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Hong Kong To Invest $30.8 Billion To Achieve Carbon Neutrality

The Hong Kong government has announced that they plan to invest about HK$240 billion ($30.8 Billion) in the next 15 to 20 years regarding climate change. Secretary for the Environment Wong Kam-Sing spoke at the Hong Kong’s Climate Action Plan 2050.

Decarbonisation Work Would Focus On Three Key Areas

Speaking at the Hong Kong’s Climate Action Plan 2050, Kam-sing said that back in 2019, the electricity generation was Hong Kong’s largest source of carbon emissions which was 66 percent. Along with transport which was 18 percent and waste which was 7 percent.

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Following this, he said that the decarbonisation work would focus on these three key areas. With the goal to take Hong Kong towards the goal of carbon neutrality, the new plan outlines four major strategies and measures. It includes net-zero electricity generation, green transport, energy saving and green buildings and waste reduction.

Kam-sing further added that achieving carbon neutrality before 2050 is extremely challenging and requires participation from the whole community. Regarding the same, the public can contribute by practicing a low carbon lifestyle via energy saving and waste reduction. He said that he hopes that the government will join hands with the community and build a better future together.

HK Environment Bureau To Set Up Office Of Climate Change and Carbon Neutrality 

Meanwhile, the environment bureau will also be setting up a new Office of Climate Change and Carbon Neutrality to strengthen coordination and promote decarbonisation. Along with having a dedicated advisory committee on combating climate change. They would encourage different sectors in the community including the younger generations to participate in the climate actions.

In response to the Paris Agreement, the city government announced Hong Kong’s Climate Action Plan 2030+ in 2017, setting out the decarbonisation target of reducing the carbon intensity by 65 per cent to 70 per cent by 2030 using 2005 as the base, which is equivalent to a reduction in the total carbon emissions by 26 per cent to 36 per cent.