Effective governance, smart infrastructure and technology can be used to address infrastructure issues in Hong Kong
Continued development of Hong Kong’s technology infrastructure is a critical factor for it to become a smart city by 2030.
According to the recent Future Hong Kong 2030 survey report by KPMG China in cooperation with CLP, Cyberport, HKBN JOS, Smart City Consortium, Siemens, Weave Co-Living and Wilson Group, technology plays an important part in helping the City to also become sustainable.
In the third annual report from KPMG China focusing on Hong Kong’s smart city development, Future Hong Kong 2030 analyses the internal and external factors shaping Hong Kong’s smart city transformation over the next 10 years and looks at how effective governance, smart infrastructure and innovation can be used to address the city’s biggest urban challenges.
About 430 executives from corporate enterprises, small-and medium-sized businesses, start-ups, government, not-for-profit organisations, and academia — across a broad range of sectors in Hong Kong were surveyed. The report also contains viewpoints and best practices from over 20 regional industry players as well as case studies from leading cities in Asia-Pacific and around the globe.
Sustainability plays an important role in smart city development, and technology can be used to help conserve resources and reduce Hong Kong’s impact on the environment.
Organisations recognise this and are focused on improving their own sustainability, with more than a third of respondents investing in technology to reduce their energy usage, carbon footprint or waste levels. Integrating environmental, social and governance (ESG) into their overall digital transformation strategy is also a top consideration for a similar proportion of respondents.
The ability to reduce costs is the key motivation among organisations for implementing ESG practices, followed by a desire to stay competitive with other leading brands, the survey finds. Demand from customers is also a key factor driving the adoption of ESG.
The report analyses next steps to help optimise Hong Kong’s development as a smart city. These include greater connectivity between individual government departments, best practices for effective governance as well as increased collaboration between the public and private sector.
Corporates should also expand their partnerships with universities, start-ups, and other companies, while focusing on sustainability and talent development. Start-ups and SMEs need to make full use of the resources available to them, and proactively seek out opportunities to collaborate with both larger businesses and universities.