Hong Kong won’t be immune to the risks of climate change

Climate change may seem an issue far removed from Hong Kong. However, it affects our prosperity. Hong Kong’s business sector should begin, without delay, to take climate risks into account in investment and operational decisions. Managing these risks also presents an opportunity for us to demonstrate leadership in China and beyond.

The road map recognises the good work so far of government and business. The government has developed excellent landslide protection, enhanced drainage systems and put in place building standards for high wind speed and energy efficiency.

Businesses across different sectors have taken huge steps forward. The energy companies have, for example, implemented flood defence measures and design standards to safeguard power stations and substations from flooding. There are systems in place to maintain supply and monitor assets through adverse weather. Construction companies have begun to develop safe ways of working in hot weather. Hong Kong, as a subtropical coastal city that has been buffeted by extreme weather, has taken major strides in safeguarding the city.

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The road map emphasises that more must be done to address longer-term risks. Climate change effects will not only stretch the capability of our engineering systems, but also the very fabric of our social and economic system through increased incidences of disease, a stressed food supply network, and a banking and insurance sector open to large losses. We need to address risks in a systematic and joined-up way, so institutional structures are fit for the enormity of the challenge.

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