According to Zhitong Finance APP, CLSA has released a research report stating that it recently held an institutional investor sustainable development field trip, which included corporate ESG strategy meetings, sustainable investment roundtable discussions, and green finance exchanges with Hong Kong Exchanges and Clearing Ltd (ASX: 00388). Investors generally believe that sustainable development is becoming an issue of corporate competitiveness, resource security and business resilience. In areas such as AI infrastructure, clean energy deployment, climate adaptation or sustainable capital market innovation, the market is increasingly focused on how sustainability factors can be translated into long-term economic value, rather than merely focusing on sustainability commitments.
The report states that regarding AI development, current market attention has moved beyond whether AI is "green" or "sustainable," and has shifted to which companies can secure sufficient clean power, water and infrastructure to develop AI "responsibly." The report believes that long-term winners may be those able to expand computing capacity under constraints on resource usage growth, and notes that while power supply for AI data centers often becomes the focal point, water sources and environmental approvals are equally critical.
On low-carbon fuels, with US-Iran tensions escalating and oil prices rising, CLSA believes this helps reinforce the renewable energy theme. Recent ESS headwinds may curb future demand growth, but the report maintains a positive view on ESS and its value chain. Additionally, investors are also focused on sustainable aviation fuel (SAF), green power certificates and certain hydrogen-related opportunities. CLSA believes that policy support and commercial demand are beginning to converge, with European regulatory requirements creating substantial demand for SAF, and expects Hong Kong as a major aviation hub to have potential development opportunities.
The topic of climate adaptation is also receiving significant attention. Heat stress, water scarcity, extreme weather and supply chain disruptions are increasingly viewed as financial risks, but funding for adaptation remains far less than that for emission reduction. CLSA believes that the evolving El Niño phenomenon this year and next could serve as an example of how climate disruptions affect commodities and corporate earnings.
Regarding green stock certification, CLSA points out that the discussion focus is that the new Policy Address mentioned for the first time that Hong Kong Exchanges and Clearing Ltd (ASX: 00388) plans to launch a green stock certification scheme, aimed at establishing a standard framework for investors to identify companies that meet recognized green criteria and to more effectively connect sustainability-focused capital.