As published on asianews.network, Thursday 11 May, 2023.
A green technology and finance development committee will be set up later this year, with the aim of assembling a wide range of scholars, experts and business leaders to develop Hong Kong into an international green technology and finance center, Financial Secretary Paul Chan Mo-po said on Tuesday at a conference with the theme of “Navigating the Future of Impact Investing in Asia”.
In addition to generating a financial return, impact investing aims to make a positive impact on social development and environmental protection.
Given the tremendous development and strong momentum of ongoing growth achieved by Asian economies, sustainable development goals have become more important for Asian countries and regions.
"Hong Kong is uniquely positioned to serve as a regional hub for impact investing, given its strategic location, strong financial infrastructure, and growing interest in sustainable investing." - Laurence Li, Chairman, FSDC
It is estimated that the value of green financing in Asia alone will reach $66 trillion in the coming decades, Chan said, adding that the continent will see growing demand for green finance and investment as the number of sustainable projects increases.
According to a survey conducted by the Hong Kong University of Science and Technology and an asset management firm last year, over three-quarters of those surveyed expressed their interest in or willingness to invest in environmental, social and governance products in Hong Kong.
Chan said a growing number of Hong Kong enterprises are committed to building a sustainable future for upcoming generations, for which society-friendly impact investing provides practical methods to achieve such goals.
“Hong Kong is uniquely positioned to serve as a regional hub for impact investing, given its strategic location, strong financial infrastructure, and growing interest in sustainable investing,” Laurence Li, chairman of the Financial Services Development Council, said. The conference presents a valuable opportunity for impact investors to discuss how to collectively make a more positive impact in the region and beyond, he said.
The conference was jointly organized by the FSDC and the Global Impact Investing Network.
With the development of a vibrant, green and sustainable finance ecosystem high on its agenda, the Hong Kong Special Administrative Region government is involved in driving the impact investing market, and striving for carbon neutrality in the financial sector by 2025.
The construction of an international impact investing and green finance center requires talent, and more than 60,000 applications have been submitted since the introduction of a series of talent programs, Chan said.