Climate change: HK market can connect funds with projects, says Chan

Hong Kong’s Financial Secretary Paul Chan Mo-po (fourth left) speaks at the Constituency Meeting of the 57th Annual Meeting of the Board of Governors of the Asian Development Bank in Tbilisi, Georgia, on May 3, 2024. (PHOTO / HKSAR GOVT)

Hong Kong has a vibrant and high-quality financial market, which can efficiently connect market funds with projects to help the Asian Development Bank member countries in combatting climate change and engaging in green and low-carbon transition, the city’s finance chief has said.

Paul Chan Mo-po said this while speaking at the Constituency Meeting of the 57th annual meeting of the ADB board of governors in the Georgian capital, Tbilisi, on Friday.

At the meeting, he discussed ADB's work direction and strategy with representatives from several member countries. Topics discussed there included the future areas of focus, how to better utilize the bank's capital and lending capacity, and strengthening knowledge transfer and human resources training, according to a government statement.

Chan said Hong Kong actively promotes insurance-linked securities products, and has facilitated the issuance of a number of catastrophe bonds. They have not only helped transfer and spread of the relevant risks to the securities market, but also extended disaster protection to more people, he added.

The special administrative region’s flourishing green tech ecosystem can provide innovative and practical solutions for green development in different countries, he said.

Assisting ADB developing member countries to effectively address climate change is one of the main themes of this year's ADB annual meeting.

Financial Secretary Paul Chan (second right) meets Minister of Finance of Georgia Lasha Khutsishvili (first left) to discuss the enhancement of bilateral relationships in Tbilisi, Georgia, on May 3, 2024. (PHOTO / HKSAR GOVT)

While meeting with Georgia’s Minister of Finance Lasha Khutsishvili the same day, Chan expressed his confidence that Hong Kong can become an important platform for Georgian enterprises to expand their businesses in the region, and serve as a vital bridge that connects them with the vast market of the Chinese mainland.

They exchanged views on strengthening bilateral economic and trade relations, investment cooperation, tourism and people-to-people exchanges, etc.

Financial Secretary Paul Chan (third right), Asian Development Bank Executive Director Rachel Thompson (third left), and Deputy Executive Director Lisa Wright (second left) pose for a photo with others after a meeting on strengthening of bilateral cooperation, in Tbilisi, Georgia, on May 3, 2024. (PHOTO / HKSAR GOVT)

The financial secretary also met Rachel Thompson, executive director representing Hong Kong, China's constituency in the ADB Board of Directors, and Deputy Executive Director Lisa Wright. They discussed how Hong Kong could better assist ADB's developing member countries in sustainable development.

During the meeting, Chan stressed that green tech, green finance, and digital transformation should also be the focal points and key areas of support for member countries by the ADB.

Beyond offering financial and professional services, Hong Kong may also share its knowledge and experiences in the above areas with ADB members, such as collaborating on relevant activities and human resources training programs, he said.

Financial Secretary Paul Chan (left) meets with the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Georgia Zhou Qian in Tbilisi, Georgia, on May 3, 2024. (PHOTO / HKSAR GOVT)

During the day, Chan paid a courtesy visit to the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Georgia Zhou Qian and exchanged views on the latest developments of Hong Kong and Georgia.


Source: China Daily [2024-05-04]