| Abstract |
The looming peak in global oil production represents a huge risk to Hong Kong and the world. Yet the concept of Peak Oil and its consequences remain poorly understood. This briefing document provides a high level overview of the issue, its implications and some initial recommendations for the HKSAR government. Hong Kong’s unique position in China and indeed in the region could be permanently damaged, should Peak Oil materialize. Although we do not intend to be alarmist, recent evidence suggests that the peaking of global production should no longer be an abstract debate. We believe that the downside risks are substantial enough to justify immediate action. Specifically, the HKSAR government should err on the side of caution by managing risk and pro-actively preparing for Peak Oil. |
