The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority, as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announced that a tender of 1-year HONIA-indexed Floating Rate Notes (issue number 01GH2408) under the Institutional Bond Issuance Programme was held today (August 16).
      
     A total of HK$1.5 billion 1-year HONIA-indexed Floating Rate Notes were allocated today. A total of HK$5.825 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of notes applied for to notes issued, is 3.88. The highest spread accepted is 0.38 per cent. 
      
HKSAR Government Institutional Bond Issuance Programme Government Bond tender results
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     Tender results of 1-year HONIA-indexed Floating Rate Notes under the Institutional Bond Issuance Programme:
 

 
* Calculated as the amount of notes applied for over the amount of notes issued.

     The Secretary for Environment and Ecology, Mr Tse Chin-wan, attended the Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting, under the theme of "Creating a Resilient and Sustainable Future for All", held in Seattle, the United States (US), today (August 15, US time).
 
     Speaking at the opening plenary, Mr Tse shared with other energy ministers the Hong Kong Special Administrative Region (HKSAR) Government's strong commitment to combat climate change through four major decarbonisation strategies promulgated in the Hong Kong's Climate Action Plan 2050. A new Office of Climate Change and Carbon Neutrality has been set up to formulate strategies, policies and action plans for tackling climate change and achieving carbon neutrality with a view to strengthening the co-ordination and promotion of deep decarbonisation. A dedicated climate budget of $240 billion has been earmarked for decarbonisation and green projects.
 
     Mr Tse said, "Hong Kong, China, will continue to sharpen our own policies, step up actions in combating climate change, and welcome collaboration with other APEC economies to shape a greener tomorrow." With a view of contributing to APEC's energy goals, the HKSAR Government has been participating in the APEC Energy Working Group and sponsoring energy projects. APEC's Energy Intensity Reduction Goal is to reduce APEC's aggregate energy intensity by 45 per cent by 2035, against the 2005 level. So far, the energy intensity in Hong Kong has decreased by over 30 per cent.
 
     When attending the discussion session entitled Power Sector Decarbonization on the same day, Mr Tse shared with APEC member economies the strategies and work of the HKSAR Government on decarbonising the power sector. As a result of sterling efforts made by the HKSAR Government to reduce carbon emissions of the power sector, the share of coal has dropped to about a quarter of the fuel mix in 2022. He said that a new offshore liquefied natural gas terminal in Hong Kong had commenced operation to provide a cleaner, more reliable and diverse energy supply. 
 
     "To further decarbonise our power sector, we have set the target to cease using coal for daily electricity generation by 2035. We are also striving to increase the use of zero-carbon energy and its share in electricity utilisation to around 60 per cent to 70 per cent before 2035," Mr Tse said.
 
     Regarding the development of renewable energy, Mr Tse highlighted the plan of installing more floating solar power systems at reservoirs and introducing highly efficient storage battery technology. Small-scale renewable energy systems are being installed at public housing estates and government premises and facilities. The HKSAR Government is also exploring collaboration with neighbouring regions on zero-carbon energy projects.
 
     "These will help us achieve the interim target to reduce carbon emissions by half from the 2005 level before 2035," Mr Tse said.
 
     Mr Tse also visited new energy facilities arranged by the host economy, including the Microsoft Thermal Energy Center and a carbon reduction company to learn about the latest new energy developments in the US.
 
     Yesterday (August 14, US time), Mr Tse had a side meeting with the Deputy Director of the National Energy Administration, Mr Ren Jingdong, to exchange views on strengthening regional co-operation.
 
      Mr Tse will continue to join other discussion sessions on August 16 (US time) and will conclude his visit on August 17 (US time).

          

     Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at a discussion session titled Power Sector Decarbonization at the Asia-Pacific Economic Cooperation Energy Ministerial Meeting in Seattle, the United States (US), today (August 15, US time):
 
     Thank you, Chair and fellow colleagues. Good day to all of you.
 
     President Xi Jinping has made it clear that China would endeavour to achieve the peak of carbon emissions before 2030 and carbon neutrality before 2060.  
 
     As to Hong Kong, China, our carbon emissions peaked in 2014. Hence, our targets are to cut our carbon emissions by half before 2035, and achieve carbon neutrality before 2050. At the moment, the carbon emissions have been reduced by about one quarter below the peak. Electricity utilisation is one of the largest sources of carbon emissions in Hong Kong, China. As such, we have set "net-zero electricity generation" as one of our major decarbonisation strategies and targets to be achieved before 2050.
 
     In this regard, the power companies have not been allowed to build new coal-fired generating units since 1997 and are required to replace coal with cleaner fuels. As a result, the share of coal has dropped to about a quarter of the fuel mix in 2022. For the rest of the fuel mix, about half is natural gas while slightly more than a quarter is nuclear and renewable energy.
 
     The two power companies in Hong Kong, China, have developed and constructed a new offshore liquefied natural gas terminal within our waters with the world's largest floating storage and regasification unit to provide cleaner, more reliable and diverse energy supply.
 
     To further decarbonise our power sector, we have set the target to cease using coal for daily electricity generation by 2035. We are also striving to increase the use of zero-carbon energy and its share in electricity utilisation to around 60 per cent to 70 per cent before 2035.
 
     Hong Kong, China, is a small place with severe geographical and environmental constraints. Nevertheless, the Government has been striving to drive the development of renewable energy. We are planning to install a five megawatt floating solar power system at a reservoir and introduce highly efficient storage battery technology. HK$3 billion is allocated to install small-scale renewable energy systems at government premises. Renewable energy features have also been applied in the design of public housing estates, which accommodate half of our population.
 
     In the course of decarbonising our power sector, it is important to ensure our community is enjoying a reliable and safe energy supply also at reasonable prices. At the moment, nuclear energy imported from the Mainland accounts for about a quarter of our fuel mix for electricity utilisation. It has been proven to be a critical stabilising factor in electricity tariffs.
 
     Looking to the future, we are exploring collaboration with neighbouring regions in zero-carbon energy projects, as well as planning the construction of large-scale electricity facilities for receiving and processing zero-carbon electricity transmitted from other regions. These will help us achieve the interim target to reduce carbon emissions by half before 2035.
 
     Ladies and gentlemen, climate change is a global issue that demands a global solution. Building a carbon-neutral future requires the concerted efforts of every one of us. Today's session provides an excellent platform for knowledge exchange. I believe that all of you will benefit from the insights shared by the speakers. Thank you.

     â€‹As the Heat Stress at Work Warning is now in effect, the Labour Department (LD) reminds employers and employees to take appropriate measures during the effective period of the warning to prevent heat stroke when working in hot weather or hot environments.
      
     Employees who work outdoors or in non-air-conditioned indoor environments face high levels of heat stress and are at a relatively higher risk of heat stroke. Employers should assess the risk factors of heat stress for employees at work and, based on the identified risk factors, take necessary preventive and control measures, including rescheduling work periods, setting up shading covers, providing ventilation and heat dissipation equipment, and reminding employees to replenish water and rest in a timely manner.
      
     The Heat Stress at Work Warning is formulated by the LD based on the Hong Kong Heat Index. There are three levels of the warning: Amber, Red and Black, which help employers and employees better understand the level of heat stress while working outdoors or indoors without air-conditioning systems.
      
     A spokesman for the LD said that when the department issues the Heat Stress at Work Warning, employers must refer to the criteria and recommendations provided in the "Guidance Notes on Prevention of Heat Stroke at Work" to conduct risk assessments, according to the workloads and other relevant heat stress risk factors, for employees who work outdoors or in non-air-conditioned indoor workplaces. Appropriate rest breaks should be arranged every hour, as far as reasonably practicable, based on various levels of the Heat Stress at Work Warning, to reduce employees' risk of heat stroke.
      
     Employees must also follow instructions to rest on time. Whenever there are any symptoms of heat-related illnesses, such as headache, dizziness, thirst, and nausea, they should rest in a cool and shady place, drink water, and inform employers/supervisors to take appropriate action immediately.
      
     The LD issued the "Guidance Notes on Prevention of Heat Stroke at Work", detailing the various risk factors that should be considered when conducting heat stress risk assessments and recommending corresponding control measures for identified risk factors for employers' and employees' reference. For the Heat Stress at Work Warning and related guidelines, please refer to the department's thematic webpage: www.labour.gov.hk/eng/news/prevention_of_heat_stroke_at_work.htm.

     Following is the speech by the Secretary for Environment and Ecology, Mr Tse Chin-wan, at the opening plenary of Asia-Pacific Economic Cooperation (APEC) Energy Ministerial Meeting in Seattle, the United States (US), today (August 15, US time):
 
     Thank you, Chair and fellow colleagues. Hong Kong, China is committed to contributing to the development of a resilient and sustainable APEC community by actively participating in the APEC Energy Working Group and sponsoring projects of other APEC economies. Hong Kong, China is the Deputy Lead Shepherd of the Energy Working Group, which, amongst other things, explores new APEC energy-related goals in addressing the climate challenges. Hong Kong, China was also the Chair of the APEC Expert Group on Energy Efficiency and Conservation in 2019-2023 and is the Vice-chair of the Expert Group in 2023-2025. We will continue to play an active role in the APEC community, with a view to contributing to achieve APEC's Energy Intensity Reduction Goal.
 
     APEC economies consume approximately 60 per cent of the world's energy. APEC's Energy Intensity Reduction Goal is to reduce APEC's aggregate energy intensity by 45 per cent by 2035, against the 2005 level. Thanks to the concerted efforts of the community, so far, the energy intensity in Hong Kong, China has decreased by over 30 per cent.
 
     Hong Kong, China has also pledged to achieve carbon neutrality before 2050. Our Climate Action Plan has four major decarbonisation strategies, namely (a) net-zero electricity generation; (b) energy saving and green buildings; (c) green transport; and (d) waste reduction.
 
     To strengthen the co-ordination and promote deep decarbonisation, we have set up a new Office of Climate Change and Carbon Neutrality since January this year to formulate strategies, policies and action plans for tackling climate change and achieving carbon neutrality. We have also earmarked HK$240 billion (equivalent to about US$30 billion) to fight against climate change in the next 15 to 20 years.
 
     Achieving carbon neutrality in less than 27 years is an extremely challenging ambition. The importance of regional and global collaboration cannot be overstated in our carbon neutrality journey. Hong Kong, China will continue to sharpen our own policies, step up actions in combatting climate change, and welcome collaboration with APEC economies to shape a greener tomorrow.
 
     Thank you, Chair.