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By Michael Herlihy, health and environmental manager, Danone Macroom Biodiversity refers to the variety of species of plants, animals, and microorganisms
Hong Kong: Green and sustainable finance - How governmental authorities are navigating climate risks globalcompliancenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globalcompliancenews.com Daily Mail and Mail on Sunday newspapers.
Green and sustainable finance in Hong Kong
The World Economic Forum Global Risks Report 2020, published in January 2020, highlighted significant risks that will be seen across the world in the next decade. Five of the top ten risks identified were climate-related. As such, governments, central banks, and other financial institutions are being called to action.
According to the United Nations (UN), Asia-Pacific is one of the regions that is most vulnerable to climate change risks. Globally, there have recently been extreme weather events, such as widespread forest fires and rising sea-levels, and Hong Kong saw its hottest summer on record.
Hong Kong Monetary Authority (HKMA)
But the battle to contain the spread led to the shutting of borders and the prioritization of self-sufficiency. The pandemic has widened political and social divisions, while throwing economies into disarray, requiring national responses that have sometimes been at odds with the global purpose.
The World Economic Forum Global Risks Report 2021, reveals how the crisis has challenged national policy-making and international relations in ways that threaten lasting impacts. Institutions and policies to support international coordination were already in decline, and responses to the pandemic have caused new geopolitical tensions. “With new stalemates and flashpoints in view, GRPS respondents rated ‘state collapse’ and ‘multilateralism collapse’ as critical threats over the next five to ten years.”