Financial Secretary Highlights Philanthropy's Role at Better Cities Forum Gala Dinner

Speech by FS at Gala Dinner of Philanthropy for Better Cities Forum 2024

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Gala Dinner of the Philanthropy for Better Cities Forum 2024 today (September 10):

Commissioner Pan (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People's Republic of China in theHong Kong Special Administrative Region, Mr Pan Yundong), Michael (Chairman of the Hong Kong Jockey Club, Mr Michael Lee),Winfried (Chief Executive Officer of the Hong Kong Jockey Club, Mr Winfried Engelbrecht-Bresges), distinguished speakers and guests, ladies and gentlemen,

Good evening. It is a pleasure to join you tonight at the closing gala dinner of this year's Philanthropy for Better Cities Forum. Over the past two days, you have engaged in meaningful and insightful conversations about the transformative power of philanthropy and how we can create real impact through giving and investing.

I extend my heartfelt gratitude to the Hong Kong Jockey Club and to all of you for contributing to this remarkable cause.

The case for more impact investments

The global challenges we face are becoming increasingly acute. Three years of the pandemic have highlighted the need to enhance the resilience of our healthcare systems.

We are also witnessing the intensifying effects of climate change, with natural disasters impacting communities around the world.

The United Nations' Sustainable Development Goals - such as poverty reduction, improving access to quality education, and promoting gender equality - remain far off track at the halfway point.

While governments worldwide recognise the necessity of addressing these pressing issues, many lack the resources to pursue them, especially following the fiscal constraints caused by the pandemic. This is where the private and philanthropic sectors can step in to fill the gaps.

Fortunately, the global community is increasingly embracing impact investing. Asset owners, investors, and philanthropic foundations do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. This represents a paradigm shift, incentivising investments in impactful projects. Estimates suggest that the global impact investing market had grown to aroundUS$1.2 trillionin 2022.

Where Hong Kong can contribute

In Asia, impact investing has recorded substantial growth. East Asia, in particular, is seeing an annual growth rate of 21 per centover the past five years. However, there remains considerable room for expansion. Some estimates indicate that42 per centof global wealth resides in Asia, but it receives only14 per centof global impact investment.

As Asia's leading international financial centre, Hong Kong is well positioned to support impact investing. Assets under management in our asset and wealth management sector is to the order of US$4 trillion. As at June this year, there were over 230 ESG (environmental, social, and governance)funds authorised by our Securities and Futures Commission. Together they manage assets worth US$170 billion. There are around 2 700 single family offices operating in the city, with over half of them managing assets of over US$50 million.

More crucially, we offer a wide range of financial products that cater to the needs and appetites of impact investors.

For example, green bonds. Given our alignment with the best international green standards, Hong Kong is a trusted hub for both Mainland and foreign entities to issue green bonds. Last year, green debt arranged or issued in Hong Kong amounted to overUS$50 billion, with green bonds representing over one-third of Asia's total.

Another example is catastrophe bonds, which seek to share natural disaster risks with investors while offering attractive returns. Since 2021, there have been five catastrophe bonds issued in Hong Kong, covering events from earthquakes to storms, from the Chinese Mainland to Chile, and from Japan to Jamaica. They involved a total sum of overUS$700 million. Two of these bonds are listed on the Hong Kong Stock Exchange.

Looking to the future, we anticipate the introduction of more innovative financial products that will facilitate impact investing.

Beyond green finance, we want Hong Kong to become a philanthropic hub that connects people, capital and projects, while leading in ideas and thought leadership.

Hong Kong is an open and multicultural city with a truly global perspective. Here, global financial institutions, international foundations, charitable organisations, academics, professionals, and a diverse pool of talent converge, creating a vibrant network that advances the philanthropic cause.

The Government is committed to driving this progress forward. Over the past two years, the Wealth for Good Summits held in Hong Kong have successfully brought together influential family office owners and decision-makers to explore strategies for effective philanthropy and wealth legacy.

And this year, we are excited to launch a charity initiative called "Impact Link", a dynamic repository of high-potential, high-social-impact charitable programmes, which philanthropists around the world can access.

And it would be remiss of me not to talk of the good work of the Hong Kong Jockey Club, and the Institute of Philanthropy it established as a "think-fund-do" tank.

I am pleased to note that the Institute is dedicated to promoting philanthropic thought leadership at local, regional, and international levels, in collaboration with its funding partners. It supports both regional and global charity projects.

And at this Forum, the Jockey Club has taken a further step by launching the Commission on Asian Philanthropy, which brings together experts from the region to unleash the full philanthropic potential of Asia.

Closing

Ladies and gentlemen, the Forum over the past two days has served as a call to action. The insights shared by our speakers and participants have provided us with a wealth of knowledge and experience that will undoubtedly inspire new ideas and foster more collaborative efforts. I invite you to continue this conversation, to build networks, share ideas, and work together for a better philanthropic future. For us all.

Last but not least, I know that the Hong Kong Jockey Club will be hosting a cake-cutting ceremony for its 140th anniversary this evening. I wish to extend my sincere congratulations to the Club for its outstanding charity work for more than a century, and for its support to arts, sports, and culture, for the betterment of our community. Happy birthday!

Thank you very much.

Speech by FS at Gala Dinner of Philanthropy for Better Cities Forum 2024 Source: HKSAR Government Press Releases

Speech by FS at Gala Dinner of Philanthropy for Better Cities Forum 2024 Source: HKSAR Government Press Releases

CHP reminds public on precautions against cold weather

The Centre for Health Protection (CHP) of the Department of Health (DH) today (December 22) reminded the public, particularly the elderly and people with chronic illnesses, to adopt appropriate measures to protect their health in view of the cold weather.

A spokesman for the CHP said that cold weather can easily trigger or exacerbate diseases, especially among the elderly and persons suffering from heart disease, respiratory illnesses or other chronic illnesses.

"Elderly people have less insulating fat beneath their skin to keep them warm, and their body temperature control mechanisms may be weaker. Their body may not be able to appropriately respond to thecold weather," the spokesman said.

Some senior persons may have decreased mobility, which can impair their ability to generate and conserve body heat. Chronic illnesses, such as hypertension, diabetes and endocrine disorders, may undermine the health of elderly people and lower their metabolic rate, subsequently causing their body to generate less heat. Persons with chronic illnesses, such as chronic respiratory illnesses or heart disease, are vulnerable to disease aggravation due to cold weather.

The CHP reminded the public, in particular the elderly and persons with chronic illnesses, to adopt the following preventive measures:

Take note of the weather forecast. Wear warm clothing, including hats, scarves, gloves and socks, accordingly;

Consume sufficient food to ensure adequate calorie intake;

Perform regular exercise to facilitate blood circulation and heat production;

Stay in a warm environment and avoid prolonged outdoor exposure;

Use heaters with care and maintain adequate indoor ventilation; and

Seek medical advice if feeling unwell.

​In addition, the public should avoid alcoholic beverages.

"Drinking alcohol cannot keep you warm. Alcohol accelerates the loss of body heat through dilated blood vessels, resulting in chilling instead," the spokesman said.

"Parents should ensure that babies are sufficiently warm, but it is also important to keep babies relatively lightly clothed to avoid overheating them," the spokesman added.

Parents should observe the following safety measures when putting their children to bed:

Keep the room well ventilated and at a comfortable temperature;

Always place babies on their backs to sleep. Leave their heads, faces and arms uncovered during sleep;

Babies do not need pillows. Place babies on a firm and well-fitted mattress to sleep. Avoid soft objects, pillows and loose bedding;

Let babies sleep in a cot placed near their parents' bed; and

Maintain a smoke-free environment.

In addition, many respiratory pathogens, including influenza and SARS-CoV-2, may have increasing activity and community transmission during winter. Seasonal influenza vaccination is recommended for all persons aged 6 months or above, except those with known contraindications. Persons at higher risk of getting influenza and its complications, including the elderly and children, should receive seasonal influenza vaccinations early. Please see details of the vaccination schemes on theCHP's website.

A person who gets influenza and COVID-19 at the same time may be more seriously ill and would have a higher risk of death. It is important for elderly persons, especially those residing in residential care homes, to receive both a seasonal influenza vaccination and a COVID-19 vaccination. They should also receive an additional booster against COVID-19 according to recommendations as soon as possible. The public should also maintain good personal and environmental hygiene against respiratory illnesses and note the following:

Surgical masks can prevent transmission of respiratory viruses from ill persons. It is essential for persons who are symptomatic (even if having mild symptoms) to wear a surgical mask;

Wear a surgical mask when taking public transport or staying in crowded places. It is important to wear a mask properly, including performing hand hygiene before wearing and after removing a mask;

Avoid touching one's eyes, mouth and nose;

Wash hands with liquid soap and water properly whenever possibly contaminated;

When hands are not visibly soiled, clean them with 70 to 80 per cent alcohol-based handrub;

Cover the mouth and nose with tissue paper when sneezing or coughing. Dispose of soiled tissue paper properly into a lidded rubbish bin and wash hands thoroughly afterwards;

Maintain good indoor ventilation;

When having respiratory symptoms, wear a surgical mask, refrain from work or attending classes at school, avoid going to crowded places and seek medical advice promptly; and

Maintain a balanced diet, exercise regularly, take adequate rest, do not smoke and avoid overstress.

Food-borne diseases, particularly those linked to hotpot cuisine, are also common in cold weather. The following preventive measures should be taken:

Wash hands before handling and consuming food;

Do not patronise unlicensed vendors or those with poor hygienic standards while selecting food;

Wash and cook all food thoroughly;

Vegetables should be washed thoroughly in clean running water before cooking and consumption. When appropriate, scrub vegetables with hard surfaces with a clean brush to remove dirt and substances, including pesticide residues and contaminants, from surfaces and crevices;

Shrimps should be fully cooked until the shells turn red and the flesh turns white and opaque;

For shellfish such as scallops and geoduck, scrub the shells thoroughly and remove internal organs;

Do not eat any undercooked freshwater aquatic products. To ensure that the food is thoroughly cooked, the centre of the food should reach a temperature of at least 75 degrees Celsius so as to destroy pathogen;

Most hotpot ingredients should be stored in a refrigerator at 4 degrees C or below, while frozen food should be stored in a freezer at -18 degrees C or below;

Never use raw eggs as a dipping sauce for hotpot; and

Use different sets of chopsticks to handle raw and cooked food to avoid cross-contamination.

​In addition, when using fuel-burning appliances, especially in indoor areas, the public should ensure adequate ventilation to avoid harmful exposure to carbon monoxide (CO) and prevent CO poisoning.

For more health information, the public may call the DH's Health Education Infoline (2833 0111) or visit theCHP's websiteandFacebook Fanpage.

The public may also call Dial-a-Weather (1878 200) or visit thewebsite of the Hong Kong Observatoryfor the latest weather information and forecasts, or itspage on Weather Information for Senior Citizens.