Survey shows climate change top concern in Hong Kong

Yet only 15% in HK said they understand a lot about climate change compared to 36% global average.

The results of HSBC’s fourth Climate Confidence Monitor, published on Tuesday, revealed that climate change is one of the top three concerns globally, on a par with economic stability and terrorism. For the first time, climate change was ranked the number one concern in Hong Kong, according to an HSBC report.

The Hong Kong research results show:

• For the first time, climate change has topped Hong Kong people’s agenda. One in four (25 per cent) Hong Kong respondents ranked climate change as the number one concern in their lives even ahead of global economic stability (22 per cent) and pandemic diseases (16 per cent) such as swine flu.
• Hong Kong has shown the highest level of general climate change awareness with 83 per cent saying they understand a little about it compared to a 15-country average of 61 per cent. However, Hong Kong lagged in depth of understanding about climate change; with only 15 per cent saying they understand a lot about it compared to the global average of 36 per cent, showing a similar level of understanding as respondents in China and Japan (20 per cent).
• Hong Kong respondents demonstrate the strongest personal commitment to reducing impacts of climate change among developed economies. Reducing home heating and air-conditioning (37 per cent), recycling household waste (22 per cent) and implementing energy-saving home improvements (16 per cent) are seen as the top three important steps to combat climate change in Hong Kong, similar to global trends.
• Combating climate change rather than saving money is the primary driver for Hong Kong families to take low-carbon actions such as paying a higher price for more energy efficient products, driving less and eating less meat. 43 per cent said they would pay a higher price for energy efficient products, higher than the global average of 40 per cent and countries such as the USA (26 per cent) and Japan (23 per cent).

Mark McCombe, Chief Executive Officer Hong Kong, The Hongkong and Shanghai Banking Corporation Limited commented on the research: “The climate business sector is growing fast, particularly in the emerging markets where the challenge of balancing rapid economic growth with climate change issues is most acute. HSBC is responding by helping customers to understand the benefits of a low-carbon economy, and is fostering climate dialogue and collaboration within the business community. Therefore we fully support the Business Summit on Climate Leadership 2010 which we will co-host with The Climate Group on 1 November. The forum will provide a platform to strengthen capabilities, leverage talent and resources to harness opportunities and tackle challenges ahead.”

Globally, the emerging economies provide a welcome note of optimism, leading the way in terms of concern, personal commitment and the belief that climate change can be stopped in a survey that reflects a largely gloomy picture of a worried, pessimistic public. Two-thirds (64 per cent) of respondents in China claimed to be making a significant effort to help reduce climate change, compared to 23 per cent in the UK, 20 per cent in the USA and 11 per cent in Japan. One in three people in Vietnam, India and China believe climate change can be halted, compared to just one in 20 in France and the UK.

Opinions surrounding the business opportunities and economic prospects presented by climate change among the 15 participating countries were more encouraging. Over half of respondents in Brazil, India and Malaysia strongly agreed their country would prosper and new jobs would be created by responding to climate change. The UK and the USA were slightly less optimistic, but a third of people still thought economic opportunities and new jobs could be created.

This sentiment was accompanied by a strong call for business to invest in addressing climate change, with almost three-quarters of people in France (73 per cent) and more than two-thirds in Germany (67 per cent) and Hong Kong (65 per cent) expressing the view that greater business investment is needed in this area. NGOs and individuals were seen as central to the effort, backed up by effective government intervention (such as carbon taxes and emissions trading schemes).

Lord Nicholas Stern, Special Adviser to HSBC’s Group Chairman on Economic Development and Climate Change, said: “Strong national and global policies that provide incentives for investment in clean technology, that price fossil fuels in ways that reflect their true economic and social costs, and that assist consumers in using energy more efficiently, have the potential to unleash a significant pool of investment that can serve as a powerful engine for a new era of economic growth.”

Teresa Au, HSBC Head of Corporate Sustainability Asia Pacific Region, also commented on the research: “Emerging economies are more positive and upbeat with greater personal commitment and optimism. While individuals can be a catalyst to help reduce their climate vulnerability, we should also look for cross-sector collaboration and strong leadership between governments, businesses and NGOs to turn these concern and knowledge into actions for sustainable communities. Now is the time for more investments in low-carbon infrastructure, education and innovation.”

Launched in 2007, the Climate Confidence Monitor focuses on consumers’ attitude and behaviour towards climate change revealing global trends and implications for roles to be taken by governments, businesses, NGOs and individuals worldwide.