Monitor carbon cutting

Besides looking into land, education and technology, Hong Kong should explore the central government's Guangdong-Hong Kong-Macao Greater Bay Area blueprint and the ambitious decarbonization target, as these will affect Hong Kong's future economic development.

"Hong Kong needs to seize the opportunity to integrate with the Greater Bay Area, which is much larger land than before, and most importantly, a consumer market base maybe 10 times that of Hong Kong," he said.

In the process of integration, Hong Kong can create interesting industries of its own. The city should leverage its niches its "Made in Hong Kong" brand and high-end research development capabilities to become the global hub for the healthcare industry which is beyond the realm of medical tourism.

Combating climate change policies is the second consideration. The mainland and the SAR have pledged to be carbon-neutral economies by 2060 and 2050 respectively.

"This will change the nature of the Chinese mainland and, therefore, Hong Kong," Nair said.

Through decarbonization, the entire transport system can be changed, and more electric cars will be in demand. As a result, the infrastructure facilitating the operation of electric cars is also important. That infrastructure will be accompanied by a subsidiary of other industries and this will create new jobs as well.

Besides changing the transportation system, decarbonization will affect buildings. The internet of things sensor type of technology can be applied to monitor energy consumption and start to charge people for electricity use. In due course, this will transform the economy as well.

Nair urged the Hong Kong government to retrofit buildings and mandate a certain amount of energy sources of every building must come from renewable energy. At the same time, the administration can mull reducing energy consumption by charging, and by creating green funds to provide financial subsidies for green farming and achieve food self-sufficiency.

"Moving toward renewable energy, such as solar energy and water, we will provide Hong Kong a more clear direction to these renewable energy sources," he said.

"So that's part of the whole thing to make people creative and innovative for the economy to rebound."