Hong Kong Green Week kicks off today. Yu Weiwensaid: The most urgent task is to promote climate finance in the Asia-Pacific region and achieve the goal of a low-carbon economy.

The Hong Kong Green Finance Week will be held from February 26 to March 2. On February 26, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, wrote in "Insight" that climate change is a major challenge facing the world today, and the Asia-Pacific region plays a key role in addressing this challenge. Although many countries in Asia are accelerating their efforts in mitigation and adaptation, it is estimated that the region as a whole will require a staggering $66 trillion in climate-related investments in the next 30 years. Therefore, the urgent task is to promote climate finance in the Asia-Pacific region to achieve the goal of transitioning to a low-carbon economy. Eddie Yue pointed out that the total amount of green and sustainable bonds arranged in Hong Kong accounts for over one-third of the Asian market. As of September 30, 2023, there are over 200 ESG (environmental, social, and governance) funds approved by the Hong Kong Securities and Futures Commission, with total assets under management of $159 billion. Hong Kong is the first region in Asia to require relevant industries to make climate-related disclosures by 2025 or earlier. It is also the first market to implement a common green taxonomy jointly developed by Mainland China and the European Union, aimed at promoting cross-border climate capital flows. Hong Kong has also been promoting innovation in the green finance market and the application of new technologies. The Hong Kong SAR Government issued its second digital green bond earlier this month, becoming one of the first global issuers of multi-currency digital bonds. He pointed out that the upcoming "Hong Kong Green Finance Week" is part of efforts to promote sustainable development, green finance, and green technology in the region. Hong Kong will co-host the Asia-Pacific Climate Business Forum with international financial institutions from February 26 to 28 as the flagship event of the Green Finance Week. Over 300 global business and finance leaders are invited to attend. The forum will delve into key and urgent issues in the journey towards green transformation, such as energy transition, decarbonization, green energy-efficient building renovations, and green technology. He believes that the transformation towards a sustainable future in the Asia-Pacific region is of global significance, and while there will be challenges ahead, he looks forward to closer collaboration with all parties to ensure that efforts for the region's transformation will bring about the greatest benefits.