• Honourable John KC Lee, Chief Executive of the Hong Kong SAR

• Patrick Yeung, CEO of the Hong Kong General Chamber of Commerce

• Inaki Amate, Chair of the European Chamber of Commerce in Hong Kong

• Alpha Lau - Director-General of Investment Promotion, Invest Hong Kong

• Victor Liu - Director-General of the Civil Aviation Department

Dear EU Member States Colleagues,

Dear Friends of the EU and Hong Kong in the diplomatic and business community and civil society, 

It is a such a pleasure to welcome you today to Greenway 2025, the fourth edition of our flagship sustainability event, proudly co-organised with the European Chamber of Commerce.

In our line of business, we speak at many events on many issues. This one is really close to my heart.

This year’s forum is especially important because it centers on the theme of “Accelerating Change.” Our planet will not and is not waiting for us. More ambitious and urgent actions are imperative. Last year marked the hottest year on record, with extreme weather events increasing in frequency and intensity. 

Chinese philosopher Lao Tzu famously stated the truism yet still astute words “If you do not change direction, you may end up where you are heading”.

Ladies and Gentlemen, just last week scientists revealed that we have only three years left to limit global warming to the Paris Agreement’s 1.5C target. That 1.5C goal has been a cornerstone of international efforts to curb worsening climate change. Scientists say crossing that limit would mean worse heatwaves and droughts, bigger storms and sea-level rise. Frankly – it is not looking good. We need to change direction.

So what unites us today is a shared conviction: urgent action and increased cooperation is the only true path forward — the Greenway.

I would like to immediately thank Chief Executive John Lee for his presence today. When we contacted you Chief Executive, despite your incredibly busy agenda, you immediately indicated that you wanted to personally open today’s event with me. This shows your clear conviction, as we see in your policy addresses, to do everything you can to address climate change in Hong Kong and to work closely with key partners such as the EU to really push forward actions. Thank you!

What about the EU? Allow me to be a little immodest. The EU is a very important partner for Hong Kong. Not only because the EU the largest foreign business presence in Hong Kong, bigger than the US, UK, Japan. Not only because the EU is one of Hong Kong’s largest trade partners with over HK$605 billion in trade last year. Not only because the EU is one of Hong Kong’s biggest sources of investment. And not only because European companies are deeply integrated in the fabric of the Hong Kong economy, in a wide range of areas, such as financial and business services, transport and logistics, construction, retail, Food & Beverage, as well as waste management and sustainability across the board. But because the EU is not only preparing for changes, it is leading the changes. 

And Ladies and Gentlemen, the EU has also dispelled one of the foremost myths which has been holding back action. This myth is that addressing climate change holds back economies. Since 1990, the EU has cut emissions by 37% while growing its economy by 68%. The green transformation is not a barrier to growth — it’s a driver! Today, the EU accounts for just 6% of global emissions, down significantly thanks to our efforts. And the EU remains on track to reach its goal of reducing emissions by at least 55% by 2030.

Looking further ahead, we are aiming for a 90% emissions cut by 2040, ahead of COP30 in Belem this November. And our ultimate goal, which we share with Hong Kong, is to become climate-neutral continent by 2050. This target is legally binding and we are on track to deliver.

So how have we made this happen? Through deep economic transformation. Key among these is the Emissions Trading System or ETS, which has cut emissions from power and heavy industry by nearly half and generated over €200 billion in revenue — fully 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 (CBAM). 

Let me be clear — CBAM is fair, not protectionist. It levels the playing field and encourages global decarbonisation. It’s already helping industries in Asia transition to cleaner production. Many countries, including in this region, are exploring carbon pricing and leakage measures. The EU is ready to share our expertise and support these efforts.

Now, our mission is to bring all global partners — responsible for 94% of emissions — on board, and fast.

After our opening session, we will later today explore ways to promote sustainable mobility. Addressing transport is crucially important. 

Dear friends, I have a confession to make. I am both a MAMMAL and a proud MAMIL. MAMIL? A Middle Aged Man in Lycra. Yes one of those terribly annoying cyclists who gets in your way when you are rushing up the peak or going East to Shek-O! But while I remain unyielding in my belief that cycling is the best of form of transport with zero emissions, I do recognise that bikes are not that fabulous in the air or sea or for carrying heavy loads or for travelling quickly over long distances. We need other forms of transport.

And this is such an important subject as transport is often, along with industry, the top emission emitter. 

Hong Kong, with arguably the best public transport system in the world, is a leader in addressing this. For road transport, the European Commission’s Automotive Plan, released in March, aims to boost electric vehicles penetration further, expanding charging infrastructure along key logistic transport corridors, and green corporate fleets, which make up 60% of EU cars. Hong Kong is a leader here too with I believe 70-80% of new cars being electric.

But as the Chief Executive, showing high ambition, stated in his last policy address, as an aviation and shipping hub – more can and must be done on sustainable fuels for transport in the air and on the sea. Let’s definitely look to work together on this. 

And - on this front too, the EU ETS will help. It now includes maritime transport emissions and will end free allocations for aviation next year. This will in turn also support Hong Kong's transformation into a green shipping and aviation hub, driving innovation in low-carbon technologies.

And no discussion on sustainability in Hong Kong would be complete without addressing green finance. Over one-third of Asia's green and sustainable bond issuances come from Hong Kong. The EU is also a leader with its comprehensive green taxonomy, adopted five years ago and the EU Green Bonds Standard. Last November, the EU adopted a new regulation on ESG ratings to ensure transparency and consistency, which will also apply to ESG rating providers outside the Union that wish to operate in the EU. 

Indeed Green finance thrives on cooperation. The EU launched the International Platform for Sustainable Finance (IPSF), joined by several Asian economies, including Hong Kong which fosters global green standards. Collaboration on the Common Ground Taxonomy (CGT) is a prime example, helping to mitigate market fragmentation. For instance, Hong Kong’s taxonomy launched last year makes reference to both the EU Taxonomy and the CGT. So I am very much looking forward also this Green Finance Panel later today.

With these efforts, we can enhance together confidence in green investments and channel the trillions needed for the green transition. 

Ladies and gentleman, Hong Kong is not only a financial and transport hub. It is also a centre for sourcing and supply chains. This means that Hong Kong, and the business community here —  you in this very room — can drive the sustainable business transformation across Asia. 

Recent EU legislation on Corporate Sustainability Reporting, Due Diligence and Ecodesign will support this shift. Compliance with these new EU rules means EU firms will increasingly be working with suppliers and partners in Asia with the highest environmental practices, driving the green transition and sustainable business practices in Asia. 

Asian companies will in turn benefit from increased client trust and gain in resilience in competitiveness in a world where shifting consumer behaviours means non-sustainable companies will be put out of business. 

We will also discuss more today on the circular economy. In the EU, we aim to be fully circular by 2050. Already in the EU, manufacturers are obligated to design goods which are repairable, recyclable and long lasting. 

In parallel, we are setting bold building renovation targets to cut emissions and lower energy demand in European cities. Crucially, from 2030 onward, all new buildings in the EU must be zero-emission. EU firms are also eager to support and make the Northern Metropolis from the start a green development. 

Ladies and gentleman,

I mentioned at the beginning of my intervention that greening our economies requires cooperation and working together. It is therefore no surprise that with Hong Kong, sustainability is at the core of our engagement and cooperation with the government and various stakeholders. 

Alpha, I am sure you remember the very successful series of events my office co-hosted with InvestHK last year on sustainability issues. 

Dear Friends, the French writer Simone de Beauvoir famously stated: “Change your life today. Don't gamble on the future, act now, without delay.”

Ahead of the today’s forum, European and Hong Kong business leaders sat together to work on a set of recommendations for accelerating the green transformation of our economies. They will be presented to Secretary Tse, for Environment and the Ecology at the end of the event. We must together turn words into actions! We must act without delay!

And besides Eurocham, I would like to thank the Business Environment Council, the Hong Kong General Chamber of Commerce and the Swedish Consulate who have all so actively supported today’s important event. And much thanks to those European companies who also chipped in financially: BMW, Veolia, Societe Generale and Zurich.

So let’s build on our strong economic and trade links, on the strong expertise of our companies and on our shared sustainability goals to build a better future for the world and the next generations.

Chief Executive, I thank you again as your presence here today is a clear testimony of how the EU and Hong Kong desire to work closely on the green agenda. Let’s take that forward together!

Thank you all!

More content and pictures about the event is available here.