Hong Kong’s finance chief has pledged to strengthen cooperation with other economies to bridge the “significant funding gap” in global climate change responses, after the US moved to withdraw from an international agreement to limit greenhouse gas emissions.
During the World Economic Forum Annual Meeting in Davos, Switzerland, Financial Secretary Paul Chan Mo-po also met the United Arab Emirates’ (UAE) minister of state for foreign trade to discuss enhancing bilateral cooperation in finance and trade.
The Hong Kong government said on Wednesday that Chan attended a breakfast meeting organised by the Giving to Amplify Earth Action initiative launched by the forum on Monday, where he shared views on how to make effective use of finance to address various crises facing the planet.
Chan highlighted that Hong Kong was a leading green finance hub in Asia, bringing together financial institutions, professional services and talent with relevant expertise and experience.
“Using climate change as an example, [Chan] pointed out that there is a significant funding gap globally in responding to climate change, and thus countries should work to promote collaboration among the public, private and philanthropic sectors, so as to encourage private investments in green and transition projects,” a spokesman said.
“The thriving ecosystem of family offices, private equity funds as well as wealth and asset management is conducive to effectively connecting wealth with climate transformation projects. Mr Chan said Hong Kong looks forward to strengthening cooperation in this area with various economies.”