HKUST and the Green and Sustainable Finance Cross-Agency Steering Group worked together to launch Greenhouse Gas Emissions Calculation and Estimation Tools that facilitate sustainability reporting by corporates and financial institutions in Hong Kong. The freely accessible tools are user-friendly and can be adapted to a company's specific data and operating regions, marking a significant step forward for Hong Kong's efforts to promote sustainable finance and support the global transition to a low-carbon economy.

HKUST has given special consideration to the needs of SMEs while designing these tools, as SMEs play a crucial role in Hong Kong's economy. Prof. Alexis LAU, Director of Institute for the Environment (IENV) and Head of the Division of Environment and Sustainability (ENVR), said "Addressing climate change requires concerted efforts across the business spectrum, from multinational giants to SMEs.  At HKUST, we've designed these GHG emissions tools specifically with SMEs in mind, ensuring it is practical, user-friendly, and tailored to the specific data and regional contexts they navigate.  These tools equip businesses with the means to accurately calculate and manage their environmental footprint, propelling us all towards a more sustainable future."

Prof. Christine LOH, Chief Development Strategist of IENV and ENVR, added "These easy-to-use tools represent an early step by Hong Kong to assist SMEs to periodically estimate their carbon footprints so that they can disclose it to stakeholders.  In the era of climate change, making such data transparent across the economy is becoming a new element of corporate governance.  It is vital that these tools are widely promoted, as their success lies in broad usage."

Many businesses have already started using these tools to estimate their carbon footprint and improve their sustainability performance. The tools have also received positive feedback from environmental groups, who have praised their simplicity and ease of use.

By helping businesses estimate their carbon footprint and reduce their carbon emissions, these tools can contribute to the fight against climate change and help Hong Kong achieve its target of carbon neutrality by 2050. Moreover, by improving their sustainability performance, businesses can attract socially conscious customers and investors who prioritize environmental responsibility.