Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, today (April 22) at the opening ceremony of the Asia-Pacific Economic Cooperation (APEC) CEO Summit 2024: High-Level Forum and Global Roadshow:
 
Mr Zavala (Chairman of the APEC CEO Summit 2024, Mr Fernando Zavala), Dr Sta Maria (Executive Director of the APEC Secretariat, Dr Rebecca Fatima Sta Maria), Mr Ning (Chairman of APEC China Business Council and APEC Business Advisory Council China Member, Mr Ning Gaoning), distinguished guests, ladies and gentlemen,
 
     Good afternoon. I am delighted to be joining today's APEC CEO Summit 2024: High-Level Forum and Global Roadshow. Allow me to first thank APEC Business Advisory Council (ABAC) Peru for organising today's event, which gathers over 100 business leaders from APEC member economies to share their valuable insights and perspectives on promoting balanced, inclusive, and sustainable economic growth in the Asia-Pacific region. For those travelling from abroad, may I also extend my warmest welcome to you to Hong Kong, China (HKC).
 
     More than two decades ago, the first APEC CEO Summit was held in Manila with the aim of bringing together global business CEOs and representatives, APEC Economic Leaders, thought leaders, policymakers, entrepreneurs for direct dialogues and engagement. Since its inception, the APEC CEO Summit has become an integral part of the APEC process, provoking thoughts, dialogues and collaborations between the public and private sectors to build an open, dynamic, resilient and peaceful Asia-Pacific community. We are all excited for the forthcoming edition of the Summit, which will take place during the APEC Economic Leaders' Week this November in Lima. Today's Forum is a timely and useful platform for key stakeholders from different sectors to create momentum for dialogue and collaboration towards the Summit, and we are glad that ABAC Peru has given a vote of confidence in HKC to host today's Forum.
 
     Our economies have changed much since the first Summit, while building a better world continues to be a core focus of APEC. In the APEC CEO Summit last year, President Xi delivered a written speech entitled "Meeting challenges with unity of purpose to write a new chapter for Asia-Pacific Cooperation", accentuating APEC's remarkable journey of opening regionalism, and promoting harmony without uniformity, solidarity and mutual assistance. For HKC, we are proud to be part of this great journey.
 
     As stipulated under the Basic Law, we participate in APEC using the name "Hong Kong, China" as a separate and full member. Our full and separate membership in APEC demonstrates the successful implementation of the "one country, two systems" principle. Under this unique framework, HKC represents our own interests and reflects our views in APEC and ABAC. The hosting of this year's second ABAC Meeting this week by our HKC's representatives to ABAC clearly illustrates our high level of autonomy in external trade and economic matters. Indeed, with the Safeguarding National Security Ordinance taking effect last month, we have most solid security guarantee to back up the full-speed development of our economy.
 
     The Forum today will discuss "Opportunities to further connect the Pacific", and soon, you will hear from business leaders and representatives from the APEC community on issues dearest to the APEC agenda, with a focus on the renewed sustainability and trade agendas for the Asia-Pacific region. Indeed, combating climate change, along with promoting sustainable and inclusive development, has topped the agenda of the APEC meetings. To set the scene for this discussion, allow me to share HKC's domestic efforts in the next few minutes.
 
     Green transition involves a huge amount of investment. In HKC, we are lucky to have a strong and mature financial market, coupled with a deep liquidity pool, leading professional services and diversified product types to support such a transition. The Hong Kong Special Administrative Region Government has established a Green Technology and Finance Development Committee, a public-private platform to assist in the formation of an action agenda for promoting the development of our city into an international green technology and financial centre. Areas being looked at include development of green certification and alignment with international standards, promotion of commercialisation of research and development outcomes, green finance application and innovation, and talent development.
 
     Last month, the One Earth Summit, a pivotal global gathering held in Hong Kong, brought together over 500 sustainability leaders and change-makers to discuss the wide-ranging realm of sustainability, from finance and technology, to urban infrastructure and development, as well as agriculture, energy transition, new materials, industrial decarbonisation and more. During the Summit, our Government issued a vision statement on developing our own sustainability disclosure ecosystem. These demonstrate our strong commitment to creating sustainable economic growth and realising a more equitable and resilient future.
 
     Also leveraging our role as a leading international trading hub, HKC is committed to ensuring our trade policies are green and sustainable in the face of climate change and other challenges. We are encouraged by the endorsement of the San Francisco Principles on Integrating Inclusivity and Sustainability into Trade and Investment Policy last November by our Economic Leaders, recognising the importance of practical integration of inclusivity and sustainability into trade and investment policies by maximising talent and innovation, fostering open and participatory processes in trade policy development, as well as sharing data and analysis on impacts of trade policies, among others. In similar veins, we also support APEC's efforts in advancing the work on environmental goods and services to expand sustainable trade.
 
     HKC has always been a strong advocate for free and open trade. We reaffirm our full support for Peru's leadership in advancing substantial outcomes to reinvigorate our work on the Free Trade Area of the Asia-Pacific (FTAAP). We welcome the renewed discussions on the FTAAP and remain committed to constructive engagement in APEC to build consensus on next-generation trade and investment issues that are in the mutual interest of all member economies. As part of our commitment to fostering regional economic integration, we have commenced negotiations with Peru on a free trade agreement. Furthermore, we are also more than ready to join and add value to the Regional Comprehensive Economic Partnership, the world's largest free trade agreement, as it has been recognised as one of the possible pathways for the eventual realisation of the FTAAP.
 
     In addition to sustainability and inclusive trade, I see digitalisation as another opportunity to further connect the Pacific. In fact, digitalisation has also been identified as one of the key economic drivers under the APEC Putrajaya Vision 2040, and a lot of meaningful work has been undertaken by APEC and ABAC. Domestically, a series of measures will be implemented this year, including the inaugural Hong Kong Shopping Festivals on e-commerce platforms, as well as capacity building for small and medium enterprises to seize the business opportunities brought by e-commerce.
 
     During the 13th World Trade Organization Ministerial Conference held in Abu Dhabi in February, I highlighted the importance of maintaining an enabling environment for international e-commerce to flourish. I took note that the business community of ABAC has called on the World Trade Organization to ensure a predictable and tariff-free environment for the continued development and prosperity of digital trade, and reaffirmed HKC's strong support in this regard.

     Ladies and gentlemen, I strongly believe that public-private collaboration is the key to building a green, sustainable and digital future for the Asia-Pacific region. May our collective efforts form the foundation for the success of the APEC CEO Summit this year. I look forward to the continued collaboration between APEC and ABAC in the years ahead, and wish you all a rewarding meeting and a pleasant stay in HKC.

     Thank you very much.

     The 2024 Voter Registration Campaign was launched today (April 22). The Registration and Electoral Office (REO) appeals to eligible persons/bodies who have not yet registered as electors/voters of geographical constituency (GC), functional constituency and/or Election Committee subsector to submit registration applications on or before the statutory deadline of June 2 so that their registration particulars can be included in the final registers of electors/voters to be published in September this year.
 
     Hong Kong permanent residents holding an identity document, who have reached 18 years of age and are ordinarily residing in Hong Kong, are eligible to register as GC electors.
 
     A spokesperson for the REO said, "Subsequent to the pilot scheme launched last year, the REO welcomes eligible persons to submit applications this year for new registration as GC electors and change of voter registration particulars including providing/updating mobile phone number and email address through 'iAM Smart+'." The REO has provided a step-by-step guide on its Voter Registration website (www.reo.gov.hk/video/voter/GCVRguide-EN.mp4) to help the public understand how to submit applications through "iAM Smart+".
 
     "Members of the public may also check their registration status through 'iAM Smart', the Voter Registration website (vr.gov.hk) or by calling the REO hotline at 2891 1001."
 
     Applications for new registration as GC electors or change of residential address by registered electors must be submitted along with an address proof. Applicants should also provide their phone number and email address for easy contact by the REO. Those who are the registered occupants of public rental housing under the Housing Department or subsidised housing under the Hong Kong Housing Society are not required to submit any address proof.
 
     There is no need for registered electors/voters to register again, but they should notify the REO in case of any changes in their residential address or other registration particulars by the same statutory deadline of June 2.

     Meanwhile, to enhance the accuracy and integrity of the registration particulars of electors, the REO will continue to implement checking measures during this registration cycle and issue inquiry letters to electors. A message, "Immediate action required. Your voting right is at stake", is printed on the envelopes of all inquiry letters to remind electors that the letters are important. The REO will also contact the electors under inquiry through other contact information they provided by phone, SMS, email or fax, to remind them to reply as soon as possible. Electors under inquiry must reply on or before June 2 by scanning the QR code on the letter to log on to the Voter Registration website, or by email, post or fax, so as to maintain their voter registration status.
 
     The Announcements in the Public Interest of the Voter Registration Campaign will run on television, radio and the online platforms from today. Promotional messages will also be displayed on posters, social media platforms, websites, mobile applications as well as at MTR stations and bus shelters.
 
     Apart from submitting applications through "iAM Smart+", specified forms for new registration and change of registration particulars are available on the Voter Registration website (vr.gov.hk) for download, or at the District Offices, the management offices of public housing estates and the REO. Completed forms can be sent to the REO by post (13/F, Kowloonbay International Trade & Exhibition Centre, 1 Trademart Drive, Kowloon Bay), by fax (2891 1180), by email (form@reo.gov.hk) or via the REO e-Form Upload Platform (www.reo-form.gov.hk).

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Hang Seng Bank, Limited relating to phishing emails, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
      
     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks' websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
      
     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Earth Forum 2024 today (April 22):
 
Dr Hua Jindong (Vice-chairperson of International Sustainability Standards Board), Daniel (Vice-Chairmen of the Financial Services Development Council, Mr Daniel Fung, SC), Dr Guo Peiyuan (Chairman of the China Sustainable Investment Forum), Plato (Chairperson, Friends of the Earth (HK), Mr Plato Yip), King (Executive Director of the Financial Services Development Council, Dr King Au), distinguished guests, ladies and gentlemen,
 
     Good afternoon. Thank you for inviting me to this meaningful occasion to discuss the important topic of transition finance on this very important day, Earth Day.
      
     We are witnessing extreme climate events unfolding before our eyes. Indeed, the World Meteorological Organization, or WMO, confirmed that 2023 was the hottest year on record by a clear margin. Here in Hong Kong, 2023 was also the second warmest year on record. As cliché as it may sound, we are all in this together.
 
Case for transition finance and its challenges
 
     Countries and governments have set clear goals to reach carbon neutrality and enhance their climate resilience. That, of course, includes our country, China, which has set a clear roadmap to achieving carbon neutrality by 2060. And Hong Kong is determined to achieve that target by 2050.
      
     Net-zero transition warrants a whole-of-economy approach, covering various aspects of economic activities and daily life. It is not just about investing in the green sectors and projects. It is also about assisting carbon-intensive industries in their net-zero transformation, and this is the essence of transition finance.
      
     The International Energy Agency has projected that the global energy transition finance gap will reach US$3 trillion a year by 2030 and rise to US$4.5 trillion a year in 2040. According to the World Bank, our country, China, would need to invest approximately US$14 trillion in additional investments before 2060 in the power and transport sectors alone. The funding gap is huge.
      
     Another challenge is the investment appetite in transition finance. ESG investing has become a mainstream strategy of investors and businesses globally. However, ESG, as a commonly used asset allocation strategy, tends to exclude high-emitting sectors such as fossil fuel-related companies and heavy-polluting industries like steel, chemicals, cement, and shipping. While this approach has effectively pressured such industries to transform and to invest in less polluting energies and technologies, they also need financing to accomplish the transition process. 
      
     For developing countries, the need for transition investment is acute, as their growth may be highly driven by energy and commodity sectors. They need a pathway that does not come at the expense of socio-economic development. They also face changing international policy landscape such as carbon tariffs imposed on imported goods by places like the European Union. Estimates have suggested that energy transition-related investments had exceeded US$2 trillion in 2023, but only about half of it had gone to developing countries. 
 
Hong Kong's advantages and opportunities
 
     As an international financial centre, Hong Kong gathers the top-class financial institutions with deep liquidity. We have the expertise, infrastructure and regulatory framework that support international investors and different transition projects. We are the gateway that connects capital flows and green projects not only within our territory but also in the broader region.
      
     With the industry's support, Hong Kong has made significant strides in the space of green and sustainable finance. In the past three years, the average annual green and sustainable debt issued in Hong Kong reached over US$60 billion, while the relevant bonds accounted for around one-third of the Asian market. Here in Hong Kong, there are around 220 ESG funds, and the asset under management reached about US$170 billion. 
      
     The Government has also been striving to enrich our green investment products and encourage more international issuers to make use of Hong Kong's green fund-raising markets. That includes the Government's issuance of green bonds in multiple currencies and tenures since 2019, now totalling over US$25 billion. We also take the lead in rolling out innovative products to meet market appetite, such as issuing digital green bonds, and securitised infrastructure projects in different regions. 
      
     Separately, we offer subsidies to green bond issuers and loan borrowers to cover their expenses on bond issuance and external review. Just in this year's Budget, we have extended the subsidy scheme to cover transition finance.
      
     I believe we can do more. There is clearly room to explore how Hong Kong could better help channel capital to support the transition of high-emitting sectors and heavy-polluting industries in the region. 
      
     For example, to promote transparency across financial markets, and to enable consistent decision making in green and transition investment to avoid "green-washing" or "transition-washing", the Hong Kong Monetary Authority is drawing up a local green classification framework that will align with the Common Ground Taxonomy adopted by the Mainland and the European Union. The framework will be released soon. And the next phase will focus on the inclusion of transition activities. 
      
     Our efforts to align with international standards also include sustainability disclosure. While we all look forward to the speech on ISSB (International Sustainability Standards Boards) standards by Dr Hua, allow me to report the latest progress of Hong Kong in this regard. 
      
     In light of the first set of International Financial Reporting Standards published by ISSB last year, we have made an open commitment to developing a roadmap to adopt the ISSB standards. Our target is to launch it within this year. This will put Hong Kong among the first jurisdictions to adopt the ISSB standards. In this regard, the Financial Services and the Treasury Bureau last month launched a vision statement that emphasises our determination to develop a comprehensive ecosystem on sustainability disclosure. That includes driving cross-sectoral observance of the ISSB standards under a phased implementation approach; developing sustainability assurance standards; capacity building to support the financial industries and companies; and facilitating the use of technological solutions in sustainability reporting.
 
Concluding remarks
 
     Ladies and gentlemen, transition finance is not just an investment strategy; it is a catalyst for positive change. Hong Kong has the opportunity to lead in this area, and has positioned ourselves as a hub for sustainable investments. Let us seize this opportunity, embrace the challenges, and work towards a greener, more resilient future for Hong Kong and the planet.
      
     I thank the FSDC (Financial Services Development Council), the China Sustainable Investment Forum and Friends of the Earth for organising this forum, providing a valuable discussion platform for this topic.
      
     I wish you a fruitful event on this special day, and the best of health and green business in the years to come. Thank you.

      

     Officers of the Information Systems Wing of the Hong Kong Police Force reached new heights at the 49th International Exhibition of Inventions of Geneva, which was held between April 17 and 21 in Geneva, Switzerland, and garnered five Gold Medals and one Silver Medal in total, including a prestigious Gold Medal with the Congratulations of Jury.
      
     This year, the Information Systems Wing of the Hong Kong Police Force participated in the event with a theme of Reinventing of Public Safety for six digital entries regarding Smart Rescue Solutions and Intelligence Patrol, showcasing its achievements in technology-driven digital policing, enhancing technological applications to elevate public safety and improve public services.
      
     These six solutions, five of which had been patented, utilise cutting-edge local technology to revolutionise the traditional search and rescue process and daily police patrol to save lives and maintain public order, setting a new milestone in existing work pattern.
      
     Following a highly competitive judging process with international expert judges reviewing all the entries, the six entries demonstrating the innovative technological solutions professionally presented by the Force won one Gold Medal with the Congratulations of Jury, four Gold Medals and one Silver Medal in the "Security, Search & Alarm" category. The Force's six winning entries include:
      
     1) HKSOS Mobile Application – Safeguarding citizens' lives with the new automatic and dynamic risk assessments and prediction function (Gold Medal with Congratulations of Jury);
      
     2) Signal Radar Rescue Drone – Unique rescue drone with matchless capability for ultra-long range detection of SOS signals in the most difficult terrains without mobile coverage (Gold Medal);
      
     3) HKSOS Emergency Wireless Mesh Connectivity – Providing data connectivity to remote places without mobile coverage (Gold Medal);
      
     4) R-Map – Interactive multifunctional rescue map and mobile application designed to streamline interdepartmental rescue responses (Silver Medal);
      
     5) Techsense – The world's smallest and lightest operational earpods to provide accurate real-time monitoring and ensure safety of search and rescue personnels (Gold Medal); and
      
     6) i-Patrol – A mobile application that utilises AI to analyse real-time crime information and past crime hotspots, enhancing the intelligence-led policing capabilities of police officers (Gold Medal).
      
     With the remarkable achievements of the team's second participation in the Exhibition of Inventions of Geneva, the Assistant Commissioner of Police (Information Systems), Ms Kwan Chui-ching, felt particularly honored by the HKSOS's previous achievement of winning the Gold Medal with Congratulations of Jury for its "Smart Rescue" concept at last year's exhibition. This year marked the successful rollout of HKSOS, which brought the concept to reality and has been enthusiastically embraced by the public. The project's "AI Mode" received high praise at this exhibition, earning the project the same prestigious award again, which greatly motivated the research and development team.
      
     The Force's projects drew significant global interest, particularly from Swiss Police's search and rescue teams who highly appreciated the technology and practical applications of HKSOS. Its exceptional detection capabilities have been demonstrated in tests on snowy mountains by the Swiss Police and Hong Kong Police, proving its effectiveness in snow rescue operations.
      
     The President of the Jury of the International Exhibition of Inventions of Geneva, Mr David Taji, highly praised and acknowledged the level of sophistication and creativity of the Hong Kong Police's technology projects.