To effectively address the urgent challenges of climate change, biodiversity loss, and resource depletion, BEC has identified three environmental focus areas (“EFAs”): Climate Change, Circular Economy and Nature and Biodiversity. These EFAs play a crucial role in promoting sustainability and resilience in Hong Kong, as they define BEC's high-level priorities on the climate-nature-circularity nexus to drive business actions and maximise impact.
BEC prioritises its strategic, policy, and financial responses to climate change, aligning with Hong Kong's Climate Action Plan 2050. Key drivers include:
- Policy & Regulation: Upcoming mid-term targets require a 50% reduction in emissions by 2035, alongside mandatory climate disclosures starting in 2025.
- Market Development & Finance: Hong Kong aims to be a green finance hub, creating opportunities for climate technology and carbon market infrastructure.
- Decarbonisation Imperative: Focused efforts on energy transition in buildings and transport are essential to meet emission targets.
- Adaptation & Resilience: Developing plans for climate risks and enhancing resilience is critical for business continuity and sustainability.
Given Hong Kong's resource constraints and waste management challenges, BEC emphasises the importance of a circular economy:
- Waste Policy: Implementation of Producer Responsibility Schemes for various materials is crucial for waste reduction and recycling.
- Resource Efficiency: Adopting circular practices can lead to cost savings and innovative business models, especially in construction and F&B sectors.
- Climate & Nature Links: Circularity reduces emissions and lessens the strain on natural resources, promoting sustainability.
Recognising the systemic risks associated with biodiversity loss, BEC positions this focus area as vital for sustainable development:
- Business Relevance: Nature loss can disrupt operations and supply chains, while restoration offers new opportunities for innovation.
- Investor & Regulatory Pressure: Increasing expectations for nature-related disclosures signal the need for businesses to assess their impacts and align with global frameworks.
- Climate Co-benefits: Healthy ecosystems support climate mitigation and adaptation, linking biodiversity directly to climate resilience.
- Policy Development: Involvement in updating Hong Kong's Biodiversity Strategy is essential, requiring informed input from the business sector.
Advisory Groups
To continuously drive business actions and maximise impact over the identified Environmental Focus Areas, BEC runs specific Advisory Groups as platforms for member engagement and contribution on thought leadership, policy advocacy, idea dissemination and exchange.
For details of research, projects and activities of the advisory groups, please visit this link.