Climate change is both an opportunity and threat, according to senior business figures at the launch of the Climate Change Business Forum (CCBF) in Hong Kong on March 17th. An initiative by the Business Environment Council (BEC), 14 leading organisations have joined the forum with a view to pooling knowledge, establishing best practices and exploring business opportunities arising from climate change.

Four "Patron" companies (Cathay Pacific, HSBC, Sino Group and Standard Chartered (HK)) have each contributed HK$500,000 to fund the forum, while ten "Gold" members (including DTZ, HongKong Land, Lai Sun and Swire) have each committed HK$50,000. However, there is clearly a long way to go for most of these companies, when asked how many forum members were currently monitoring their carbon footprint, only Cathay Pacific were able to answer in the affirmative.

"Climate change will have an impact on the way we all do business in Hong Kong," said Tony Tyler, Chief Executive, Cathay Pacific, and Chairman of the CCBF executive committee. The Hong Kong observatory estimates that the 3 degree temperature rise expected in the next century will have an economic impact of HK$5.5 bil.

CY Leung, Chairman, DTZ and Chair of the CCBF noted that there is an immediate need to take proactive measures to counter the impacts of climate change, adding "it's very important that Hong Kong businesses... work to influence the government polices that governments develop to address the issue." The construction, facility management and real estate industries will have a pivotal role, he added, noting the environmental costs of air-conditioning and building energy use. RFP