Measures urged to mitigate ESG 'greenwashing' risks

Carbon credit frauds

Carbon credits are another big issue of the day. Grace Hui, founder and CEO of Net Zero Asia Ltd, warned companies about the risks of jumping on the bandwagon of carbon credit investing because there are so many fraudulent projects now. She also suggested setting up a new organization to look into common credits.

Hui was a senior executive with Hong Kong Exchanges and Clearing Ltd (HKEX), where she spearheaded regular reviews of HKEX's Environmental, Social and Governance Reporting Guide, and in 2020, initiated a new business for HKEX in green and sustainable finance and founded HKEX's Sustainable and Green Exchange.

Joe Pan, co-founder of Carbon Neutral Club Hong Kong, challenged everyone on a personal level to offset their own carbon footprints and start with calculating their own personal carbon footprint. "Companies have consultancies lining up to help them to calculate their carbon footprint and will sell them carbon credits. But what we have seen over the years is that if we get to the individuals who care about their own carbon footprint, they will make better decisions at a corporate level."