The 2020-21 Budget was announced earlier today (26 February) by the Financial Secretary. BEC welcomes the government’s plan to set up a HK$200 million Green Tech Fund to support R&D and application of decarbonisation and green technologies, finance the implementation of a HK$300 million scheme to recycle waste paper and issue green bonds totalling HK$66 billion within the next 5 years.
We are also pleased to note the plan to reduce transportation-related emissions, including an update to the Clean Air Plan, formulation of a roadmap for EVs, phasing out Euro IV diesel commercial vehicles, as well as funding pilot schemes for electric public light buses, electric ferries, and electric vehicle charging facilities.
However, BEC would like to stress on the importance of bolder climate actions, such as the establishment of a new, dedicated climate resilience team within the government structure to prepare for a climate resilience and adaptation plan, and facilitate the wider business sector to decarbonise through incentives and recognition.
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