Hong Kong's ambition to become a hub for green and sustainable business is under threat as its persistent tough border controls against COVID-19 make the task of attracting senior specialists harder for financial institutions.
Bankers and advisers said the risks of Beijing's "zero-COVID" policy, which has already caused a talent crunch in the Chinese territory, are growing as most other nations cut back coronavirus curbs.
Hong Kong has stepped up efforts in recent years to become a leader in Environmental and Social Governance , including creation of working groups with government officials and global firms to develop a local talent pool. The priority of evolving into a regional green and sustainable finance hub was declared last October by the HKMA's deputy chief executive, Edmond Lau.
Adding to the bad news was this week's delay of the launch of its inaugural retail green bond worth HK$6 billion because of the rapid spread of infections. "The demand for ESG talent is massive but one would look at Hong Kong thinking they can't travel and meet their family," a senior sustainability executive at a global asset manager told Reuters.The stringent curbs follow political ructions, including worsening Sino-U.S. ties, that prompted an earlier exodus of expatriates from Hong Kong.
In 2019, the wealthy city-state's central bank set up a $2-billion green investments program and encouraged asset managers to beef up local ESG teams.
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