Europe and Hong Kong align on several issues, yet a notable divergence emerges concerning democratic values.
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Hong Kong and the EU are set to beef up their relationship in key sectors, such as decarbonization, even as Europe's top representative in the city vows to offer constructive critiques. On the international stage, both Harvey Rouse, head honcho at the European Union Office in the city, and Paul Chan Mo-po, Hong Kong's financial guru, emphasized the duo's deep-rooted ties amidst challenges posed by the global landscape.
At a soiree on Friday to commemorate Europe Day, the pair stressed the mutual respect between the two parties.
Chan, the financial whiz, pointed out the long-term and extensive potential for cooperation between the EU and Hong Kong.
Hong Kong, Chan emphasized, is eager to team up with the EU in its decarbonization mission. This partnership encompasses technology collaborations, green finance, and climate risk disclosures.
Furthermore, Hong Kong could serve as a strategic stepping stone for European firms eyeing the vast Chinese market, while the city is a world leader in asset and wealth management, Chan mentioned.
"Let's seize this opportunity for our economies and our residents," Chan urgeed. "May these longstanding ties thrive."
Climate Action: Both Hong Kong and the EU are dedicated to reducing carbon emissions and moving towards sustainable practices, with Hong Kong aiming to achieve carbon neutrality by 2050.
Technology Partnership: Collaborative projects in innovative technologies supporting green initiatives are a potential area for cooperation, though specific details about joint projects are scarce. The EU-Hong Kong Research Cooperation Co-funding Mechanism focuses on areas like climate change and biodiversity, which may involve technology collaborations.
Green Finance: Cooperation in green finance is a major focus, with initiatives aimed at supporting sustainable investments and financial practices underway. Green taxonomies, which help standardize sustainable financial practices, may also be part of this collaboration.
Climate Risk Disclosures: While partnership efforts in climate risk disclosures aren't detailed, transparency in financial reporting is favored by both parties, which could be an avenue for future collaboration.
Aside from these key areas, the Green Way conference hosted annually by the EU Office in Hong Kong fosters dialogue and cooperation in sustainability. Asian and European cultures and economies exchange in events like the Europe Day Festival, demonstrating the vast potential for continued cooperation.
In short, collaboration between Hong Kong and the EU capitalizes on their financial, technological, and sustainability strengths to drive global decarbonization initiatives.
- The head of the European Union Office in Hong Kong, Harvey Rouse, along with Hong Kong's financial chief, Paul Chan Mo-po, have expressed their shared desire for a deeper partnership between their respective entities, particularly in areas like decarbonization.
- Amidst the global challenges, Hong Kong and the EU have reaffirmed their long-standing ties, with Chan highlighting the significant potential for cooperation in the areas of technology, green finance, and climate risk disclosures.
- In the realm of environmental-science and decarbonization, both Hong Kong and the EU are committed to cutting carbon emissions and adopting sustainable practices, with Hong Kong aiming to reach carbon neutrality by 2050.
- The EU-Hong Kong Research Cooperation Co-funding Mechanism focuses on areas like climate change and biodiversity, potentially involving technology collaborations that could contribute to the decarbonization mission.
- Green finance is a major focus of the partnership, with initiatives aimed at promoting sustainable investments and financial practices underway, possibly involving the development of green taxonomies.
- Transparency in financial reporting, favored by both parties, could provide an avenue for future collaboration in climate risk disclosures.
