99. Another strategy to achieve “net-zero carbon emissions for electricity generation” is to reduce energy demand. At present, buildings account for 90% of the electricity consumption in Hong Kong. Promoting green buildings, improving energy efficiency of buildings and stepping up efforts to lead a low-carbon lifestyle will reduce the demand for power consumption and generation, and lessen the financial burden on the public due to the increased use of clean fuels for electricity generation. Our goal is to reduce the electricity consumption of commercial buildings by 30% to 40% and that of residential buildings by 20% to 30% from the 2015 level by 2050. We hope to achieve half of the above targets by 2035.
100. The development of green transport helps improve air quality and is vital to achieving zero carbon emissions in the transport sector. The Government announced the Hong Kong Roadmap on Popularisation of Electric Vehicles early this year to put forward various measures, including ceasing new registration of fuel-propelled and hybrid private cars in 2035 or earlier and announcing the strategies for and targets of installing charging facilities. We will proactively promote the development of electric and other new energy public transport and commercial vehicles, including working with franchised bus companies to conduct trials of hydrogen fuel cell buses, with a view to formulating a specific roadmap and timetable for the use of new energy public transport in 2025.
101. As for carbon emissions from waste, we will step up our efforts in mobilising the entire community to practise waste reduction, developing waste-to-energy facilities and supporting the circular economy in accordance with the Waste Blueprint for Hong Kong 2035 unveiled by the Government early this year.
102. Climate change represents both a challenge and an opportunity. In the next 15 to 20 years, the Government will devote about $240 billion to take forward various measures on climate change mitigation and adaptation. Substantial resources from the private sector will also be necessary to achieve low-carbon transformation. Green economy transformation has become a world trend. As an international financial centre with a huge financial market and a robust world-class regulatory framework, Hong Kong draws in world-leading financial and professional institutions, green assessment and certification organisations, as well as international investors. With these capabilities and advantages, we are well placed to develop our city into the regional green finance hub. By serving as a premier financing platform for green enterprises and projects, we have a significant role to play in addressing climate change.