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Harvey Rouse

Climate change is one of the defining challenges of our time. Last year marked the hottest on record, and extreme weather is becoming more frequent and more severe. Just last month, scientists warned that we have only three years left to limit global warming to 1.5 degrees Celsius above pre-industrial levels as set by the Paris Agreement.
This target has long been the pillar of climate efforts worldwide. Our planet is not waiting for us. The European Union and Hong Kong share this conviction: the world must change course, and quickly.
We have everything it takes to jointly move ahead on the green transition, not least our shared ambition of achieving carbon neutrality by 2050. Our ties are close, broad and deep. The EU is one of Hong Kong’s major trading partners, with bilateral trade in goods and services amounting to HK$605 billion (US$77.1 billion) and EU investment in the city reaching HK$758 billion last year.
We are the largest foreign business community in Hong Kong. For more than half of the roughly 1,600 EU companies based here, Hong Kong serves as their regional headquarters. EU citizens and companies contribute across nearly every sector of Hong Kong’s economy and society – from finance, transport and logistics to retail, food and beverage, construction and engineering, as well as Hong Kong’s excellent universities and its vibrant arts scene.
Many are actively involved in the local green transition, working in green finance, sustainable mobility, clean energy, green infrastructure and waste management. Accordingly, we are contributing not only to Hong Kong’s prosperity and vibrancy but are also actively supporting Hong Kong’s green transition.
The EU has long been a world leader on climate action, sustainability and green growth. Importantly, we have busted a long-standing myth. Since 1990, we have reduced emissions by 37 per cent while growing our economy by 68 per cent. This is clear evidence that the green transformation is not a barrier to growth but rather a driver. Furthermore, we are on track to cut emissions by at least 55 per cent by 2030 and are aiming for a 90 per cent reduction by 2040.


To achieve these clear and ambitious goals, the EU has become a standard setter and a promoter of green business solutions and technologies. The EU’s Emissions Trading System (ETS) has already halved emissions from power and heavy industry compared to 2005 levels while generating more than €200 billion (US$235.6 billion) in revenue, largely reinvested in clean innovation and the energy transition.
To prevent “carbon leakage” – where businesses shift production to regions with looser standards – we introduced the Carbon Border Adjustment Mechanism, which levels the playing field and encourages global decarbonisation. It is already helping industries in Asia transition to cleaner production, together with EU initiatives on corporate sustainability, due diligence and reporting. Many other countries are also exploring carbon pricing and leakage measures.
The EU is eager to deepen cooperation and share further its expertise with Hong Kong on climate and environmental action. For instance, we wish to explore ways to promote sustainable mobility and increase use of sustainable fuels. Our ETS has recently included maritime transport emissions and will end free allocations for aviation in 2026.
This can also support Hong Kong’s transformation. The city also has tremendous potential as a green finance hub. Already today, more than one third of Asia’s green and sustainable bonds are issued in Hong Kong. EU-Hong Kong cooperation on green finance is already bearing fruit, and we hope to strengthen it further.

Hong Kong’s Taxonomy for Sustainable Finance, which was launched last year, references similar developments elsewhere, including the EU Taxonomy and the Common Ground Taxonomy. Hong Kong is also a part of the International Platform for Sustainable Finance, an EU initiative fostering global green standards.
The fourth edition of EU’s annual flagship sustainability event in Hong Kong, “Greenway 2025: Accelerating Changes” on June 23, underlines our joint commitment to cooperation. Chief Executive John Lee Ka-chiu joined me in opening this flagship event. This year’s edition brought together more than 200 government officials and leaders from business and civil society from Hong Kong and the EU to exchange experiences and discuss the best way forward.
Secretary for Environment and Ecology Tse Chin-wan and Acting Secretary for Financial Services and the Treasury Joseph Chan Ho-lim also joined the discussion. During the event, the European Chamber of Commerce in Hong Kong and the Hong Kong General Chamber of Commerce submitted 23 concrete recommendations from the EU and Hong Kong business communities to the Hong Kong government, with the goal of accelerating the green transformation of our economies. We look forward to further strengthening our dialogue and cooperation in these areas.

Looking ahead, EU businesses are ready to contribute to the development of the Northern Metropolis. This major initiative is a unique opportunity to embed green thinking from the start through energy-efficient construction standards, sustainable urban design and circular economy principles.
Hong Kong is uniquely positioned to connect East and West on green growth and help drive the green transition across Asia. The EU and the EU business community, with ambitious standards, cutting-edge green technologies and outstanding expertise in sustainable business practices, will continue to be strong and reliable partners to Hong Kong on this journey.
As Simone de Beauvoir said: “Change your life today. Don’t gamble on the future, act now, without delay.” Building on our close economic ties and joint commitment to sustainability, let us build together a greener future for Hong Kong, the EU and the world.


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Hong Kong and EU are natural partners on 2050 carbon neutral goal

Hong Kong issued a very hot weather warning signal on October 19 last year. Scientists have warned that we have only three years left to limit global warming to 1.5 degrees Celsius above pre-industrial levels. Photo: Nora Tam

Chief Executive John Lee Ka-chiu (left) and Harvey Rouse (right), ambassador and head of the European Union Office to Hong Kong and Macau, pose during the “Greenway 2025: Accelerating Changes” event at the Island Shangri-La Hotel in Admiralty on June 23. Photo: May Tse

London and Hong Kong hold the keys to closer UK-China collaboration

A view of Hong Kong Island and Victoria Harbour at sunset on May 19. The historic ties between London and Hong Kong provide a strong foundation for a consistent, clear and ambitious services relationship between China and the UK. Photo: AFP

Chinese Vice-Premier He Lifeng (right) gestures to UK Chancellor of the Exchequer Rachel Reeves before the start of the bilateral Economy and Finance Dialogue in Beijing on January 11. Photo: AP

An office worker walks by the City of London financial district, in London, Britain, on January 17. The UK remains the world’s largest offshore renminbi hub outside China, second to Hong Kong. Photo: Reuters

Hong Kong’s Northern Metropolis can benefit from EU firms’ expertise: John Lee

The Northern Metropolis is set to house a population of about 2.5 million and create around 650,000 jobs. Photo: May Tse

Chief Executive John Lee (left) and Harvey Rouse, head of the EU office in Hong Kong, on stage at Greenway 2025. Photo: May Tse

Hong Kong’s status as green finance hub in danger from ‘loopholes’, lack of greenwashing checks: Greenpeace

A tourist views the Hong Kong skyline from The Peak on March 20, 2024. Photo: Eugene Lee

Tom Ng Hon-lam, Greenpeace campaigner, holds a press briefing at GreenPeace’s office in San Po Kong on September 6, 2023. Photo: Jelly Tse

Hong Kong should be on the front lines of climate finance

A child flies a kite at the waterfront in West Kowloon Cultural District, across from the harbour from Hong Kong’s financial district, on February 15, 2023. Photo: Sam Tsang

A person walks by a staircase at the Chinese University of Hong Kong with a message promoting the Sustainable Development Goals, on June 19, 2023. Photo: Xiaomei Chen

A solar panel system is seen on a rooftop of a hotel on Lantau Island, on June 2, 2023. Photo: Yik Yeung-man

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The EU’s leadership on climate action and green growth dovetails with Hong Kong’s potential as a hub for green finance


The EU’s leadership on climate action and green growth dovetails with Hong Kong’s potential as a hub for green finance.


Green bonds

European Union

Tse Chin-wan

Hong Kong General Chamber of Commerce

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Hong Kong and EU are natural partners on 2050 carbon neutral goal

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The EU’s leadership on climate action and green growth dovetails with Hong Kong’s potential as a hub for green finance

The EU’s leadership on climate action and green growth dovetails with Hong Kong’s potential as a hub for green finance