Hong Kong Sees Energy Security And Green Transition As Parallel Priorities

Hong Kong Financial Secretary Paul Chan said the ongoing Middle East conflict and disruptions to energy transport through the Strait of Hormuz show how overseas events can quickly affect energy supply, corporate costs and household spending, according to ETNet. He said Hong Kong has faced pressure from volatile energy prices, but supply has remained stable with strong support from the mainland. The government earlier introduced fuel subsidies and other relief measures when fuel prices surged, and will keep monitoring developments and respond as needed. Chan said energy security and the green transition must advance together. He added that supply diversification, cleaner energy development, stronger grids and investment in storage can improve the resilience of the energy system. Chan said Hong Kong aims to stop using coal for daily power generation by 2035, raise the share of zero-carbon energy in the fuel mix to about 60% to 70%, and achieve carbon neutrality before 2050. He said Hong Kong will also use its strengths in finance and innovation and technology to support regional energy transition. Last year, green and sustainable bonds and loans arranged in Hong Kong exceeded $76 billion, and the city ranked first in Asia for international green and sustainable bond issuance for the eighth straight year.