Tough COVID restrictions curb Hong Kong's ambition to become green investment hub

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Hong Kong's ambition to become a hub for green and sustainable business is under threat as the city persists with stringent COVID-19 border controls, making it tougher for financial institutions to attract sector specialists.

Bankers and advisors said the risks of Beijing's "zero-COVID" policy, which has already led to a broader talent crunch in the Chinese territory, are growing as most other countries significantly ease restrictions introduced to fight the coronavirus pandemic.

Hong Kong had stepped up efforts in recent years to become a leader in Environmental and Social Governance , including the creation of working groups with government officials and global firms to develop a local talent pool. However, the ongoing tough COVID restrictions are putting Hong Kong's ambitions to the test, with the existing foreign talent pool shrinking.

Among other measures under the zero tolerance policy, entertainment venues are closed, compulsory testing can be imposed on entire buildings and close contacts of cases are sent to quarantine camps. In some cases, parents were separated from their hospitalised young children. Traditionally seen as risk averse, Singapore is opting for a more balanced approach of living with COVID, aiming to protect people in the densely populated island while reopening its economy and borders.

 

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