The Private Sector Committee on the Environment promotes and supports practical and economically viable projects that contribute to Hong Kong's environmental protection. The principal activities of the committee are carried out through the non-profit-making executive arm of the Centre of Environmental Technology (CET). It was established in 1991 by the committee to facilitate the implementation of practical solutions to environmental problems encountered by industry and business. CET is supported by 20 major Hong Kong companies, which represent about 68 per cent of the Hang Sang Index and between them employ about 160,000 people in the SAR. PSE chairman Julian Barclay, senior executive corporate and institutional banking with the Hongkong Bank, said the committee played an important role by acting as a conduit between business, industry and government on environmental issues. He said as a developed economy and leading finance centre, Hong Kong had impressed the world with its success in business innovations, efficiency and affluence but had yet to work collectively towards sustainable development. Mr Barclay said environmental issues concerned everyone. 'It is not a problem that the public sector or a single organisation can solve overnight; it has to be a co-operative effort,' he said. 'The PSCE represents an initiative and a pooling of effort and resources from the private sector and, through practical projects, it is hoped it can set an example to, and influence, the rest of the business community to respond positively to the increasing urgent environmental problems we all face.' He said the committee was concerned by the amount of floating waste in the polluted Victoria Harbour. One of the PSCE's first pilot programmes in 1990-1991 was to finance a project to pay for waste collected by volume which resulted in five times the amount collected at 1.5 times the cost of flotsam collected at a flat rate. The cleaning up of Victoria Harbour still had a long way to go and the PSCE would be studying an update from the Marine Department to see if an opportunity existed for the private sector to resolve the waste problem.