HK can become a green tech hub: think tank

Hong Kong has the potential to become a green technology hub, according to a study conducted by the government’s investment promotion agency and accounting firm Deloitte.They said on Wednesday that the green technology industry is worth trillions of dollars, but 41 percent of climate problems are still waiting to be addressed. "This creates enormous business opportunities for the investors and also the tech innovators, as one way to interpret this number is that 41 percent of the problems currently do not have an available solution," said King Leung, InvestHK's Global Head of Financial Services, FinTech & Sustainability. The study said the city can help China achieve carbon neutrality through five sectors, including transport, construction and waste management.Mohit Grover, the lead partner for sustainability and climate at Deloitte's Hong Kong branch, said the SAR can assist Chinese electric car companies with expanding their business worldwide. "For Chinese enterprises, Hong Kong will be used as one of the global hubs to globalise their operations and to raise capital through the exchange. We already see a lot of shift happening from Western brands to Chinese brands for the electric vehicles (EV) that we see on the road," he said. "And for some of the technology innovation around various aspects of battery production or EV production, I think those start-ups are also being present in Hong Kong, which will get a bigger access to the [global] market," he added. For construction, Leung suggested the adoption of glass materials for insulation and generating solar power to lower energy consumption."90 percent of all the electricity consumed in Hong Kong goes to buildings. We have 8,000 skyscrapers, which is the most in a single city in the world," he said. Leung added that China is leading the world in green building technology patents, and Hong Kong's positioning as an international financial centre can help such companies to showcase their abilities and therefore expand to global markets through the SAR. In terms of waste management, Grover said a behavioural change among residents of Hong Kong will be crucial.

Hong Kong has the potential to become a green technology hub, according to a study conducted by the government’s investment promotion agency and accounting firm Deloitte. They said on Wednesday that the green technology industry is worth trillions of dollars, but 41 percent of climate problems are still waiting to be addressed. "This creates enormous business opportunities for the investors and also the tech innovators, as one way to interpret this number is that 41 percent of the problems currently do not have an available solution," said King Leung, InvestHK's Global Head of Financial Services, FinTech & Sustainability.

The study said the city can help China achieve carbon neutrality through five sectors, including transport, construction and waste management. Mohit Grover, the lead partner for sustainability and climate at Deloitte's Hong Kong branch, said the SAR can assist Chinese electric car companies with expanding their business worldwide. "For Chinese enterprises, Hong Kong will be used as one of the global hubs to globalise their operations and to raise capital through the exchange.

We already see a lot of shift happening from Western brands to Chinese brands for the electric vehicles (EV) that we see on the road," he said. "And for some of the technology innovation around various aspects of battery production or EV production, I think those start-ups are also being present in Hong Kong, which will get a bigger access to the [global] market," he added. For construction, Leung suggested the adoption of glass materials for insulation and generating solar power to lower energy consumption.

"90 percent of all the electricity consumed in Hong Kong goes to buildings. We have 8,000 skyscrapers, which is the most in a single city in the world," he said. Leung added that China is leading the world in green building technology patents, and Hong Kong's positioning as an international financial centre can help such companies to showcase their abilities and therefore expand to global markets through the SAR.

In terms of waste management, Grover said a behavioural change among residents of Hong Kong will be crucial..