7 in 10 GBA firms mull adopting more green products and services: study
About 70% consider using more green products and services over the next 2 years.
Over 6 in 10 or 65% of enterprises in the Greater Bay Area (GBA) have adopted green and sustainable development practices in business operations, according to a a research report done by the Hong Kong Trade Development Council (HKTDC) and UOB.
About 7 in 10 (70%) are considering using more green products and services over the next 2 years.
Over 90% intend to increase ESG-based investments over the next 2 years with 30% planning an increase and 64% maintaining current investment levels.
GBA enterprises are expected to allocate an average budget of $370,000 to ESG initiatives over the next 2 years.
Resource recycling, clean energy adoption, and green office practices are amongst the practices done by enterprises.
“Nearly all GBA business are looking to incorporate ESG into various business aspects, which translates into an average spend of HK$370,000 (US$47,000) per company in the next 2 years. Now, there are about 3 million enterprises in the GBA, this could mean a scenario of HK$1 trillion ESG investment,” Irina Fan, HKTDC Research Director said.
However, GBA enterprises think that a lack of experience (77%), cost pressures (67%), and an absence of unified standards (61%), are obstacles that hinder the implementation of sustainable development.
A substantial number of respondents also showed interest in using Hong Kong’s other green-related services, including green certification and carbon emission measurement (89%), green financial services (88%), and energy transition programmes (86%).