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SEE's opening remarks on environment and ecology at LegCo Finance Committee special meeting

HK

SEE's opening remarks on environment and ecology at LegCo Finance Committee special meeting
HK

HK

SEE's opening remarks on environment and ecology at LegCo Finance Committee special meeting

2024-04-17 15:45 Last Updated At:04-18 01:28

Insights from see on environment and ecology at legco finance committee special session

Following is the English translation of the opening remarks by the Secretary for Environment and Ecology, Mr Tse Chin-wan, on environment and ecology at the special meeting of the Legislative Council Finance Committee today (April 17):

Chairman,

As the Financial Secretary emphasised in the Budget, "green development is a defining feature of high quality development". To align with our country's "dual carbon" goals, Hong Kong will continue to implement various decarbonisation strategies and measures, and develop green tech innovation and other industries to promote the cultivation of a green and low-carbon production mode and lifestyle, thereby endeavouring to achieve carbon neutrality before 2050 and halving carbon emissions before 2035 from the 2005 level.

In respect of innovative technology, the Green Tech Fund (GTF) has already approved 30 research and development projects, involving a total grant of about $130 million. The projects cut across a wide array of subjects, such as production and storage of hydrogen fuel. The GTF helps the industry develop environmental protection technologies with commercialisation and application values, expediting the low-carbon transformation in Hong Kong.Furthermore, we will launch the pilot scheme on building-integrated photovoltaics at the Electrical and Mechanical Services Department headquarters to explore photovoltaic technology applications on the facades of government buildings. We will also support public and private organisations to use renewable energy to help Hong Kong realise carbon neutrality.

As for new-energy transport, to continue promoting the popularisation of electric vehicles (EVs), this year's Budget announced that the first registration tax concession arrangement for EVs will be extended for two years. We will also continue to promote the trials of new-energy transport technologies, riding on the progress made in recent years such as the commencement of services of the first hydrogen fuel cell bus in February. On infrastructure support, the number of parking spaces with charging infrastructure will jump to about 200 000 by mid-2027. We are rigorously following up with petrol filling station (PFS) operators on the latter's plan to retrofit quick charging facilities at PFSs and will formulate a citywide green transformation roadmap for public buses and taxis within this year.

As regards the promotion of waste reduction and recycling, the first phase of regulation on disposable plastic products will be implemented on April 22, i.e. next Monday, which is Earth Day. According to the Environmental Protection Department's (EPD) recent understanding with the trade, there is a steady and sufficient supply of non-plastic alternatives to tableware and hotel toiletries in the market, and we have recently noticed that most of the major restaurant chains have switched to alternatives or will do so from the implementation date, reflecting that the trade is well-prepared for the regulation. Upon the implementation of the new legislation, the EPD will adopt a progressive enforcement model by arranging staff to inspect relevant business premises during the six-month adaptation period, focusing on promotion and education, and providing appropriate advice to assist businesses in complying with the requirements under the new legislation.

Over a period of time, the community has expressed many views and concerns about the implementation of and arrangements for the legislation on municipal solid waste (MSW) charging. These comments are from various sectors of the community, including frontline workers, restaurants, residential care homes as well as different trades and industries. The Government has heard these voices. As a responsible and people-oriented government, we must have a clear understanding of the impact of MSW charging on different sectors of the community, and the problems associated with the introduction of MSW charging. Therefore, we have launched the Demonstration Scheme to pragmatically, thoroughly and in detail examine the problems that may arise during the implementation of MSW charging. The Deputy Chief Secretary for Administration is leading an interdepartmental steering group to oversee the work of the Demonstration Scheme as a whole and review its outcome. This will allow the Government to have a comprehensive understanding of the overall situation to pragmatically plan and take forward the next step. At the same time, the Government will continue to strengthen the support for recycling.

Last but not least, the Government is committed to conserving Hong Kong's natural ecology and enriching visitors' experience in the countryside. On March 1 this year, the Robin's Nest Country Park was formally established, becoming the 25th country park. We expect the statutory procedures for designating the eighth marine park, namely the North Lantau Marine Park, would be completed this year. In addition, the Countryside Conservation Office protects the natural ecology, revitalises village architectural environments and conserves cultural resources and historical heritage in remote countrysides through implementation of the Countryside Conservation Funding Scheme and minor improvement works projects. We expect that smart countryside conservation trails will be established this year at Lai Chi Wo, Mui Tsz Lam and Kuk Po in Sha Tau Kok. We will also take forward the work for the establishment of the Wetland Conservation Parks System in the Northern Metropolis, and will first establish the Sam Po Shue Wetland Conservation Park. In this regard, the Agriculture, Fisheries and Conservation Department is conducting a strategic feasibility study which is expected to be completed in the first half of this year.

My colleagues and I are happy to listen to Members' views and respond to questions.

Source: AI-generated images

Source: AI-generated images

Exploring the impact of ai on hong kong's financial industry: insights from sfst at zhongguancun forum

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, attended the 2024 Zhongguancun Forum Fintech Parallel Forum in Beijing today (April 29).

Mr Hui also called on the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, on the same day. Mr Hui reported to Director Xia on the latest developments and the way forward for Hong Kong financial market and key areas of work under the Financial Services and the Treasury Bureau (FSTB), which include offshore Renminbi businesses, securities, asset and wealth management, fintech and green finance. Director Xia fully recognised the work of the FSTB.He said that the Hong Kong and Macao Work Office of the Communist Party of China Central Committee will give full support to Hong Kong in pursuing economic growth and advancing development. He hoped that the HKSAR Government will publicise, leverage and make good use of its unique edges and roles, so as to attract more enterprises and talents to develop in Hong Kong.

Mr Hui expressed his gratitude for Director Xia's encouragement. Mr Hui was especially grateful for the country's announcement on April 19 about a series of measures to further expand the mutual access between the capital markets of the Mainland and Hong Kong. He also looked forward to liaising closely with the relevant Mainland ministries and institutions to implement the measures as early as possible, with an aim to jointly contribute to the country's development as a financial powerhouse and high-quality financial development.

Mr Hui delivered a keynote speech on how Hong Kong's financial sector addresses the opportunities and challenges brought by artificial intelligence (AI) at the Parallel Forum this morning. Developing AI has become a major global trend. Hong Kong, as an international financial centre, should certainly look into its impact on the financial industry. In this regard, Mr Hui shared his three judgements.

Mr Hui said, "Firstly, as a data-driven industry, the financial sector is suitable for embracing AI to enhance its efficiency and competitiveness significantly. Secondly, AI is like a double-edged sword, and improper use can bring considerable risks. Thirdly, as AI will become more and more prevalent, the amount of investment it attracts in the future will continue to increase, creating new businesses that will revamp the industry ecosystem."

"Being an international financial centre, Hong Kong's financial market is open and inclusive towards the application of AI. We are committed to building a healthy and sustainable market environment, encouraging the financial sector to seize the opportunities brought by AI, and at the same time, safeguarding the overall financial security with responsible use of AI," Mr Hui added.

Mr Hui said that the HKSAR Government will issue a policy statement later this year, setting out its policy stance and approach on the application of AI in the financial market. He also looked forward to maintaining close exchanges and co-operation between Beijing and Hong Kong in the areas of AI and digital economy in the future, as well as exploring new development opportunities together.

Organised by the Haidian District People's Government, the Xicheng District People's Government, the Asian Financial Cooperation Association, and Tsinghua University PBC School of Finance, the Parallel Forum invites guests to discuss the prospects of integrated development of digital finance and AI under the theme "AI for Digital Finance Development". At the Parallel Forum, those joining Mr Hui to deliver keynote speeches included the Nobel Laureate in Economic Sciences of 2001, Professor Michael Spence; academician of the Chinese Academy of Sciences and professor of the Department of Computer Science and Technology of Tsinghua University, Professor Zhang Bo; and former vice-president of the Renmin University of China Professor Wu Xiaoqiu.

Mr Hui will return to Hong Kong tomorrow (April 30). Before concluding his visit to Beijing, Mr Hui will meet with the leadership of the China Development Bank and the Bank of China.

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum  Source: HKSAR Government Press Releases

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum  Source: HKSAR Government Press Releases

SFST elaborates on opportunities and challenges brought by AI to Hong Kong's financial industry at Zhongguancun Forum Source: HKSAR Government Press Releases

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