A seminar on "Estimation of Financed Emissions in Hong Kong
and Policy Recommendations Final Report" was held on 11 April
2024. Organised by the Research Centre for Sustainable Hong
Kong (CSHK) and the Department of Public and International
Affairs and supported by the College of Business, the seminar
highlighted the major findings of the research report.
The report utilised the Global GHG Accounting Standard for the
Financial Industry from the Partnership for Carbon Accounting
Financials to estimate Hong Kong's financed emissions, and proposed policy recommendations.
Professor Phyllis Mo, Professor at the Department of Accountancy and Associate Director of CSHK, said, "Financial
institutions can play a more active role in driving Hong Kong's low-carbon transition. Asset managers should provide
financial activity information by sector and develop a localised asset turnover ratio database to facilitate the estimation of
financed emissions."
The report recommended that all licensed financial institutions be required to submit ESG reports covering overall
greenhouse gas emissions data. It also found that Hong Kong's financial institutions generated financed emissions
totaling 380.27 million tonnes of carbon dioxide equivalent, approximately 11 times the city's financed emissions of 34.7
million tonnes in 2021.
The report proposed that estimated emissions could serve as benchmark information for setting science-based targets on
carbon mitigation and designing climate-related disclosure metrics.
Based on the findings, the report put forward several policy recommendations including strengthening licensed financial
institutions' disclosure of GHG emissions, directing investment and financing activities towards low-carbon enterprises,
improving the green finance certification scheme, and enhancing the training of professionals in green-related fields.
