COVID-19: Biweekly Wrap-up

Construction industry participants are working hard to update their standard form contracts before the Construction Industry Security of Payment Ordinance Cap. 652 (“SOPO”) comes into full operation on 28 August 2025.

The IMO Net-zero Framework by Marine Environment Protection Committee 83rd session (MEPC 83) is the first globally binding regulation to integrate mandatory emissions limits and greenhouse gas (GHG) pricing for an entire industry sector, with the goal of achieving net-zero emissions by around 2050. The framework includes a new fuel emission standard for vessels and a global emissions pricing mechanism. This is expected to be formally adopted in October 2025 and will come into effect in 2027.

Hong Kong is strategically positioned to influence the shift to sustainable finance and drive investment in green technology and infrastructure. One of the chief advantages Hong Kong holds is its potential to act as a super-connector between Mainland China and the global market. Plans made in late 2024 are set to further grow its green debt market and make it a ‘go-to’ for sustainable financing (find more on the Sustainable Finance Action Agenda below).