CARE2022 Hong Kong Conference

41 4 Nexus between Mitigation and Adaptation 1. See Hong Kong 2030+, hk2030plus/index.htm. The two metropolises are Northern Metropolis (with a development strategy promulgated in 2021, hk/2021/eng/pdf/publications/Northern/Northern-Metropolis-DevelopmentStrategy-Summary.pdf) and Harbour Metropolis (which includes proposed reclamation for artificial islands near Kau Yi Chau in the Central Waters). The two development axes run north to south on the eastern and western side of Hong Kong are the Eastern Knowledge and Technology Corridor and the Western Economic Corridor respectively. 2. For details, see 3. For details, see, 4. See Planning Department, statistic/landu.html. 5. See the international disasters database, 2022, 6. China Water Risk, see 7. The issue of whether CEDD’s view is too conservative can be discussed through considering its Port Works Design Manual (PWDM) and DSD’s Stormwater Drainage Manual (SDM) published in end-August 2022. Those manuals adopted the median value of HKO’s latest projection based on IPCC AR6 up to 2100 for the intermediate GHG emissions scenario. For design of new coastal structures, considering the sea level rise, storm surge increase and increase in wave height due to climate change together with the application of design allowance to address the very high GHG scenario, the resultant rise of extreme sea water level up to end of 2100 being planned by CEDD and DSD will be not less than 1m approximately, tallying with overseas places such as New York City and Singapore. With the adoption of the progressive adaptive approach, coastal structures could be progressively upgraded in stages to allow flexibility to cope with the uncertainties in climate change impacts. For the government, this approach avoids premature implementation of large-scale adaptation measures and reduce maintenance and operating costs. IPCC AR6’s low confidence scenarios (mean sea level rise projection for SSP1-2.6 Low Confidence; SSP2-4.5 Low Confidence; and SSP5-8.5 Low Confidence) involve low-confidence-high-impact and uncertain ice sheet processes. The government does not dispute that successive administrations would need to keep close monitoring of the trend of global GHG emissions and global mean sea level rise and would need to formulate suitable measures at suitable timing based on the observed trends and other latest climate change related studies. 8. The Steering Group is co-chaired by the Hong Kong Monetary Authority and Securities and Futures Commission. Members include Environment and Ecology Bureau, Financial Services and the Treasury Bureau, Hong Kong Exchanges and Clearing Limited, Insurance Authority and Mandatory Provident Fund Schemes Authority. It co-ordinates the management of climate and environmental risks to the financial sector, accelerate the growth of green and sustainable finance in Hong Kong and supports the Government’s climate strategies. The CGSF is a cross-sector platform launched by the Steering Group in 2021 to coordinate the efforts of financial regulators, relevant government agencies, industry stakeholders and academia in capacity building and improving data availability for the financial industry. 9. CDP, headquartered in London with offices around the world, is a non-profit charity that runs a global disclosure system for companies, investors, cities, states and regions to manage their environmental impact, see https://www. 10. The Task Force on Climate-Related Financial Disclosure (TCFD) was created in 2015 to develop consistent climate-related financial risk disclosures for use globally so that companies, banks, and investors could provide shareholders with such information. The International Sustainability Standards Board (ISSB) was established at COP26 to develop comprehensive global baselines for sustainability and climate disclosures requirements for the capital markets. ISSB is expected to replace TCFD. 11. There are Scopes 1 to 3 for reporting purposes. Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company. Scope 3 includes all other indirect emissions that occur in a company’s value chain.