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9 March 2024

 

ESG and TCFD Reporting, New Business Opportunities in Hong Kong

The Hong Kong Stock Exchange recently announced that all listed companies are required to submit Environmental, Social, and Governance (ESG) reports to showcase their sustainable development performance. Notably, starting from the 1 January 2025, listed companies will be mandated to submit Task Force on Climate-related Financial Disclosures (TCFD) reports.

Although SMEs may not need to submit corresponding reports to the Hong Kong Stock Exchange, it is crucial for listed companies to ensure that there are no conflicts regarding environmental and social policies within their supply chains. This initiative will help to enhance corporate transparency and ensure that business operations conform to best practices in sustainable development.

Listed companies need to collaborate with their suppliers to ensure the sustainability of their supply chains. The provision of relevant information and data by suppliers will assist listed companies in better understanding the environmental and social risks within their supply chains and in taking appropriate measures for improvement.

By submitting ESG and TCFD reports, listed companies can not only improve their corporate image and reputation but also strengthen their competitiveness, attracting more investors and stakeholders. Therefore, the enhanced requirements for ESG and TCFD reporting will drive businesses towards sustainable development and bring positive changes to Hong Kong's commercial environment.

Therefore, for SMEs to become service providers to listed companies, they need the ability to collect ESG data as well as to establish a set of emission reduction measures. This is a challenge for most SMEs, as setting up an effective ESG data collection mechanism and emission reduction measures requires the allocation of certain resources. However, once they successfully meet the requirements, they can increase their chances of obtaining service contracts.

With the continuous enhancement of ESG reporting requirements, businesses need to grasp their own ESG data, and also need to collect ESG information from their service providers. Therefore, for SMEs capable of providing such information, the development of ESG reporting standards can bring numerous business opportunities.

In summary, the ESG disclosure standards are becoming increasingly strict and expansive, and this is an irreversible global trend. All Hong Kong businesses, from large corporations to SMEs, should recognize this trend and strategize early, turning disclosure requirements into business opportunities while contributing to the environment and society.

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10 March 2024

 

Hong Kong's landfills are nearing their capacity

 

The Environmental Protection Department (EPD) announced that the HoHoSkips service for construction waste collection and recycling has been extended to Hong Kong Island, Kwun Tong, Tseung Kwan O and Tuen Mun from 1 December 2020. Members of the public and the renovation trade can book, through the mobile application "HoHoSkips", the services of recyclers to collect small quantities of construction waste generated from renovation works in these districts for recycling.

In fact, Hong Kong's landfills are nearing their capacity, with strong opposition from the residents of Tseung Kwan O—a heavily affected area—prompting the authorities to seek alternative solutions. However, Hong Kong could follow international practices and develop waste-to-energy projects in partnership with private entities. This approach is not only environmentally friendly and provides renewable energy, but it also addresses the waste problem, creating a win-win-win situation for citizens, private organizations, and the government. Currently, Hong Kong's urban solid waste disposal at landfills reaches 9,000 tonnes per year, creating an urgent overflow issue that needs to be addressed immediately.

 

The academic community in Hong Kong has also made suggestions. For instance, Hong Kong Baptist University has proposed the establishment of one waste-to-energy incineration plant in each of five regions across Hong Kong. The government would design and finance the construction of these plants, which would then be managed by private companies. These companies would also establish a power transmission network with electric companies. The trend abroad also leans towards private construction models.

 

However,  Chevalier International Holdings' subsidiary Chevalier Cement Product has already collaborated with the Hong Kong University of Science and Technology 13 years ago to research waste melting systems and used the Chevalier Cement factory for waste incineration processing. Despite over a decade of consultation and research, the government's plan ultimately failed to materialize, and the project was left unresolved.

The environmentally-friendly waste melting technology researched by Chevalier Cement can process 4,800 tonnes of solid waste per day, surpassing the government's proposed capacity of 3,000 tonnes per day. The facility, located on the current industrial site of the Chevalier Cement factory at Tap Shek Kok, would be simpler to construct with a basic cost of only HK$3 billion, significantly less than the HK$15 billion required for the government to build a new plant elsewhere. The annual waste processing fee would also be HK$50 million lower than that proposed by the Environmental Protection Department.

 

If landfill expansion is no longer feasible, it seems the government must consider partnering with private entities for a comprehensive solution to the critical waste overflow issue.

Turning data into gold: 10 exceptional AI marketing campaign examples

11 March 2024

 

Artificial intelligence (AI) is redefining digital marketing by transforming vast data sets into actionable insights and personalized experiences. As AI adoption grows, it is projected to significantly contribute to the global economy, with widespread use across businesses and devices.

 

AI's role in marketing is multifaceted, enhancing customer connections through predictive analytics, personalized experiences, automated decision-making, and customized communications. It's seamlessly integrated into marketing strategies, optimizing effectiveness and results.

 

The top 11 AI marketing campaigns of 2023 demonstrate AI's potential in driving engagement and achieving business objectives. These examples underscore AI's capability in marketing to foster innovation, personalization, and informed decision-making. As AI evolves, its marketing impact will deepen, leading to more inventive campaigns.

 

AI empowers businesses to create personalized customer experiences, optimize ad targeting, and customize content recommendations. It enables companies to achieve higher customer engagement, improved conversion rates, and a competitive edge in the digital marketplace.

 

Businesses looking to leverage AI in marketing may collaborate with AI marketing agencies for expertise and enhancement of their marketing strategies. Embracing AI can help businesses not only stay competitive but also revolutionize how they connect with their audience.

 

AI is transforming marketing by offering unprecedented customization and efficiency. It's vital for businesses to stay abreast of AI advancements and maintain an ethical approach, focusing on data privacy and content authenticity. The eleven campaigns highlighted illustrate AI's creative potential in marketing. For businesses aiming to excel in the digital era, integrating AI into marketing is imperative. AI is becoming an integral part of understanding and engaging customers, making every marketing interaction more relevant and effective. The future of marketing is intelligent, shaped by AI's transformative power today.

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