Climate change: Budget, stakeholder engagement are ‘main challenges for Hong Kong firms’

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‘Decarbonisation is an immense undertaking requiring a holistic approach,’ says CEO of Business Environment Council

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‘The availability of dedicated budgets for emissions reduction, energy efficiency, and low-carbon research and development emerged as the most critical determinants for achieving net-zero targets,’ says BEC chief. Photo: Shutterstock

Martin Choi

Published: 5:55pm, 13 Jun 2024

The availability of financial support and engagement with stakeholders are the top decarbonisation challenges faced by Hong Kong firms even as they report substantial reductions in harmful emissions, according to signatories to the Business Environment Council’s net-zero carbon charter.

The main barriers identified by signatories to the business group’s initiative to decarbonise the sector were the availability of a dedicated budget for emissions reduction activities, energy efficiency and low-carbon product research and development, as well as engagement with employees and tenants, according to key findings from a progress report for 2023 released on Thursday.

“The key challenges and factors identified by our charter signatories in the decarbonisation process underscore the significant barriers companies are facing in their sustainability efforts,” Simon Ng, chief executive officer of the BEC, said in an interview.

“These findings make it clear that decarbonisation is an immense undertaking requiring a holistic approach. The business community needs access to sufficient funding, strong internal alignment, and effective stakeholder engagement to meet their climate goals.”

The BEC’s charter aims to inspire a collective effort among businesses and organisations, urging them to commit to achieving a net-zero carbon future as part of Hong Kong’s broader decarbonisation initiative.

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Signatories report their progress and contributions to the BEC using a standardised form every year. This allows the BEC to compile data into an annual progress report.