Hong Kong, Guangdong, Macau to join forces to reduce carbon emissions in Greater Bay Area
- Greater Bay Area Green Finance Alliance will support projects to help meet a goal of zero net carbon emissions by 2050
- It will seek to increase new funding channels for green projects as well as giving market-based advice to guide government policies and investment projects
Support for China’s goal to eliminate carbon emissions in the Greater Bay Area by 2050 will be provided by a new advisory alliance combining governments and regulators from Hong Kong, Guangdong and Macau.
The Greater Bay Area Green Finance Alliance, which will be launched in Guangzhou in May, will be funded by the Hong Kong Green Finance Association, the Guangdong Green Finance Committee, the Shenzhen Green Finance Committee, and the Macau Banking Association.
“The greening of the real economy is very challenging. The use of renewable energy needs to be enhanced substantially in both Hong Kong and Guangdong. Resource use also has to be much more efficient,” said Ma, who is the chairman and president of the Hong Kong Green Finance Association.
The greening of the real economy is very challenging. The use of renewable energy needs to be enhanced substantially in both Hong Kong and Guangdong. Resource use also has to be much more efficient
Guangdong, in particular, will drive green projects in China given the province has one of its largest economies, Ma added.