Hong Kong Financial Secretary Paul Chan: Continue to closely monitor fuel price fluctuations and respond in a timely manner

Hong Kong Financial Secretary Paul Chan Mo-po said in a speech at a conference that with the ongoing conflict in the Middle East and disruptions to energy transportation through the Strait of Hormuz, Hong Kong is also facing pressure from energy price fluctuations, but with solid support from the country, energy supply has remained stable. Paul Chan Mo-po pointed out that during the sharp rise in fuel prices earlier this year, the government had already introduced fuel subsidies and other concessionary measures to support affected industries and reduce the impact on people's livelihoods. The authorities will continue to closely monitor developments and stay prepared to respond in a timely manner according to the situation. Paul Chan Mo-po said that energy security and green transition must be advanced in tandem. Hong Kong aims to stop using coal for daily power generation by 2035 and achieve carbon neutrality before 2050. Hong Kong will leverage its advantages in finance and innovation and technology to support regional energy transition. He suggested strengthening regional cooperation by deepening cross-border and cross-sector collaboration, promoting more effective alignment of sustainable finance taxonomies, carbon accounting and technical certification, and enhancing information sharing, emergency preparedness and coordinated planning for energy and computing infrastructure.