Press Release

Press Release

Prospective of HK Carbon Finance & Trading Seminar

Date and Time:
Day One: 5 August 2011 (Fri) 10.00 am – 6.00 pm
Day Two: 6 August 2011 (Sat) 10.00 am – 1.00 pm

Venue: Conference Hall 04, Hong Kong Science & Technology Parks

Prospective of HK Carbon Finance & Trading Seminar was successfully held at the Hong Kong Science Park from 5th to 6th August 2011. It was co-organized by S.T.A.R.S. Foundation and Green Council, supported by Hong Kong Science & Technology Parks, ASTRI, Intercontinental Exchange, Environmental Division of Hong Kong Institution of Engineers and Quality Life Foundation. Over 60 business leaders, academics, and broader society attended to learn about carbon finance and trading and the prospect of setting up a carbon exchange centre in Hong Kong.

One of our speakers, Mr. Christopher Tung, Partner of K&L Gates, has practised in Hong Kong since 1992 and is an active adviser in clean energy & clean technology investments, carbon trading and carbon finance matters. He gave an introduction to low carbon economy challenges and how they might be overcome. He pointed out the necessity of sustainable development, why it is relevant to Hong Kong, and what needs to be done. He showed the importance and how sustainable development must be balanced in considering our society's economic, social, and environmental interests, and not compromise any of these three aspects. However, getting all of these policies implemented in Hong Kong would be difficult, so Mr. Tung suggested actions that are more likely to be carried out by the Hong Kong government, including sector specific strategies and action plans.

Professor Lee Chien Ming, the professor of Advance Management of the Energy Sector at the Cheung Kong Graduate School of Business, spoke in detail about Carbon finance and trading and compared its advantages and disadvantages with those of other environmental policies. He began with a broad overview of the carbon exchange system, its purpose, and described recent developments in this area. He then discussed in detail different aspects of Carbon trading.The current developments for the UNFCCC (United Nations Framework Convention on climate Change) carbon markets was described as well as results from the Copenhagen Summit. Using Taiwan as an example, Profess Lee also described how the government can encourage new technologies that lower carbon emissions by giving new businesses rights to sell their carbon credits first.

Jeff Huang, Managing Director for Greater China at the Intercontinental Exchange gave a presentation on the feasibility of pricing carbon in China. After describing the aim of an emissions trading scheme and how it works, he described the current need and opportunities in China in terms of emissions trading. He gave many actual examples of trading, such as offshore Yuan markets and the US Dollar Index Futures, and Crude oil. Various examples of offset credits were also given, such as the Chicago Climate Exchange Ozone Depleting Substance credits. He concluded by emphasizing the magnitude of the carbon emissions problem in China, and giving some suggestions in what could be done in the coming years.

Dominic Yin, Chairman & Founder of Hong Kong Association of Energy Service Companies, introduced the importance of practising carbon finance and trading in China. He shared his dreams of promoting sustainable energy such as using solar energy in order to provide a better living environment for people and setting up a low carbon emission city which can lead the world to a better future.

The seminar demonstrated how Hong Kong and China could learn from the experience gained by carbon exchange centres in Taiwan and Chicago. Through this event participants gained more insight into the prospect of setting up such an exchange in Hong Kong. S.T.A.R.S. Foundation and Green Council will continue to hold seminars about carbon fiance and trading in the coming future. Please visit our website or contact Miss Prudence Lee for more information.



Supporting organizers: