Pathway For Hong Kong To Net Zero By 2050

By Lisa Genasci 17 July, 2020

Hong Kong can reduce green house gas emissions by 90%, according to a new report. ADMCF's CEO Genasci shares key findings

Under the HK2050 is Now banner, Civic Exchange (CEx) and World Resources Institute l(WRI) launched a roadmap to decarbonise Hong Kong.

The report, “Towards a Better Hong Kong: The Pathway to Net Zero Carbon Emissions by 2050” represents a year of work for the two think tanks and shows that if we act now Hong Kong can reduce greenhouse gas emissions by 90%. Decarbonising the power sector, improving building efficiency, and enhancing mobility show the greatest potential for emission reductions, the report says.

Highlighting the urgency for the Hong Kong government to step up with policy in these sectors, HK 2050 is Now says we can build a carbon-neutral future that is greener and more-liveable, with minimal pollution, readily available public transport, low-carbon lifestyles and more.

Potential reductions in these sectors amount to a total of 32 million tonnes of carbon dioxide between now and 2050 should the report’s policy recommendations be fully adopted.

32mt of CO2 would be reduced & HKD460bn in monetised benefits by 2050

The first in a series of projects by Hong Kong 2050 is Now, the report estimates that 26,000 lives could be saved from cleaner air and there would be HKD460 billion in monetised benefits by 2050.

With limited manufacturing, a carbon neutral Hong Kong is within reach, the report says, and the city can be a leader, showing the way for others regionally and globally.

In 2018, the Intergovernmental Panel on Climate Change (IPCC) urged the international community to achieve carbon neutrality by 2050 to avoid irreversible consequences of climate change.

HK has yet to set targets to achieving carbon neutrality by 2050

The comprehensive report states that Hong Kong is likely to achieve our 2030 climate target of reducing absolute carbon emissions by 26-36% compared with 2005. But Hong Kong has yet to set targets to achieving carbon neutrality by 2050. This report provides that pathway.

This represents the first in a series of projects by Hong Kong 2050 is Now, an initiative of CEX, WRI, ADMCF, RS Group and Wyng Foundation, with a mission of transforming Hong Kong into a carbon neutral city.

HK2050 is Now is currently embarking on Phase Two to deep dive into specific sectors

HK2050 is Now is currently embarking on Phase Two—conducting deep dives into sector-specific areas, including energy supply, building energy efficiency, transportation, carbon pricing, and lifestyle to provide analysis and more detailed solutions for Hong Kong.

Key policy recommendations for HK’s roadmap to a zero-emissions future

Further Reading

• No-Sense Climate Strategies: From DSD To HSBC – Hong Kong’s shortsighted & unrealistic climate plans will leave key assets & infrastructure exposed that mean the government, companies, investors and the public are even more exposed. China Water Risk’s Dharisha Mirando & Debra Tan expand
• HK Submerged? Is This Map For Real? – Rising sea level is a catastrophe waiting to happen but we have to avoid alarmism & choose the right map to visualise the risks. Getting the right scenarios also matter. Find out more in our review
• Why Hong Kong Needs A Meat Tax – Want to help stop Amazon deforestation? How about better health? With Asia’s climate action looking bleak, Greenqueen’s Ho sees a meat tax as HK’s chance to become a regional leader
• I Want You To Panic – As we edge closer to a climate crisis, Thanos from Avengers Endgame doesn’t seem so crazy anymore. Hear what China Water Risk’s Woody Chan has to say for his generation & children everywhere
• Managing Transboundary Water Supply Risks: HK vs Singapore – Does Hong Kong’s commercial contract for Dongjiang water offer as much security compared to the international water agreement between Singapore and Malaysia? Chenlin Zhao from the City University of HK explains why

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• It Happened – Central Banks And Water Risks – Half a dozen new reports by the NGFS means that CWR has achieved a key milestone in embedding water risks in finance. Debra Tan and Dharisha Mirando expand on these game-changing moves by the central banks. The credit evolution has started
• Regulators Have A Role To Play In Tackling The Global Water Crisis – Climate change creates systemic risks to financial systems. With USD316bn of losses from disasters in 2018-19, Ceres’ Robin Miller on urgent actions regulators can take to ensure stability and investors that have made a start on water risks