On December 6th, local time, during the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) at the China Pavilion, a side event forum titled “China Hong Kong: Driving Green Finance Innovation and Practicing Sustainable Development” was held. During this forum, the “China’s Pragmatic Actions to Address Global Climate Change” report was released. The report systematically reviews China’s pragmatic actions in ten aspects, including top-level design, local pilot projects, industry decarbonization, and public participation. It showcases China’s progress in implementing the “dual carbon” commitment and the Paris Agreement, bringing together best practices in carbon reduction to contribute Chinese wisdom and solutions to COP28.
The research team believes that China has made positive progress in implementing the “dual carbon” commitment and the process of the Paris Agreement, forming significant potential for acceleration. China’s ten pragmatic actions to address global climate change include building a “1+N” policy system, starting with top-level design; leading regional trials through pilot demonstrations; accelerating energy transformation through the large-scale development of renewable energy; vigorously promoting energy efficiency and carbon reduction in the industrial and energy sectors; promoting green development in urban and rural construction to significantly reduce carbon emissions in the building sector; vigorously promoting low-carbon urban transportation; enhancing carbon sink capacity; strengthening the construction of green finance and carbon markets; promoting green and low-carbon actions for the entire population; and expanding bilateral and multilateral international cooperation to jointly address climate change with countries around the world.
As co-organizers of the forum, the Hong Kong Financial Services Development Council and Friends of the Earth (HK), represented by Mr. Plato Yip, Chairman of Friends of the Earth (HK) and Secretary-General of the Treelion Foundation, emphasized the need for increased investment in financial technology in Hong Kong’s current efforts to promote green finance. Mr. Yip stated, “Blockchain plays a crucial role in advancing voluntary carbon markets and addressing ESG (environmental, social, and governance) concerns. Its potential lies in its decentralized and transparent attributes, transforming the issuance, tracking, and trading of carbon credits by establishing a transparent decentralized blockchain that accurately records the origin, ownership, verification, and transactions of green assets through smart contracts.”
Representatives from the co-organizers, including Dr. Au King Lun, Executive Director of the Financial Services Development Council, and Mr. Daniel R. Fung, Vice-Chairman of the Financial Services Development Council, also attended the forum. Other attendees included Mr. Tse Chin Wan, Secretary for Environment and Ecology of the Hong Kong Special Administrative Region, Ms. Salina Yan, Permanent Secretary for Financial Services and the Treasury, and Dr. Ma Jun, Chairman and President of the Hong Kong Green Finance Association.
