the capacity of its workforce to meet the demand for green skills, highlighted Hui. Themed “Mobilising capital for the green transition”, the inaugural Hong Kong edition of the thought leadership forum, organised by Eco-Business in partnership with United Nations Environmental Programme Finance Initiative (UNEP FI), took place during Hong Kong’s Wealth and Investment Mega Week. Hosted at Renaissance Hong Kong Harbour View Hotel, the forum gathered more than 120 decision-makers across government, finance and industry to identify the solutions needed to mobilise finance for Asia’s sustainable development transition. At the opening fireside chat, Dr Mark Konyn, Group Chief Investment Officer for AIA, acknowledged that recent political headwinds have led to “greenhushing” where companies prefer to remain silent on their green initiatives, while some companies pull back on commitments altogether and alliances weaken. However, he noted that the shift in the global political climate will help discern the organisations fully committed to the sustainable development agenda. “Political regimes come and go, but businesses invest for the long term. We are not entering a U-turn environment. All of our business partners have remained fully committed,” said Konyn, highlighting continued opportunities in the clean energy transition for financial institutions, insurers and technology providers alike. In his keynote address, Shouqing Zhu, China Policy Advisor for UNEP Finance Initiative, stressed the need to “double down” on climate action. Multilateralism and collaboration are fundamental to delivering on this global imperative, he said. “We live in an interdependent world where no single country, or even a group of countries, can solve the problems in isolation. The transition to a sustainable future is not just a matter of one country or a block of countries, but a fundamental issue of survival and progress for all humanity. Nations, governments, industries, financial institutions and civil society must unlock the capital needed for a sustainable future, especially for the developing countries and the people who are disadvantaged,” said Zhu. He further highlighted Hong Kong’s unique position as a “bridge” for sustainable finance between China and the world, with the region catalysing cross-border capital flows for green projects such as the sustainable development of the Greater Bay Area. As part of its efforts to foster sustainable growth, Hong Kong has launched a comprehensive array of capital market initiatives, including promoting green bonds, sustainable banking and ESG disclosures – supported by regulatory frameworks that provide clear guidelines and incentives. The Hong Kong edition of the sustainable finance and business forum covered a wide range of topics, including geopolitics, unlocking finance for the energy transition, the intersection of AI and sustainability, biodiversity financing, circular economy and investments into climate adaptation and resilience. AIA Group, Invest Hong Kong (InvestHK), OCBC Bank and TOMRA were the strategic partners for the forum. “As the largest pan-Asian life and health insurer, AIA is committed to working with regulators and investors to unlock capital that supports sustainable development in Hong Kong and across Asia,” said Amita Chaudhury, Group Head of Sustainability, AIA Group. “Hong Kong, with its unique geographical and economic advantages, has emerged as a vital intersection for sustainable finance and technology. InvestHK is committed to supporting the growth of green enterprises, promoting green finance and fostering technological innovation to make a positive contribution to global sustainable development,” said Arnold Lau, Associate Director-General of Investment Promotion, InvestHK. “It’s encouraging to see leaders in sustainability across Asean and Greater China engaging in advanced dialogue and taking a realistic look at the challenges and opportunities in our growing sustainability ecosystem. Looking ahead, this region will play an increasingly significant role in driving global climate transition. Governments and the private sector will need to collaborate to develop innovative solutions that enhance ecosystem knowledge and deliver much-needed sustainable financing for the global transition to a sustainable net-zero future,” said Celina Chan, Head of Sustainable Finance, OCBC Hong Kong. The circular economy was also identified as a key strategy to support Hong Kong and the region’s sustainability transition while coping with issues of resource depletion, waste pollution and climate change. “Circular economy is a triple play solution to combat the global challenges of climate change, biodiversity loss and resource scarcity. We have many technical and business model solutions that can be rolled out tomorrow. We need to get the right regulation in place, make it economically viable for circularity and, together, we can achieve a more sustainable economy and society,” said Jet Chang, Vice President, Public Affairs, TOMRA Asia. Jessica Cheam, Founder and CEO of Eco-Business, said: “We are thrilled to host this year’s Unlocking capital for sustainability in Hong Kong for the first time. The discussions from today’s forum underline the strong fundamentals in Asia and the investment opportunities in financing the region’s green transition, despite the volatile and uncertain global climate.” “Removing the term ‘climate change’ from government websites or deprioritising sustainable development policies does not mean that these long-term existential issues magically disappear. The science is clear – and policymakers and business leaders need to look at these long-term risks and urgently implement enabling policy frameworks that facilitate large-scale investment that builds the competitiveness and resilience of the region,” she added. This year’s Unlocking capital for sustainability marks the eighth edition of the flagship forum, which will gather thousands of stakeholders across six countries in Asia in 2025 – Hong Kong, Indonesia, Malaysia, Philippines, Thailand and Singapore. The two-day forum also featured other events. A half-day masterclass in collaboration with UNEP FI was hosted on 28th March in Hong Kong, where participants learnt about nature and biodiversity trends gaining traction in Hong Kong and Asia, and how to manage nature-related risks and opportunities with the Taskforce for Nature-related Financial Disclosures framework. Eco-Business also launched its latest impact documentary, WASTED, with a film screening in Hong Kong. The documentary explores the connections between waste and human health in Asia, and its intersection with the climate crisis. The screening was followed by a dialogue that underscored the importance of Extended Producer Responsibility (EPR) legislation in Hong Kong and Asia that enables effective resource management. For more information on Unlocking capital for sustainability, visit our website and download our insights report from 2024. For high-resolution photos from the event, please visit this page. – Ends – ANNEX Plenaries include:
For full list of speakers, please view our programme. Notes to Editors: For enquiries or photos, please contact: Jeremy Chan, Eco-Business +852 6302 2932 |
|
|
About Eco-BusinessEstablished in 2009, Eco-Business is Asia Pacific’s leading media and advisory platform dedicated to sustainable development. Its publishes high quality, trusted content that advances dialogue and enables measurable impact on a wide range of sustainable development and responsible business issues. Eco-Business is headquartered in Singapore, with a presence in Beijing, Hong Kong, Manila, Kuala Lumpur, Jakarta, and correspondents across major cities in Asia Pacific. Visit www.eco-business.com. About UNEP FIUNEP Finance Initiative brings together a large network of banks, insurers and investors that collectively catalyses action across the financial system to deliver more sustainable global economies. For more than 30 years the initiative has been connecting the UN with financial institutions from around the world to shape the sustainable finance agenda. We’ve established the world’s foremost sustainability frameworks that help the finance industry address global environmental, social and governance (ESG) challenges. Convened by a Geneva, Switzerland-based secretariat, more than 500 banks and insurers with assets exceeding US$170 trillion work together to facilitate the implementation of UNEP FI’s Principles for Responsible Banking and Principles for Sustainable Insurance, as well as three UN-convened net-zero alliances. Financial institutions work with UNEP FI on a voluntary basis, and we help them to apply the industry frameworks and develop practical guidance and tools to position their businesses for the transition to a sustainable and inclusive economy. Founded in 1992, UNEP FI was the first organisation to engage the finance sector on sustainability and incubated the Principles for Responsible Investment, now the world’s leading proponent of responsible investment. Today, we cultivate leadership and advance sustainable market practice while supporting the implementation of global programmes at a regional level across Africa & the Middle East, Asia Pacific, Europe, Latin America & the Caribbean and North America. More details about UN Environment can be found at www.unepfi.org. About Unlocking capital for sustainabilityUnlocking capital for sustainability is an annual flagship event organised by Eco-Business in partnership with UNEP FI that brings together high-level decision makers in finance, business, government and civic society to discuss and commit to actionable initiatives that mobilise the capital markets for sustainable development projects. The event’s strategic partners include AIA Group, OCBC Bank, InvestHK and Tomra. Our networking partner is AXA Climate. Our knowledge partners can also be found on our website: www.unlockingcapitalforsustainability.com |
Publish your content with EB Publishing
It's about who you reach. Get your news, events, jobs and thought leadership seen by those who matter to you.
