Financial Secretary Paul Chan on Monday said that Hong Kong could make valuable contributions in facilitating global finance and tech cooperation to drive the global green transition, adding that such collaborations were urgently needed to tackle climate change.

“We need to put political differences and upheavals aside and work together to urgently address climate change issues. If we don't share the responsibility to act now, we will surely share the consequences of inaction later,” Chan said.

His remarks were made at the first Hong Kong Climate Forum at the University of Hong Kong, which was held to promote greater collaboration on climate change and clean energy between the Greater Bay Area and California.

“Nothing should stop us from facilitating international financial and technological cooperation on green matters, nor should there be international trade barriers or restrictions on green products or goods, such as new energy vehicles,” he said.

Citing the huge potential of global climate related finance, which was estimated to have reached US$1.3 trillion per year between 2021 and 2022, and was forecast to grow to around US$9 trillion by 2030, Chan said Hong Kong could make valuable contributions as Asia’s green financing centre.

The city, he added, also possessed high quality professional services which play a significant role in promoting global green standards and certifications.

The finance chief also noted that the city, along with the Greater Bay Area, was rising as a new global innovation and technology centre, referring to the bay area as a region which combines the advantages enjoyed by its counterparts in San Francisco and New York.

California Governor Gavin Newsom also featured at the event and participated via a video presentation.