Hong Kong's carbon trading move too little, too late
Hong Kong has joined the international carbon trading structure with a promise to slash emissions, but analysts say the move will fail to produce any serious reductions in greenhouse gases. "It is a bit of an impotent gesture and is about four years too late," said Shane Spurway, head of carbon banking at Fortis Bank. In a low-key press release sent out just before a public holiday weekend earlier this month, the city's Environmental Protection Department said it had set up the legal framework to allow projects that could sell on their reductions in carbon emissions.