We asked two island nation BDO member firms – Hong Kong and Mauritius – what the impact of climate change has been on their countries.
As an island city, Hong Kong is particularly vulnerable to the impacts of climate change, such as rising sea levels, more frequent and intense typhoons, and heatwaves. To combat the effects of climate change, the Hong Kong SAR Government has committed to halve its carbon emissions before 2035 and to reach carbon neutrality by 2050. However, the regulations are arguably insufficient to address the scale of the problem. The Paris Watch Project has evaluated Hong Kong’s performance on combatting climate change, and the city was given an overall C- grade with the comment that “little or no progress has been made towards carbon neutrality”.
Meanwhile, to align with the international standards on climate change, HKEx issued a consultation paper to propose to mandate all listed companies in Hong Kong to make climate-related disclosures in the ESG reports. While this is a positive move, disclosures alone are not going to address the issue.
In Mauritius, the most material climatic risks include cyclones, flash floods/floods, landslides, water stress, sea level rise and temperature increase. Changes in weather events are already noticeable. Extreme weather events that have occurred include frequent flash floods and growing water scarcity more particularly during the summer season. Tropical depressions that eventually transform into cyclones have increased in frequency but overall the trajectories are not always predictable. The island’s location away from tectonic plates’ borders proscribe possible earthquakes or tremors. As regards pollution or carbon emissions, the country has set itself the target of reaching 60% renewable energy by 2040 through mainly solar power, hydro power, bagasse and other biomass. Despite its low contribution to global emissions, transition to a low carbon economy is a commitment.
However, while individual island nations may do all they can to reduce their climate impacts, their efforts will be insufficient to halt or reduce the collective impact of actions of other countries. It is thus imperative that we see this as a global issue which can only be addressed if we all work together towards common objectives.
“While individual island nations may do all they can to reduce their climate impacts, their efforts will be insufficient to halt or reduce the collective impact of actions of other countries.”
