Cost concerns temper Hong Kong support for climate policies

Only 62% support policies amongst households earning below $15,000 per month.

Around 95% of Hong Kong residents believed climate change is happening, yet awareness is uneven amongst demographics, according to the Hong Kong Climate Awareness Index.

The research report drew on an online survey of 2,000 adult residents from all 18 districts in Hong Kong.

Although around 87% were concerned, only 53% said they always or often took action to reduce their personal carbon footprint.

Respondents aged 55 to 64 recorded the lowest mean score amongst all age groups, whilst those with a primary education or below recorded the lowest mean score amongst education groups.

The main reported barriers were cost, inconvenience, and doubts about the impact of individual actions.

Moreover, respondents viewed climate action as a shared responsibility across government, businesses, and individuals.

Each of the seven policy measures examined received support from 77% to 85% of respondents.

However, support shifted when policies affected even a modest increase in living costs, with only around 62% support amongst households earning below $15,000 per month, compared with 89% amongst those earning $120,000 or above.

Whilst around 87% of respondents were aware of green financial products, their understanding of such products remained limited, despite 79% saying they would be somewhat likely to use such products offered by banks.

Bridging the gap between awareness and action would require clearer information on product features and environmental benefits.

“As many as 80% of respondents consider banks’ ESG investment important, whilst about 70% believe that banks can make an even greater contribution to addressing climate change,” Stephen Chan, deputy chief executive of Bank of China (Hong Kong), said.