Speech by Acting CE at Greenway 2026 - Driving Sustainability Through Innovation (English only) (with photo)
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Ambassador Rouse (Ambassador and Head of Office of the European Union to Hong Kong and Macao, Mr Harvey Rouse), Mr Hack (Chair of the European Chamber of Commerce in Hong Kong, Mr Johannes Hack), Consulate Generals, distinguished guests, ladies and gentlemen,
Good morning. It is my great pleasure to join you today to open the Greenway 2026. I would like to begin by extending my warmest congratulations to the European Union Office to Hong Kong and Macao and the European Chamber of Commerce in Hong Kong on holding the fifth edition of this flagship event.
The growth of this flagship forum into a full-day programme speaks volumes about the importance and imminence of this year's theme, namely, "Driving Sustainability Through Innovation".
On the one hand, environmental challenges, particularly those caused by climate change, have become more acute. Last year, the World Meteorological Organization (WMO) warned that there would be a 70 per cent chance for the five-year average global temperature for 2025 to 2029 to exceed 1.5 degrees Celsius - a sharp rise from the 47 per cent forecast just a year earlier. Earlier this month, the WMO reported an 80 per cent likelihood of El Niño developing between June and August, with the probability of it continuing until at least November near or above 90 per cent. As the United Nations Secretary-General warned, El Niño conditions will "pour fuel on the fire of a warming world". In fact, both Europe and Hong Kong as well as other parts of the world are experiencing more extreme weather conditions recently.
To tackle the serious environmental challenges, both the European Union and Hong Kong have set vital goals towards achieving climate neutrality. Insofar as Hong Kong is concerned, we aim at halving our carbon emissions before 2035 from the 2005 level, with a view to achieving carbon neutrality by 2050. I am pleased to say that substantial progress has been made: Hong Kong's total greenhouse gas emissions have already fallen by 27 per cent from their 2014 peak.
What is critical is that we shall attempt to achieve these vital goals by taking measures that would be conducive to sustainable economic and social development at the same time. In the Chinese language, crisis is 危機. It consists of two characters: the literal translation of the first one is danger whereas that of the second is opportunity. Ancient wisdom teaches us that danger is always followed by opportunity. The big question is how to seize the opportunity. In the present context, I believe the answer lies in the word "innovation".
This is indeed the overall strategy of Hong Kong as demonstrated by various policy directions and key proposals set out in the public consultation document regarding the First Five-Year Plan for Economic and Social Development of the HKSAR (Hong Kong Special Administrative Region) (First Five-Year Plan) released last Monday on June 15. Paragraph 6 in Part 6 is titled "New energy, green technology, and innovative applications". It consists of three main directions and related proposals, which are of particular relevance to today's theme:
(a) first, to dovetail with the country's development in new energy technology by supporting and piloting technologies and solutions related to energy management, green buildings, waste treatment, environmental monitoring, and climate risk management;
(b) second, to support the R&D (research and development), production and application of sustainable aviation fuel (SAF) and hydrogen fuel, promote the low-carbon transition of the aviation industry and the traffic and transport sector, and develop Hong Kong into a demonstration platform for green and low-carbon hydrogen technologies; and
(c) third, to strengthen collaboration across industry, academic and research sectors to promote the local application of technological outcomes achieved by higher education and research institutions, and facilitate the expansion and strengthening of promising green technology enterprises through financial and market-driven mechanisms.
In addition, in Part 2 of the consultation document which sets out directions and proposals on strengthening Hong Kong's development in four major sectors, namely finance, trade, maritime and aviation, apart from referring to green finance, it is stated that Hong Kong needs to promote green transformation to enhance the added value and competitiveness of its maritime and aviation sectors such as the expansion of green fuel bunkering.
I would like to take the opportunity to elaborate on three specific examples to demonstrate Hong Kong's ability and determination in driving sustainability through innovation.
First, green finance. As a leading international financial centre, Hong Kong is Asia's premier sustainable financial hub. The green transformation requires capital inputs on an unprecedented scale, and Hong Kong provides a most reliable and friendly platform for raising the capital needed. For eight consecutive years, Hong Kong has led Asia in arranging international green and sustainable bond issuances, which accounted for about 40 per cent of the regional total. On May 8 this year, the HKSAR Government announced the successful pricing of approximately HK$27.6 billion worth of green bonds and infrastructure bonds denominated under the Government Sustainable Bond Programme and the Infrastructure Bond Programme. They included a EUR750 million 8-year green tranche priced at 3.119 per cent. The HKSAR Government published its Green Bond Framework in March 2019, which was updated in February 2022. It sets out how green bond proceeds will be used to fund projects to improve the environment and facilitate the transition to a low carbon economy. As at August 31, 2025, the Government had successfully issued around HK$240 billion, or US$31 billion, worth of green bonds.
Second, SAF. As an international aviation hub, Hong Kong is committed to supporting the decarbonisation of global flights. SAF can reduce lifecycle emissions by more than 80 per cent as compared with conventional aviation fuel. Recently, in early May, the Government supported a local enterprise, namely EcoCeres, in signing a Memorandum of Understanding with the Dongguan Government to build SAF production plants in Dongguan, a city in the Guangdong-Hong Kong-Macao Greater Bay Area. Incubated and founded in Hong Kong, EcoCeres uses proprietary integrated technology to convert waste cooking oil into internationally certified SAF. The partnership will create an integrated end-to-end model: that is waste-based feedstock collection across the Greater Bay Area, refining and production in Dongguan, and blending, refuelling, and trading operations in Hong Kong - while also helping to drive the development of the regional circular economy.
Third, clean energy and hydrogen. The Government announced the Strategy of Hydrogen Development in Hong Kong in 2024. We are rolling out real-world hydrogen applications, underpinned by robust safety regulations and a certification system designed to recognise green hydrogen. As at the end of May 2026, the Inter-departmental Working Group on Using Hydrogen as Fuel has given agreement-in-principle to 38 hydrogen energy trial projects, covering applications in the areas of transport, infrastructure, and hydrogen gensets at construction sites, etc. The Gas Safety (Amendment) Ordinance 2025 was gazetted on July 25, 2025. The Government is currently drafting the relevant subsidiary legislation. The aim is to provide a clear legal framework and a stable regulatory environment for the hydrogen energy industry, so that local and international investors can develop hydrogen-related businesses in Hong Kong with greater confidence.
There is no doubt that sustainable development by innovation will play a key role in the future development of Hong Kong, and feature prominently in Hong Kong's First Five-Year Plan. This is why I believe that the timing of this forum is perfect. It is most exciting to see so many eminent speakers from different areas who will share their wisdoms with us very soon.
Whether a place can attain sustainable development by innovation would depend very much on its overall competitiveness. In the latest World Competitiveness Yearbook 2026 published by the International Institute for Management Development (IMD), the rule of law was put at the centre of competitiveness. The Director of IMD World Competitiveness Center remarked that economic competitiveness in 2026 is no longer mainly a contest of cost or scale, or even of innovation; it is a contest of institutional credibility. The more fragmented the world becomes, the more valuable predictable rules, and enforceable commitments become. And hence, economies at the top of the table are those that uphold the rule of law most consistently.
This year, Hong Kong's ranking has risen for three consecutive years to the second globally. This is a very strong testament to Hong Kong's institutional credibility under the principle of "one country, two systems" based on the rule of law, and characterised by predictability, reliability, integrity and efficiency.
I would say that another crucial reason for Hong Kong's competitiveness is its openness. Hong Kong is committed to remaining an open and diversified society. For the present purpose, friends from the European Union are most welcome to join hands with us to explore and seize the opportunities offered by using innovation to support a sustainable development whilst overcoming environmental challenges at the same time. Indeed, we have to work together because what is at stake is not merely the interests of the people of the European Union or Hong Kong, but mankind as a whole; and failure is not an option.
May I conclude by wishing you all a productive and inspiring Greenway 2026. Thank you.
Ends/Tuesday, June 23, 2026
Issued at HKT 11:49
Issued at HKT 11:49
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