Latest news with #silverEconomy
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong ‘silver economy' moves to boost spending by ‘5% annually over 3 years'
Elderly Hongkongers are expected to spend 5 per cent more annually over the next three years under wide-ranging 'silver economy' measures to spur consumption, a senior official has said when asked about a lack of targets for the policy. Deputy Chief Secretary Warner Cheuk Wing-hing, who is leading a new task force dedicated to tapping the silver economy, also said on Saturday that the government would conduct a study to analyse the spending habits and demands of various age groups among the elderly. Cheuk said that Hong Kong had plenty of room to boost senior residents' consumption and that many countries had already attached great importance to the silver economy. 'We think the product categories in the silver market currently are not diversified enough. The elderly have financial, purchasing and consumption powers,' Cheuk, who chairs the Working Group on Promoting Silver Economy, told a radio programme. 'There is no need to worry about whether there are enough customers if good products are available for them.'
Malay Mail
5 days ago
- Business
- Malay Mail
HKQAA International Sustainability Forum • Hong Kong 2025: Support the Government's Roadmap on Sustainability Disclosure, Foster cross-border Cooperation and Green Development
HONG KONG SAR - Media OutReach Newswire - 30 May 2025 - Hong Kong Quality Assurance Agency (HKQAA) held the HKQAA International Sustainability Forum • Hong Kong 2025 at the Convention Hall of Hong Kong Convention and Exhibition Centre. Mr Tse Chin-wan, BBS, JP, Secretary for Environment and Ecology of the Government of HKSAR; Mr Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury of the Government of HKSAR; Dr Chen Gang, Acting SG of BRI International Green Development Coalition; and Mr Gao Guosheng, Member of the Party Leadership Group of the Guangdong Provincial Administration for Market Regulation, Secretary of the Party Committee and Secretary General of the Guangdong Intellectual Property Administration are the officiating guest and special guest. In addition, Dr Bernard Chan, JP, Acting Secretary for Commerce and Economic Development of the Government of the HKSAR, officiated the Thematic Forum – Pathways to the Sustainable Development of the Silver Economy; and Mr Wei Dunsheng, Deputy Mayor of Nanping Municipal People's Government, Fujian Province, officiated the Thematic Forum – Shaping a Sustainable and Livable City: Green Industry, Shared by the development and low-carbon transition have become a global topic of concern, receiving significant attention from both the business and financial sectors. The Forum invited local and overseas political and business leaders, experts and academics to share their experiences and insights. In the Morning Forum – Seizing Green Finance Opportunities in the Low-Carbon Transition of the Belt and Road Initiative and the Greater Bay Area, the special guest speakers included Dr Zhang Jianyu, Chief Development Officer of BRI International Green Development Coalition; Mr Riyadi Suparno, Executive Director of Tenggara Strategics (speaker from Indonesia); Mr Ronnie Tham, Partner at Treo Capital (speaker from Malaysia); and Mr Leo Horn-Phathanothai, Founder and CEO, Just Transitions Incubator (JUTI) (speaker from Thailand)."We took the lead in launching the Green Finance Certification Scheme in 2018 to help enable Hong Kong to leverage its strengths as a Belt and Road investment and financing platform to attract international capital and boost Belt and Road development. Moreover, we have forged a cooperative relationship with BRI International Green Development Coalition, which is jointly initiated by Ministry of Ecology and Environment of our country and international organisations. We aim to promote exchanges and mutual recognition of carbon standards with BRI countries, strengthen capacity-building training, and foster closer green cooperation," said Ir C. S. Ho, Chairman of the the Afternoon Forum – Implementing Sustainable Development and Climate Financial Disclosure, the special guest speakers included Representative of Beijing Municipal Finance Bureau; Ms Janey Lai, Chief Executive Officer, The Accounting and Financial Reporting Council; Mr Leng Bing, Member of the International Sustainability Standards Board (ISSB); Prof Liu Yifang, Director, Sustainable Standards Research Center, Central University of Finance and Economics, Professor and PhD Supervisor of School of announced on the event that it took the lead in launching the HKQAA Climate Impact GPS Campaign earlier this year in support of the sustainability disclosure policies of our country and the HKSAR Government. This initiative aims to engage organisations, including the banking sector and the listed companies, in building capacity to address climate-related risks and opportunities so as to well prepare required climate-related financial disclosures by offering industry-based technical guidance, workshops and software tools, including the scope 3 greenhouse gas emissions calculation Campaign is open to organisations at no cost, and nearly 90 participating organisations that joined the Pilot Program were recognised on a presentation ceremony in the Afternoon Session. Participating organisations of the Pilot Program gain prior access to preview relevant industry-based technical guidance, as well as participate in workshops and use the terms of promoting professional talent development, HKQAA is honoured to be invited to cooperate with the Beijing Municipal Finance Bureau on a sustainability information disclosure pilot and training project, helping the country steadily advance the development of its sustainability disclosure standards system. Moreover, a memorandum of understanding was signed at the Forum by Mr P C Chan, Chief Executive Officer of HKQAA, and Prof Karen Cheung, Director of Hong Kong Institute of Education for Sustainable Development. This memorandum aims to jointly promote the establishment and optimisation of sustainable development talent standards in Hong Kong, enhance talent cultivation and the upgrading of sustainable development skills, effectively drive industry-wide sustainable development, and foster Hong Kong and the entire Greater Bay Area as an international centre for sustainable development talent.''I would like to take this opportunity to thank the HKQAA for its contributions to the development of green finance in Hong Kong. The HKQAA has been participating in the development of international standards for sustainable finance and launched the Green and Sustainable Finance Certification Scheme (formerly called Green Finance Certification Scheme) in 2018. I am delighted to know that the HKQAA also supports the development of a roadmap for sustainability disclosure in our country by contributing to the Beijing Municipal Bureau of Finance and Economy's pilot project for sustainability disclosure and talent development. At home, it has supported Hong Kong's own disclosure roadmap by establishing industry-specific climate risk tools to help local businesses prepare for future reporting requirements," said Mr Christopher Hui, GBS, JP, Secretary for Financial Services and the Treasury, in his remarks via introduced a brand-new structural data disclosure model in 2024, named the "Nexus Data Model". With the meaning of nexus, the objective of the data model is to link material sustainability issues and to connect all stakeholders together. This model is already applied to HKQAA ESG Connect Program, Hong Kong Registration and will be used for other engagement, disclosure or assessment services in the future the evaluation project leader of this data disclosure model, Professor Zhang Lin, School of Energy and Environment of the City University of Hong Kong, shared on the Afternoon Forum the team's finding based on data obtained from the HKQAA ESG Connect Program. The results confirmed that the data model effectively encourages businesses to adopt ESG initiatives and disclose progress on ESG, Carbon Action, Climate Response, and CBAM Ready, while strengthening stakeholder connections. Ultimately, it fosters a sustainable ESG Ecosystem, driving long-term ESG the Forum, under the witness of Mr P C Chan, Chief Executive Officer of HKQAA, and Mr Gao Guosheng, Member of the Party Leadership Group of the Guangdong Provincial Administration for Market Regulation, Secretary of the Party Committee and Secretary General of the Guangdong Intellectual Property Administration, a memorandum of understanding was signed by Mr K T Ting, HKQAA's Chief Operating Officer, and Mr Lu Yongchi, Chief Operation Officer of The Guangdong-Hong Kong-Macao Greater Bay Area Certification Promotion Centre. This memorandum aims to deepen cooperation in the field of testing and certification, advance the development of the Guangdong-Hong Kong-Macao Greater Bay Area, promote the alignment of regulatory mechanisms between the mainland and the Hong Kong and Macao regions, and support the high-quality development of the Greater Bay is endeavouring to become the country's model city of green development, flourishing through its green industries. Co-hosted by HKQAA and the People's Government of Nanping, Fujian Province, Thematic Forum – Shaping a Sustainable and Livable City: Green Industry, Shared by the World focused on topics of carbon measurement, value of ecological products, and the bamboo industry. Mr Wei Dunsheng, Deputy Mayor of Nanping Municipal People's Government, Fujian Province, was the officiating guest of the Thematic presentation ceremony of the Hong Kong Green and Sustainability Contribution Awards 2025 was held on the event. The Awards aim to encourage companies to incorporate sustainable practices into their management decisions and daily operations, and recognise their efforts and contributions. Ｏrganisations and venues from Hong Kong, Mainland China and overseas were year, "Promote High-Quality Elderly Living", "Promote Silver-friendly Community" and "Promote Halai-friendly Community" categories were newly added to the Awards. The awards of "Promote High-Quality Elderly Living" and "Promote Silver-friendly Community" were presented by Dr Bernard Chan, Acting Secretary for Commerce and Economic Development of the Government of the HKSAR, who also officiated the Thematic Forum – Pathways to the Sustainable Development of the Silver has been launching various certification and registration schemes in line with government policy directions to continuously enhance the professionalism and recognition of the industry. To support the Working Group on Promoting Silver Economy led by the Deputy Chief Secretary for Administration, HKQAA has introduced the HKQAA Hong Kong Registration – Silver-friendly Series. This series aims to guide enterprises in tapping into the silver market through three main aspects – venues, products and services, while also creating a better living environment for the elderly. HKQAA will continue to promote the registration scheme, encouraging more enterprises to participate and jointly respond to the government's policy of promoting the silver economy."I would like to thank the Hong Kong Quality Assurance Agency for taking the lead in launching the 'Hong Kong Registration – Silver-Friendly Series' in support of the Government's efforts to promote the silver economy. This registration scheme sets out a set of criteria from the perspective of silver consumers, guiding enterprises to enhance their venues, products, and services. I also call on more enterprises to actively take part in the scheme by integrating silver-friendly elements into their daily operations and creating a consumption environment that better caters to the needs and preferences of the silver generation, thereby boosting "silver consumption" and driving economic growth," said Dr Bernard Chan, JP, Acting Secretary for Commerce and Economic Development, in his has been a long-standing ally in Hong Kong's sustainability efforts, aligning with the 2050 Net-Zero mission by providing innovative sustainability solutions to both public and private sectors for decades. JEC's AI digital solution and environmental engineering projects deliver real ESG impact, transforming how businesses and cities thrive sustainably. Regarding JEC's innovations are shaping a more sustainable Hong Kong, JEC's vision is to pioneer even smarter and more sustainable engineering innovations, making them accessible across Hong Kong and Asia. JEC's mission contributes to Hong Kong's 2050 Net-Zero future. JEC looks forward to connecting with all sectors to shape a greener JEDI, JEC's AI digital solution, optimizes energy and detects faults in buildings. Its algorithms analyze weather forecasts, past energy consumption, equipment pattern and utility bills to build predictive models, ensuring precise energy management. In 2024, JEDI saved over 8 million kilowatt-hJEC'ss and cut over 4 million kilograms of CO2 across grade A commercial buildings, campuses, and transport hubs in APAC. By analysing real-time data, like chiller performance, it slashes energy costs by 8-26%. For instance, in a commercial tower, JEDI's fault detection reduced downtime, boosting efficiency and meeting BEAM Plus through working with the government, JEC's environmental engineering projects strengthen Hong Kong's sustainability. The Tseung Kwan O Desalination Plant, launched in 2023, uses reverse osmosis to supply ultimately increase to 135,000 million litres, equivalent to around 5% of Hong Kong's potable water demand. Its solar panels generate renewable energy to account for 16% of total energy usage, reducing grid dependence by 30% and earning BEAM Plus Platinum certification. The Shek Wu Hui Sewage Treatment Works employs advanced treatment technology, enhancing water quality and earning a 2021 HKIBIM O·PARK2, JEC's waste-to-energy facility handles food waste daily through anaerobic digestion to create biogas for electricity production. This process contributes to exporting significant amounts of energy annually, powering local households, and effectively reducing greenhouse gas emissions. JEC's Pilot Biochar Production Plant in EcoPark, Tuen Mun, processes tonnes of woody waste annually to produce tonnes of biochar, reducing emissions and serving as a soil conditioner and pollutant #HKQAA The issuer is solely responsible for the content of this announcement.
South China Morning Post
6 days ago
- Business
- South China Morning Post
Hong Kong has no time to lose in harnessing the ‘silver economy'
For decades Hong Kong has put religious faith in a free economy that adapts quickly to change. Hence the concept that the market leads, and the government facilitates. Arguably the biggest change over the years is demographic, in the form of an ageing population. Fifty years ago about one in 12 Hongkongers was over 65. Now the ratio is more than one in five, predicted to become one in three by 2043. Advertisement That is one change we have not adapted to. The need to do so is increasingly urgent. The government stepped in when Chief Executive John Lee Ka-chiu announced in his policy address last October the setting up of a working group to promote the 'silver economy'. The group, headed by Deputy Chief Secretary Warner Cheuk Wing-hing, reported back on Tuesday with proposals to tap into what is now the city's multibillion dollar sector. Cheuk outlined key areas including boosting consumption by the over-65s, developing industries tied to the silver economy, enhancing financial arrangements for the demographic and unleashing the productivity of older residents. Analysts say the plan requires concrete measures to increase elderly participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance. These are practical issues, not a wish list. The demographic reality is that, proportionately, there will be ever fewer people to support ever more elderly, both physically and financially. They are also a force for consumption and productivity that Hong Kong must harness. It offers rich rewards if our economy still has the capacity to adapt to change, which is key to its resilience. It is time for the government to show the way as well as smooth the path ahead. Advertisement As the elderly have become healthier, wealthier and better educated, they have created a huge demand for products and services in medical and healthcare, leisure and recreation, and home and personal care. Spending by the over-60s was put at HK$342 billion in 2024, or about 11 per cent of the city's gross domestic product.
South China Morning Post
7 days ago
- Business
- South China Morning Post
What experts say Hong Kong gets right and wrong in plan to tap ‘silver economy'
Hong Kong's plan to tap the multibillion-dollar 'silver economy' and bolster elderly residents' spending power requires measures that will increase their participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance, analysts have said. Advertisement The government on Tuesday announced 30 measures aimed at reaping the economic rewards of the ageing population. Deputy Chief Secretary for Administration Warner Cheuk Wing-hing outlined five key areas his new working group would tackle: boosting consumption, developing industries tied to the silver economy, promoting quality assurance of 'silver products', enhancing financial arrangements for the demographic and unleashing the productivity of older residents. Elderly women play cards in To Kwa Wan. According to authorities, the spending by people aged 60 and above reached about HK$342 billion in 2024. Photo: Sam Tsang 'As the population ages, the elderly are becoming healthier and wealthier,' Paul Yip Siu-fai, a professor at the department of social work and social administration at the University of Hong Kong, said. 'Providing more preferential offers to them will help drive the silver economy. 'This should be done, but it remains to be seen whether the measures are enough. More needed to be done to spur the overall growth of the market surrounding the needs of the elderly, he added. Advertisement The number of people aged 65 and above in Hong Kong is expected to increase from 1.64 million in 2023 to 2.67 million in 2043, accounting for about 35 per cent of the population, according to official projections.
Forbes
08-05-2025
- Business
- Forbes
It's Raining Longevity Reports - As Age Hits Economies
One Of A Growing Wave of Reports World Economic Forum We're living longer and healthier but working shorter. Life expectancy continues to climb while our economic and workplace systems remain stubbornly unchanging. The disconnect between demographic reality and institutional readiness grows by the day. Four reports in just the space of the past month - from the International Monetary Fund, France's Unedic, consulting firm PwC and the World Economic Forum - together give a startling overview and detailed data of demographic's massive impact. It doesn't hit the headlines, but it does hit the global economy and the rest of this century. The plethora of reports indicates the demographic rubber is hitting the road. Fasten your seatbelts. The IMF's April Economic Outlook devotes half its report to the rise of what it calls the 'silver economy' and the global implications of population ageing. It offers scenarios of the drastic economic consequences of ignoring demographic decline, and the potential attenuation of economic impacts by getting prepared - now. With holistic approaches to policies on ageing, health and employment. In summary, it outlines that: Like other longevity reports, the IMF underlines that the solutions are as simple as they are politically complicated: adjust retirement ages and get people to work longer, narrow the gender gap in workforce participation (still large in many countries), and bolster local workforce shortages with more open immigration policies. If you need data to prove any of the above points, this report will provide all you need. In France in 2022, more than 350,000 people aged 50 to 65 registered for unemployment benefits - 17% of new claimants. According to Unédic, the French agency managing unemployment insurance, only 28% of these individuals found sustainable employment (defined as work lasting at least six months) within a year. For those over 56, the odds are even worse. Unédic's 2025 report, What long-term employment is possible for older workers?, paints a bleak picture. Older jobseekers are not a homogeneous segment. They span several more nuanced categories: those sidelined by health, women returning from caring roles, workers with both permanent and fixed-term contracts, and those in temporary roles. But across every group, getting back into the workforce is tough. For the health-related group, only 16% found their way back to stable employment. These numbers aren't just statistics—they represent lost dignity, squandered talent, and a workplace that still treats aging like an exit sign rather than a potential new chapter. Given the global report from the IMF, these individual country case studies are live illustrations of the challenge ahead globally. And underline the need to get governments and the private sector to align on ageing. At the other end of the professional spectrum, boardrooms across Europe and beyond are missing the same plot line, but at the other end of the age spectrum. PwC Netherlands' recent report, The Value of Age in the Boardroom, reveals how most companies fail to see the economic upside of generational balance and skew too old. Turns out there is a statistically proven peak of average board ages-and it lands at 43. Most board are significantly … older. Peak Average Age = 43 PwC Companies with more age-balanced boards could generate up to €51.8 billion in additional value across the Dutch economy alone says PwC. The reason? Boards that blend generations are more attuned to changing markets, consumer expectations, and long-term risks. They bring broader perspective, deeper dialogue, and better succession planning. And yet, most boards are still stuck in the last century—generationally homogeneous, dominated by directors in their 60s and early 70s. While these leaders bring wisdom, they often lack direct exposure to emerging younger stakeholder mindsets, perspectives and digital preferences, habits and channels. Defining Generational Balance PwC PwC found that the optimal board isn't the one with the greatest age spread—it's the one with the right balance of generations. Not many companies factor age into their board composition yet. Generationally balanced boards don't just talk about resilience; they embody it. They leverage inter-generational teams to maximise experience and innovation. And allows them to mirror the multi-generational customers and markets they serve. If the Unédic and PwC reports offer snapshots of ageing in employment and leadership, the World Economic Forum offers some practical examples of solutions. Its latest report, Future Proofing the Longevity Economy, delivers a strategic roadmap for societies and companies navigating the new demographics. The world's 50+ control over half of global spending. They are healthier, more tech-savvy, and more purpose-driven than previous generations were at their age. Currently treated as a marginal group, they are actually the most powerful consumer and labor force on the planet. By 2050, the number of people aged 50+ will swell to 1.6 billion—more than double today's figure. But institutions—from governments to advertisers—still act as if life ends at 65. The WEF report urges three critical shifts: 1. Rewriting the Social Contract Our three-stage life—education, work, retirement—is outdated. Longevity demands a new playbook, one that embraces fluid, multi-stage lives marked by recurring cycles of learning, earning, and caregiving. Governments must lead by modernizing pensions, healthcare, and employment norms. Countries like Japan and Singapore are ahead, integrating longevity into national strategy. Several other countries' initiatives are featured in useful case studies. 2. Business Innovation: Follow the (Grey) Money Older adults are the largest—and most ignored—growth market. Most marketing still chases the under-35s. Yet it's the over-50s who are spending and searching for products that reflect their real lives. The opportunity for business innovation is massive, both on the consumer product and services front, and on the HR talent management front. Smart companies are leading the way, but many are slow to get the issue on their strategic agendas. Companies will want to invest in: - Lifelong learning platforms - Flexible and phased retirement models - Intergenerational teams and inclusive leadership 3. Creating Ecosystems for Healthy Longevity Living longer is only a benefit if we're living healthier. That means shifting from reactive healthcare to proactive, preventive systems that support physical, emotional, and mental well-being. WEF envisions 'longevity cities' designed for active, intergenerational living: walkable streets, accessible public transport, community hubs, and inclusive technology. At the heart of it all is the care economy, long undervalued and underpaid. If properly invested in, it could become a cornerstone of economic growth and human dignity. Key Trends World Economic Forum The WEF offers case studies of what companies in the US and UK are doing to support their employees' financial wellbeing. With 6 suggestions for employers: Employers can have a huge impact on individual wellbeing, resilience and sustainable participation in the workforce over longer careers. As the workforce reshapes demographically, its resilience and productivity depends on today's investments in retention, upskilling and healthy maintenance of employees - at every age. The data is clear. The demographic shift is irreversible. It's hitting economies now. What remains is action. The IMF gives a data-driven wake-up call to the challenge ahead and the economic slowdowns that will hit if we don't adapt. France's Unédic report offers a case study of the cost of ignoring older workers. PwC's research reveals the untapped value in age-balancing boardrooms. The WEF reframes ageing as an unprecedented and pressing economic lever. Together, these reports underscore a single truth: longevity and the world's new generational balance is a massive global transformation with huge risks, which can be an opportunity if recognised and adapted to in time. Leaders who get ahead of this shift—governments, companies, and communities—will unlock talent, drive innovation, and shape the future. But we'll need a lot of them to get on board fast. Generational balance is our new global reality. Countries, companies, and careers will need to adapt. These reports are a clarion call to why - and a roadmap to how. Ignore them at our collective peril.
