"Greenway 2026: Driving sustainability through innovation": Speech by Ambassador Harvey Rouse
Honourable Paul Lam, Acting Chief Executive of the Hong Kong Special Administrative Region,
EuroCham Chairman, Johannes Hack,
EU Member States Colleagues,
Dear Colleagues from the diplomatic, business and civil society communities
Dear Friends,
A very good morning to you all!
It is really a pleasure to welcome you to Greenway 2026, the fifth edition of our flagship sustainability forum, proudly co-organised with the European Chamber of Commerce.
Before looking forward, allow me to look back. As many of you know, I served the European Union some years ago in Kenya. During my time in this beautiful country, I had the pleasure of meeting the renowned activist Wangari Maathai. She famously stated: “We owe it to ourselves and to the next generation to conserve the environment so that we can bequeath our children a sustainable world that benefits all”. Pretty simple. Very true. Yet she was harshly criticised for her environmental work throughout most of her life. While today her warnings have largely been vindicated, there are still some who are consistently dismissive of climate change.
Not so the European Union. The EU remains firmly committed to the Paris Agreement and to global climate leadership – including as the world’s largest provider of climate finance.
Today’s theme – Driving Sustainability through Innovation – reflects a simple reality: we need innovation and technology to decarbonise our economies, and we need to move quickly.
Ladies and Gentlemen – Atmospheric CO₂ levels are now at the highest levels in at least 800,000 years. Sea levels continue to rise, extreme weather events are becoming more frequent, and the goal of limiting global warming to 1.5°C is slipping further from reach.
But, and this is a very important message, we should not look at sustainable development as a break on our economies. The EU firmly believes that the green transition is not only an environmental imperative but also a driver of competitiveness, innovation and growth. This conviction lies at the heart of our Clean Industrial Deal and our Global Climate and Energy Vision, through which we are strengthening partnerships, mobilising investment and supporting resilient clean technology value chains around the world.
Together, we can turn climate ambition into economic opportunity and build a cleaner, safer and more prosperous future.
Honourable Paul Lam, thank you for joining us today. Your presence, as Acting Chief Executive of the Hong Kong SAR, reflects the importance Hong Kong attaches to climate action and sustainable development. It also demonstrates the commitment of both Hong Kong and the European Union to work closely together on these shared priorities.
Our partnership already runs deep. The EU is one of Hong Kong's leading investors, with 93 billion euros in FDI stock — more than our combined investment in Korea, Thailand and Vietnam. We are one of Hong Kong's largest trading partners, with total trade in goods and services exceeding HK$617 billion. But perhaps – most important - the EU is the largest foreign business community in Hong Kong and it continues to grow -- by 8% last year.
And the EU business community contributes across virtually every sector of Hong Kong's economy – including those vital for sustainability. Hong Kong is of course renowned for its magnificent skyline. EU companies are active here in the most sustainable construction. This is important. Did you know that air conditioning generates more global CO₂ emissions than the entire aviation industry?! EU companies are active here in waste management, desalination of water – and soon even the recycling of aeroplanes! Indeed – EU companies bring expertise, investment and innovative solutions that are helping support Hong Kong's green and digital transformation.
Honourable Paul Lam, this is particularly relevant as Hong Kong develops the Northern Metropolis. European companies can contribute world-class expertise in sustainable urban planning, smart infrastructure, energy efficiency, mobility and digital technologies. We look forward to discussing these opportunities during today's first panel.
Ladies and Gentlemen,
Let me come back to this persistent myth that climate action comes at the expense of economic growth. The European experience demonstrates quite the opposite. Since 1990, the EU has reduced greenhouse gas emissions by 37% while growing its economy by 71%.
Today, the EU accounts for only around 6% of global emissions and remains firmly committed to achieving climate neutrality by 2050 – an objective that we share with Hong Kong.
A key driver of this success has been the EU Emissions Trading System or ETS, the world's first and one of the world's largest carbon markets. Since its launch in 2005, emissions from covered sectors have been cut by around half, while more than EUR 200 billion has been generated and reinvested into clean technologies and the energy transition.
But we are not standing still, and we must not stand still. Next month, the European Commission will present proposals to modernise the ETS and keep it fit for the future. We are in close dialogue with the industry and we will introduce new sector-specific benchmarks.
Alongside the ETS, we introduced the Carbon Border Adjustment Mechanism, or CBAM.
Let me be clear: CBAM is not protectionism. It is about fairness. It ensures that imported products into the EU face the same carbon costs as products manufactured in Europe, creating a level playing field while encouraging decarbonisation globally.
Furthermore, we have recently simplified compliance requirements, particularly for smaller businesses, without weakening climate ambition.
We are also introducing greater flexibility for trusted partners, including through the mutual recognition of accreditation bodies—an area where Hong Kong's strong business services sector can contribute.
In short, CBAM is becoming both simpler and stronger — a tool that supports cleaner production not only in Europe, but across global supply chains, including in Asia.
Acting Chief Executive Paul Lam,
Hong Kong is working to position itself as a centre for sustainable aviation and green shipping.
The EU shares these ambitions and this is another area where we can deepen cooperation.
Indeed, we are scaling up sustainable fuels and clean technologies. By 2030, sustainable aviation fuels will represent 6% of fuel supplied at EU airports, rising to 70% by 2050. In shipping, we are driving a progressive reduction in carbon intensity all the way to 80% by 2050, while supporting the deployment of cleaner fuels and technologies.
These policies are already delivering results. Sustainable aviation fuel production in Europe has expanded rapidly, reaching around 1.4 million tonnes, well above the 2% target for 2025, while our Sustainable Transport Investment Plan is mobilising billions of euros to accelerate deployment.
The message is simple: Europe is not merely setting targets. We are creating markets, mobilising investment and turning clean transport into a commercial reality. And since the European market is so important, by doing so we support the scale up of production in Asia too.
Ladies and Gentlemen,
No discussion about sustainability would be complete without finance – especially here in Hong Kong!
Hong Kong has established itself as one of Asia's leading centres for green and sustainable finance.
Europe shares the same ambition: turning climate ambition into investment.
The EU Taxonomy has already helped mobilise hundreds of billions of euros towards sustainable projects. Large listed European companies have reported approximately 800 billion euros in Taxonomy-aligned investments. This demonstrates that clear standards can successfully direct capital towards sustainable activities.
The EU is the world's largest issuer of green bonds. The European Green Bond Standard is strengthening transparency and investor confidence, ensuring that when a product is labelled green, it truly delivers environmental value.
Earlier this year, European Commissioner Piotr Serafin visited Hong Kong to promote EU bonds and witnessed growing investor interest in safe, diversified and sustainable investment opportunities offered by the EU.
At the same time, we recognise that transition finance is equally important. Reaching net zero requires supporting industries that are decarbonising, not only those that are already green and we are committed to this.
Innovation is also transforming finance.
The EU's Markets in Crypto-Assets Regulation provides the world's first comprehensive framework for crypto-assets. Our AI Act establishes clear rules that support innovation while ensuring trust and accountability. Through the Digital Operational Resilience Act – we have strengthened cybersecurity and resilience across the financial sector.
Hong Kong is also immensely important in green finance – representing 45% of all such bonds in Asia and Hong Kong is also very innovative - whether it be with stable coins or crypto. So as two of the world's leaders, Europe and Hong Kong have an opportunity to deepen cooperation.
Indeed, this cooperation is already underway. Senior exchanges between Hong Kong and the European Commission have intensified over the past year with visits of EU officials to Hong Kong and vice versa. Both sides are looking at starting soon a Financial Services Dialogue to enhance cooperation.
Ladies and Gentlemen,
Hong Kong is increasingly positioning itself as a leading innovation and technology hub. Here too, the European Union and our companies stand ready to contribute.
Later today, representatives from some of Europe's most innovative companies operating in Hong Kong will discuss how European technologies can support Hong Kong's innovation ambitions and decarbonisation goals.
Ladies and Gentlemen,
In this part of the world, I sometimes encounter the perception that Europe is a wonderful destination for tourism, culture, food and wine – but not necessarily for innovation.
Let us dispel also that myth!
Don’t get me wrong, we do have great food and wine!
But the belief that the EU is not innovative is a myth rather than reality.
Allow me to be rather boastful!
Dear friends – the EU is home to the world's only producer of the advanced lithography machines required to manufacture the most sophisticated semiconductors. We are global leaders in aerospace, industrial automation, advanced manufacturing, biotechnology, complex medical devices, clean technologies, telecommunications and digital innovation. Let’s also not overlook cutting-edge innovation in the EU with regards to AI applications, quantum computing, and new energy. Europe is home to major tech start-up hubs in Stockholm, Amsterdam, Barcelona, Paris, Berlin and Munich, just to name a few.
European companies pioneered mRNA vaccine technologies and created the world's leading music-streaming platform.
We are also home to many of the world's leading universities and research institutions, and we warmly encourage students from Hong Kong to take advantage of the opportunities they offer.
Europe may not be the continent of many larger than life “tech bros” who grab the headlines, but it is exceedingly innovative.
And this innovation ecosystem is supported by ambitious policies and significant investment.
Horizon Europe, with a budget of 95 billion euros, and a proposal to increase it further to 175 billion, is the world's largest multinational research and innovation programme.
Europe is determined to remain a trusted global technology partner. We are strengthening our capabilities in semiconductors, artificial intelligence, cloud computing and advanced digital technologies while deepening partnerships around the world.
Ladies and Gentlemen,
The challenge before us is no longer defining what needs to be done. The challenge is implementation.
Ahead of today's forum, European and Hong Kong business leaders have worked together on recommendations to accelerate the green and innovative transformation of our economies. These recommendations will be presented later today to Acting Financial Secretary Michael Wong.
Dear Friends, arguably one of the most innovative artists – European of course! – Pablo Picasso famously stated the truism: “Action is the foundational key to all success”. Hong Kong’s remarkable success is a story of seizing opportunities and action.
And the challenge before us on marrying innovation with sustainability is exactly that: turning ideas and intentions into actions.
Before concluding, I would like to thank our partners: the Business Environment Council, InvestHK and the Hong Kong General Chamber of Commerce. Dear Simon, Alpha, Mr Pang Chun Yu, Prof. Steve Wong and many more – thank you for your continued support to our event.
Big thanks as well to the Consulates of Sweden and Italy for their backing, and to our corporate sponsors BMW, Siemens and Société Générale for their continued financial support as well.
Dear Acting Chief Executive, your presence today really reflects the strong commitment of both Hong Kong and the European Union to work together on leveraging innovation for sustainability. Let us build on that partnership and take it forward together.
Thank you.
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