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“Hong Kong GreenTech Summit 2024” Sets the Stage For “Hong Kong Green Week”

The key to combating global climate change and achieving carbon neutrality targets lies in accelerating the “dual engine” development of GreenTech and GreenFi for Hong Kong, and strengthening collaboration with Mainland China

26 Feb 2024

(From Left) Mr. Hui Ching Yu, Christopher, Secy for Financial Services & the Treasury; Dr. Sunny Chai, Chairman of Hong Kong Science and Technology Parks Corporation (HKSTP); Dr. Ma Jun, Chairman of Green Development Institute; Mr. Paul Chan, the Financial Secretary of HKSAR; Prof. Sun Dong, Secretary for Innovation, Technology and Industry of HKSAR; Mr. Xu Weigang, the Director-General of the Economic Affairs Department of the LOCPG in the HKSAR; Mr. Tse Chin Wan, Secy for Env & Ecology

(Hong Kong, 26 February 2024) The inaugural “Hong Kong Green Week” commenced today, kicked off with the “Hong Kong GreenTech Summit 2024” jointly organized by Green Development Institute, Hong Kong Science and Technology Parks Corporation, and Greater Bay Area Green Finance Alliance. Supported by the Innovation, Technology and Industry Bureau and funded by the Innovation and Technology Commission, this highly anticipated summit convened top government officials, business leaders, academics and venture capitalists from local, Mainland China and abroad for in-depth discussions on green technology and finance. The summit served as a platform to allow valuable recommendations to emerge, foster consensus and outline a roadmap for advancing green technology. Complementing the summit was an exhibition showcasing 50 GreenTech companies from Hong Kong, the Mainland and overseas. The exhibition facilitated rewarding industry exchanges and spotlighted the latest ground-breaking innovations.

Mr. Paul Chan, the Financial Secretary of The Government of the Hong Kong Special Administrative Region, delivered an opening speech for “Hong Kong Green Week”.

Dr. Ma Jun, Chairman of Green Development Institute, Honorary Chairman of Greater Bay Area Green Finance Alliance, and Chairman & President of Hong Kong Green Finance Association, said in his welcome speech for “Hong Kong GreenTech Summit 2024”, “Green technology harbors tremendous potential for growth and international collaboration, as combating climate change constitutes a global undertaking. Hong Kong can play a crucial role as an open economy by cultivating green equity investments, like private equity and venture capital, to support green and low-carbon technology enterprises to take root in Hong Kong, Mainland China and other Asian regions. Hong Kong can further pioneer demonstration projects in green construction, low-carbon transportation and circular economy, while constructing a robust ecosystem to attract GreenTech enterprises from Mainland China and abroad through promoting incubation and acceleration policies, concessional finance and innovative use cases.”

Dr. Sunny Chai, Chairman of Hong Kong Science and Technology Parks Corporation (HKSTP), expressed in his welcoming remarks, “As we strive to be a pioneer in promoting green technology and innovation, HKSTP is actively embracing the Science-Based Target initiatives (SBTi), humbly setting ambitious emissions reduction targets in line with the latest climate science. Our aim is to collaboratively work towards maintaining the global temperature increase within a range of 1.5°C. We believe that advancing towards green solutions can spark further forward-thinking and generate innovative solutions. This is precisely where HKSTP humbly aims to make a significant contribution to the development of technology and innovation.”

Multiple distinguished experts from Mainland China and overseas attended the “Hong Kong GreenTech Summit 2024” to outline the strategic development blueprint for green technology and green finance. Academician Wang Jinnan of the Chinese Academy of Engineering, and Chairman of the Chinese Society for Environmental Sciences, mentioned, “Promulgating green technology, particularly on renewable energy, novel power system infrastructure and carbon removal, is the key to achieving carbon neutrality and the climate goals enshrined in the ‘Paris Agreement’. As an international financial center, Hong Kong can contribute to global GreenTech industries and inject impetus into Hong Kong’s economy by aggregating talent, catalyzing innovative ideas within the carbon market and green technology spheres, and fostering close collaboration with industry-affiliated institutions, research bodies and carbon market platforms in the Mainland”.

Academician He Kebin of the Chinese Academy of Engineering, and ⁠Dean of the Institute for Carbon Neutrality, Tsinghua University, said, “According to analysis, half of the core carbon neutrality technologies have yet to mature and commercialize, particularly in the spheres of energy storage and hydrogen energy. Strengthening international collaboration is the crucial path to catalyzing innovations in such technologies, while green finance propels these products to market. Hong Kong celebrated a long history as an international financial hub. Its collaboration with Mainland China, a vanguard in global carbon neutrality technologies, particularly the new energy domain, will play a unique role in orchestrating global carbon neutrality initiatives and unleashing huge commercial opportunities. ”

Lord Adair Turner, Chairman of the Energy Transitions Commission, stated, “In 2019, we produced a report called ‘Mission Possible’ which described how those sectors of the economy, which seem more challenging to decarbonize, could get to global net zero by 2050. It is GreenTech that gets us there. In solar photovoltaic, the reduction in wind turbine costs, battery chemistry and electronic vehicles, China is a leader. Moreover, I hope to see Mainland China and Hong Kong playing a major role in the decarbonization of shipping. As one of the great ports of the world, Hong Kong is more appropriate to do that. I look forward to continuing engagement with the work of many people in Mainland China and Hong Kong to achieve the net zero objective.”

The event also featured an exhibition showcasing 50 GreenTech companies from Hong Kong, Mainland China and overseas covering crucial green technology categories, including renewable energy, green transportation, circular economy, green building, low carbon materials, carbon capture, green agriculture, digitalization and autonomy, and more. This exhibition facilitated industry exchange and introduction of cutting-edge technologies, stimulating business collaborations.

The Hong Kong GreenTech Summit 2024 concluded with resounding success. In his closing speech, Prof. Sun Dong, Secretary for Innovation, Technology and Industry, said, “While challenges may arise in the promotion of green transformation, opportunities at the same time abound for injecting momentum into the innovation and technology (I&T) industry. Promoting the research and development (R&D) and manufacturing of new energy vehicles, and facilitating traditional manufacturing industries’ upgrading and green transformation by adoption of technology are good examples of promoting green development and investing in the future. We are actively working with various sectors to enhance the local I&T ecosystem by promoting the transformation of R&D outcomes and supporting the growth of local I&T enterprises. We will also step up our efforts in attracting enterprises and investments and establishing a vibrant I&T ecosystem, so that more favourable conditions for the development of different areas of technology, including green technology, can be created.”

Six panel discussions were held throughout the day, featuring multiple heads of various Hong Kong government bureaus, business, academic and venture capital representatives. They delved into substantive dialogues on “Policies and Ecosystem to Support Greentech Development”, “Greentech in Building and Construction”, “Greentech in Transportation and Logistics”, “Circular Economy and Green Energy”, “Greentech Investment and Incentive Mechanisms” and “Research, Academic and Industry Collaboration in Greentech”. These discussions laid a pivotal foundation for accelerating the development of Hong Kong into a “Dual Engine” center for green technology and green finance, aligning with the national strategic goals of “3060” carbon peaking and carbon neutrality.

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