Et Tu, Hong Kong?
From the alpine heights of Davos, to the grey confines of Zhongnanhai, and now to the bustling streets of Hong Kong. Fighting climate change is no longer just the little guy's job: fewer trips, less heating, more bug eating. Corporations must address their threat to mother nature as a matter of standard reporting, a "disclosure process" which the Hong Kong Monetary Authority strives to implement, asap.
That leaves an important layer missing though - the top one. To invoke an Al Gorean inconvenient truth, more than 70% of all global emissions come from just 100 giant corporations: the likes of Sinopec, Aramco, Exxon. Sure, most of those emissions come from downstream use, but shouldn't they be taking the lead in reducing "climate risk"? Surely they realize dreams come before dividends?
"Don't hold your breath waiting for proportional response to carbon emissions by the chief culprits," advises the ever-pragmatic Edward Lehman. "In terms of our mandate, addressing Asia opportunities, Hong Kong banks are woefully understaffed with professionals to consult on the many aspects of 'climate risk disclosure'. This is an instant industry boom, and we expect to see a lot of value created from increasing global cooperation on climate change at the financial level."