Hong Kong Joins International Renewable Effort

February 1, 2005

London, United Kingdom [RenewableEnergyAccess.com] Hong Kong will soon officially join the Renewable Energy and Energy Efficiency Partnership (REEEP), an active global coalition of governments, business and organisations that aims to accelerate the development of renewable energy and energy efficiency systems. The REEEP structures policy initiatives for clean energy markets, and facilitates financing for energy projects.

"...as an international financial centre, and driving engine for growth in Mainland China, Hong Kong will be able to make a significant contribution to the work of the partnership."

- Marianne Osterkorn, International Director of the REEEP

"If climate change is to be avoided and economic development supported by clean energy, we need the finance and business communities to feel more confident in backing sustainable energy," said Dr. Marianne Osterkorn, International Director of the REEEP. "Hong Kong's sign-up to REEEP sends a very powerful signal in bringing about that confidence, and as an international financial centre, and driving engine for growth in Mainland China, Hong Kong will be able to make a significant contribution to the work of the partnership."

Since its launch, 22 governments, including governments who are not signatories to the Kyoto Protocol such as the US, have become formal members of the REEEP.

"I am delighted that we will see that number rise to 23 today as Hong Kong, one of the world's leading financial centres, becomes a formal REEEP member," said Stephen Bradley, British Consul-General in Hong Kong. "With the implementation of China's renewable energy promotion law, opportunities in financing renewable projects in the Mainland will expand substantially in the years ahead.

In the longer term, Bradley thinks the REEEP might see Hong Kong become a market for trading in renewable energy certificates and for other financing plans linked to the development of renewable energy and energy efficiency.

A spokesman for Hong Kong's Environment, Transport and Works Bureau said that joining REEEP will enable Hong Kong to have better access to the latest policy and technology development relating to renewable energy and energy efficiency in other parts of the world, which may be useful in Hong Kong.

REEEP is funded by seven countries: Austria, Ireland, Italy, the Netherlands, Spain, the United Kingdom and the United States, and the European Commission. Including Hong Kong, 23 countries have signed REEEP's mission statement and are formal partners. REEEP has a regional secretariat in Beijing, which is currently managing seven projects in China. These projects include renewable energy planning, the establishment of equity funds for renewables, the promotion of ESCOs and energy conservation in building design.