ESG

    “Greenwashing” is a new buzzword featured at the COP26 climate summit in Glasgow. It’s part of the slogan of teeanger climate activist, Greta Thunberg. Greenwashing refers to a false impression or providing misleading information about how environmentally friendly a business of a product might be. Hong Kong has been trying to reposition itself as an international green financial hub since 2018. But the process finally stepped out this year as the government and industries seek to address disclosure issues in the green and sustainable investment market as a way to stamp out “greenwashing”. Stephen Phillips, director-general of investment promotion in InvestHK, a department of the government responsible for foreign investment in Hong Kong, told The Young Reporter that  the city “has an important role to play as a green finance centre”. “A number of listed companies also, very strongly committed to both raising green capital, but also being compliant around bringing standards,” he said, “ and Hong Kong obviously serves not only Hong Kong and the rest of China, but also a place in which companies raise money from across the whole of Asia.” A report conducted by Standard Chartered Bank in 2020 found that among 1085 respondents from Hong Kong, Singapore, the United Arab Emirate and the United Kingdom, 59% of them who put money in sustainable investment said they would consider investing 5% to 10% in sustainable investing, and 75% said they would consider increasing their investment to 25% or more due to the pandemic. However, Alvin Li, Group Financial Consultant of TAL Group, said many investors may take a wait-and-see attitude towards green investment mainly because it is still under development. “The green bond market is still relatively new, still in the embryonic stage, and the secondary market is not fully developed. Investors have doubts …