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Paris climate summit 2015
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Hong Kong’s financial sector could help “set an example” for other Asian cities in terms of low carbon investments, French deputy consul-general Lilas Bernheim said. Photo: Nora Tam

Low-carbon investments: Hong Kong businesses can capitalise on Paris climate talks, experts say

This year’s Paris climate talks will set the pace and scene for long-term low-carbon economic development and Hong Kong’s business sector should be well positioned to capitalise on this, environmental experts and officials said.

This year’s Paris climate talks will set the pace and scene for long-term low-carbon economic development and Hong Kong’s business sector should be well positioned to capitalise on this, environmental experts and officials said.

Nation states may be the ones setting targets and making universal commitments but non-state actors have the responsibility for implementing such changes and taking action, said Lilas Bernheim, French deputy consul-general to Hong Kong, whose country will be hosting the landmark Conference of Parties (Cop21) this winter.

“We’ve learned a lot from the inefficiencies of previous [Conference of Parties] and that it’s not just enough for diplomatic negotiations,” she said.

“It should take a more holistic approach … not only involving governments but non-state actors, civil society and businesses.”

Bernheim said Hong Kong’s large financial sector could help “set an example” for other Asian cities in terms of low carbon investments and investment portfolios.

READ MORE: Beijing has crucial role in Paris climate talks, says French Prime Minister

She was speaking at a forum organised by the Business Environment Council, the French, German and British consulates, and the European Union’s Hong Kong office on Tuesday, which aimed to highlight how the Paris climate talks would impact Hong Kong businesses and open up opportunities.

“Paris will set the scene for much more development towards a low carbon economic path,” said Vicky Pollard, the Beijing-based first counsellor for environment and climate of the EU delegation to China and Mongolia, speaking at the same event.

Christine Loh Kung-wai encouraged Hong Kong to think about carbon trading. Photo: Felix Wong

She said there was a role Hong Kong could play in mainland China’s plans to set up a carbon trading system from scratch by 2017.

Hong Kong environment undersecretary Christine Loh Kung-wai said the mainland’s expertise in carbon trading would be far greater than Hong Kong’s but since it was embarking on this, the city could also think about what it could do.

Loh admitted it would be difficult to set up a similar system in Hong Kong as it would involve getting stakeholders to agree on a cap, and setting up a tax on emissions would be complex.

READ MORE: World’s biggest polluter China to sign pledge with EU to get Paris climate deal

She agreed non-state actors had an important role to play in spurring not only investments but policies, citing the role of non-state actors and the shipping industry that brought up the idea of a fuel-switching mandate for ocean-going vessels at berth in the city. The legislation on fuel switching went into effect this summer.

While more than 150 nations have submitted plans on how they will slash or reign in emissions by 2030, government leaders and representatives from around the world will meet in the French capital in December with hopes of producing a legally binding agreement to cap global warming.

They will also discuss how to mobilise resources and funding in a more equitable manner between developed and developing countries.

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