CHENG Wing-keung, Vincida - China State - Build King Joint Venture

SCA 2018 General Practitioner - Outstanding Award

Practices

The Project - Central Wan Chai Bypass at Wan Chai West (Contract No. HK/2012/08) was one of the major contracts of Wan Chai Development Phase II. It forms part of an east-west strategic route along the Northshore of Hong Kong Island, mainly to ameliorate the traffic congestion problem along Gloucester Road – Harcourt Road – Connaught Road Central corridor.

Dredging and removing the marine mud not only reduced ground settlements, but also improved the sea water quality permanently by removing the odor.

All stockpile of dusty materials was covered by impervious sheeting or impermeable shotcrete cover to further suppress dust emission.

By commissioning, the travelling time using CWB from Central to Island Eastern Corridor at North Point would be greatly reduced from 25 minutes to around 5 minutes.

About the Model

The HKSAR Chief Executive had announced in the 2017 Policy Address to position Hong Kong as an Asia’s green finance hub for raising green capital. In view of the substantial GDP contributed by the construction sector annually, the construction industry has a high potential to meet the trend of green finance. Thus, there is a need to well define the green standard and system to facilitate the application of green finance in construction industry.

The Model aims to act as an interactive guide on environmental practices and advanced technologies for construction projects which is compatible with international green bond/loan principle. Green finance can mobilise capital for green and low carbon investments in the construction industry. Public owners, developers, contractors and suppliers could issue green financial instruments for funding their projects with reference to the guideline of this model.

Why the Industry Needs Green Finance?

Green finance providing benefits for assisting the transition from the ‘brown’ to the ‘green’ construction.
Green finance can mobilise capital for green and low carbon investments in the construction industry
Stakeholders can seek opportunities for long pay back initiatives and low interest rates when adopting advanced and innovative measures.
To encourage investors from the Mainland along the Belt and Road as well as international investors to arrange green financing through Hong Kong construction capital markets.