In recent policy announcements, the government of the Hong Kong special administrative area placed green and sustainable business at the heart of its economic strategy. As a global law firm with 25% of its headcount in Asia, Stephenson Harwood plays an active role in advising its multinational, parastatal and private clients and industry bodies on achieving their environmental, social and governance goals.
Hong Kong-based partners Penelope Shen, Janice Yau-Garton and Andrew Rigden Green discuss ESG opportunities and challenges in Hong Kong across the fund, real estate and maritime sectors.
In green funds, Shen, who is the head of funds, emphasized Hong Kong’s pivotal role as a global nexus for green and sustainable investments, “Hong Kong is an international super-connector, opening a trillion-dollar realm of opportunities between mainland China and global capital markets.”
Shen’s involvement in shaping legal and regulatory frameworks through key industry associations, like the Hong Kong Green Finance Association and the Greater Bay Area Green Finance Alliance’s Climate Change Investment Fund, reflects the firm’s commitment to facilitating ESG initiatives.
In the realty sector, Asia Head of Real Estate Yau-Garton underscored the transformative power of artificial intelligence in greening the industry.
“AI is a real driver for the green transformation,” she stated, highlighting the role artificial intelligence will play in automating processes and enabling data-driven strategies for greenhouse gas reduction. Yau-Garton’s insights illuminate the immense opportunities for investors and developers in Hong Kong’s intensely urban landscape where demand for greener buildings is rising — from tenants required to report Scope 3 emissions to investors looking to fund environmentally conscious projects.
Hong Kong is an international super-connector, opening a trillion-dollar realm of opportunities between mainland China and global capital markets.
Penelope Shen, partner at Stephenson Harwood
This aligns with Stephenson Harwood’s commitment to sustainability and exemplifies the firm’s dedication to leveraging cutting-edge technologies to address pressing environmental challenges.
On the maritime front, Decarbonization Team Lead Rigden Green navigates the challenges of decarbonizing the transport industry.
“Although identifying and securing zero-carbon fuels remains a significant hurdle, Hong Kong plans to establish a green fuel hub” he explained. Rigden Green’s expertise encompasses advising clients on decarbonization strategies and actively shaping infrastructure plans for low- and zero-carbon fuels in Hong Kong. His engagements with industry leaders — notably, Hong Kong Green Finance Association, The Baltic and International Maritime Council, Lloyds Register, Det Norske Veritas, Blue Visby and Intertanko in Tokyo — underscore Stephenson Harwood’s thought leadership in maritime decarbonization.
The partners, key authors of Stephenson Harwood’s 2023 white paper on the role lawyers play in the Asian energy transition, believe Hong Kong’s legal and investment environment remains vibrant, robust, stable and sustainable.
