Hong Kong, September 13, 2024 – The Asia Carbon Institute (ACI) is pleased to have participated in ReThink HK 2024, where William Chan, ACI’s Founding Officer, joined a distinguished panel to discuss the critical theme: “Finance – Facilitating or Failing the Energy Transition?” The theatre session brought together industry participants to examine the role of finance in supporting a low-carbon future.

ACI extends its sincere thanks to ERM for the invitation and their expert hosting of the panel. The discussion centered on the urgent need for more robust financial support to meet global climate goals and the challenges zero-carbon technologies face in securing adequate funding.

Key Takeaways from the Panel Discussion:

• • Slow Funding Progress: Funding is not moving fast enough to meet the Paris Agreement targets across sectors. Emerging zero-carbon technologies, vital for future climate action, continue to face investment hurdles.
  • Technological Contributions: According to the International Energy Agency (IEA), while most CO2 reductions through 2030 will come from existing technologies, by 2050, nearly half of the reductions will need to come from technologies still at the demonstration or prototype phase.
  • Investment Priorities: The panel highlighted Carbon Capture, Utilization, and Storage (CCUS), and hydrogen technologies as prevailing key areas of interest for investors looking to drive meaningful climate impact.

ACI emphasised that Asia, especially Hong Kong with its own GHG projects characteristic, needs localised expertise in the carbon ecosystem to ensure that projects meet regional needs. Guarding the principle of “additionality” with tailored methodologies and transparent project disclosure are essentials for effective carbon market.

William stated, “ACI believes that addressing the energy transition demands not only investment but also on-the-ground knowledge to align carbon projects with local characteristics. By leveraging regional expertise, we can drive faster and more efficient progress.”

We look forward to continuing our efforts in supporting Asian transition to a low-carbon economy and invite collaboration from all sectors to accelerate meaningful climate actions.