36 4 Nexus between Mitigation and Adaptation to decarbonize. It is working with the academic sector to develop and introduce more novel low-carbon technologies to accelerate the transition. It highlighted the importance of government taking the lead to: • Issue detailed actions/legislation to achieve the Climate Action Plan 2050. • Explore regional cooperation to import clean energy from the mainland, and work with power companies to improve fuel mix and provide cleaner energy. • Develop policy and infrastructure to support the use of low-carbon or zero-carbon fuels, such as hydrogen. • Provide funding and technological support for companies, especially SMEs, to decarbonize. • Drive behavioural change in the community to adopt a lowcarbon lifestyle. Likewise, the provider of gas-based energy in Hong Kong (Towngas) also has climate goals, and it has similar views to the MTR Corporation about the role of government. It is developing hydrogen for transport, which needs policy support, that could power rail, buses, trucks and vessels.3 “Banks are keen to work with their clients to achieve Scope 3 net zero since financed emissions (i.e. emissions attributed to activities financed by a bank) can be 99% of a bank’s Scope 3 emissions. While many listed companies and big firms have begun work on carbon reduction, most SMEs do not have the knowledge and tools to assess where they are in terms of their carbon footprint and what they can do. To address this gap, the government could step up efforts to help SMEs. Like the Occupational Safety and Health Council, which was established in 1988 to promote knowledge and provide advisory service to companies in Hong Kong, the government could set up an agency to support ESG development and the transition to net zero.” Kelvin Au GM and Head of Wholesale Banking, The Bank of East Asia, Limited Train Potential Hydrogen Applications in Hong Kong Bus Heavy vehicle Marine Train Combined heat & power / electric generation The corporate sector is keen for the government to define clearer policies and regulations for the climate transition between now and 2050, as well as to work with the finance sector as they need bank loans; and listed companies have international investors, who are increasingly demanding greener performance. A local bank (The Bank of East Asia, Limited) provided perspectives and a suggestion to the authorities. As already noted in Chapter 3, the public and private sectors are investing in research and using technology to drive innovation. As “green” must be measurable, this has to be done using data and digital technologies. Hence public sector R&D institutions, such as the Hong Kong Science and Technology Park (HKSTP), play an important role in nurturing innovators in green-tech. Kelvin Au, BEA
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