BUS News

What are the most contentious issues in climate negotiations, and what role can Hong Kong play in global climate action? On 5^th December, 2024, the HKBU School of Business, in collaboration with the Centre for Sustainable Development Studies (CSDS) and CarbonCare InnoLab, hosted a sharing session featuring participants who recently returned from COP29 (the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change). Titled “Climate Action: Commitments, Realities, and the Role of Hong Kong”, the event drew over 110 attendees and served as a platform for sharing insights and experiences from COP29 in Baku, Azerbaijan.

The session opened with a presentation by Prof. Yuk-shing CHENG, Interim Dean of the School of Business, who explored the complexities of COP climate negotiations. He highlighted the long-established “principle of common but differentiated responsibility” for climate action and the how it has shaped the agenda of various COPs over the years.  He remarked, “Developing countries believe that developed nations have got rich from the industrial revolution, a major source of climate change.  They argue that developed nations should offer more support to developing countries through clear financial commitments.” Discussing the outcome of COP29, Prof. Cheng noted, “Developing countries have expressed disappointment with COP29, criticizing its emphasis on private climate finance, which they view as insecure and burdened with interest costs.”

In discussing Hong Kong's role, Prof. CHENG remarked the city is well-positioned to establish an efficient market of green finance with high standards and connect China's carbon market with international ones to enhance emissions reduction.

Taking the stage next, Mr. Man Kit CHUNG, Research Fellow at CSDS, offered a unique perspective on the negotiations at COP29 in Baku, Azerbaijan, describing its landscape, often referred to as “half water, half fire”, as symbolising the contrasting views of different nations. He pointed out the tension surrounding climate finance and the urgency of timely action, as many commitments remain unfulfilled. Mr. CHUNG also discussed China’s proactive role at COP29 and its likelihood to become the climate leader. Despite being the largest carbon emitter, China is recognised for its contributions to green technology and the huge contribution to decarbonization in the past decade. As COP29 progresses, hopes rise for greater ambition from China for COP30, though challenges remain.

The final speaker, Ms. Wai Fun HO, Programme Manager at CarbonCare InnoLab, shared her organisation’s efforts in empowering youth in climate action and her insights from COP29. She stressed the crucial roles that local NGOs and youth play in climate action. “At COP, youth can attend side events, engage with experts, and network globally, representing their communities by sharing experiences and hosting discussions on key issues,” Ms. HO stated, motivating the audience, largely consisting of undergraduate business students, to take part.

The session wrapped up with a lively Q&A, where participants delved deeper into Hong Kong's role in achieving ESG goals and combating greenwashing. The discussion covered the need for local engagement and collaboration among youth, corporations, and governments. The session was moderated by Dr. Aries WONG, Associate Director of the CSDS.