After a disappointing first week in Glasgow, the focus shifted to transportation, international carbon market developments, the long-promised financial support to developing nations, and tangible next steps on the climate pledges or NDCs. The second week didn’t start off on a good note, as new research from Climate Action Tracker revealed current policies are projected to result in a global increase of 2.7°C. Even under the most optimistic scenario, we could only limit this to 1.8°C, which is still above the IPCC’s recommended 1.5°C. Let’s have a look at what the second week of COP had in store for us:

  • Although the US, Germany and China pledged for cleaner cars, they failed to support the declaration on ending ICE vehicle sales by 2035 in developed markets. Fortunately, Ford, Mercedes, Volvo and Mercedes-Benz joined the declaration. The Breakthrough Alliance will also focus on the affordability of electric vehicles (EV) in all regions by 2030. Several emerging markets, including India, announced an acceleration of their EV markets. Concerning heavy transportation, 19 governments pledged their support for the creation of so called ‘green shipping corridors’. The UK announced a ban on diesel trucks between 2035 and 2040. Finally, several nations (including Canada, France, the UK and the US) signed a declaration targeting 1.5°C-aligned emission targets for the aviation industry.
  • Alongside several other resiliency initiatives, a new UN report on climate resilience (‘Adaptation and Loss Day’) was launched with a set of metric systems to assess the climate resilience of countries, cities and businesses’ actions. The announcement is part of a larger UN program, which has already led to tangible results in developing nations.
  • The US and China started (effective) talks and pledged to step up climate action. However, China has yet to express its formal support for the US-launched Methane Pledge. However, starting in early 2022, several meetings have allegedly already been scheduled, targeting 2022 NDC updates, methane, deforestation and low-carbon energy.
  • Also from the fossil fuel side, the Beyond Oil and Gas Alliance was launched by Denmark and Costa Rica, supported by Wales, France, Ireland, New Zealand, Sweden, Greenland, California and Quebec. The Alliance wants to set an end date for new oil and gas development projects as well as plans to phase out existing capacity.
  • Activist set food, hard. Although expected, a lot of activity at the COP came from climate activists, including youth movements, indigenous groups and NGOs. A People’s Decision for Climate Justice was launched, highlighting 10 requests for developed, high-emitting countries. Expect extra protests in 2022.
  • There were some minor positive developments on Article 6 of the Paris Agreement targeting the international carbon market. Some of the accounting loopholes in the system were closed through uniform reporting standards. However, its ‘offset market’ approach still relies on simplistic, short-term methodologies.


  • Research suggests that, in the world’s largest economies, the health care sector accounts for roughly 5% of national carbon footprints1. Consequently, several nations have agreed to take on the health industry’s emissions.
  • Green hydrogen remains in the picture. 28 organisations, on both the supply and demand side, have committed to an expansion of the hydrogen market.
  • Nigeria, one of the fastest growing developing countries, also made a Net Zero pledge (by 2060), following India’s Net Zero pledge by 2070. According to Net Zero Tracker, this brings the amount of the world’s GDP covered by countries with Net Zero pledges to 90%.


  • According to the Global Witness initiative, who reviewed COP’s participants list, 503 people with links to the fossil fuel industry attended the summit. Although this number looks marginal in relation to the total list of 40,000 people, it’s remarkable to note that they represent the largest delegation at the summit. And although we can imagine the answer, why are fossil fuel lobbyists represented at all at an international climate convention?
  • The difference in negative impacts of a 1.5°C and 2°C scenario will likely be significant2. In fact, a staggering 1 billion people will endure extreme heat stress under a 2°C scenario3.
  • Agriculture was yet again largely ignored at the summit. Although responsible for a significant share of global emissions, the topic is delicate, as countries need to balance SDG2 ‘Zero Hunger’ with SDG13 ‘Climate Action’. 45 nations did however pledge to transform their food systems through sustainable farming.
  • Due to lacking legal constraints and mechanisms for monitoring and enforcement, the deforestation pledge ended up with (significant) flaws.
  • Several organisations referred to the EU as ‘the missing leader’. Despite the EU’s strengthened ambitions and growing climate-related regulatory landscape, EC’s Vice President Timmermans only raised his voice during the final hours of the conference. Moreover, the EU economy still heavily relies on Chinese imports, hence ‘outsourcing’ its emissions. The announced carbon boarder adjustment mechanism will only cover a marginal amount of emissions.
  • Australia, developed economy but still a climate laggard, failed to update its 2030 climate targets and is unlikely to do this by the next COP. Also, its lacking coal phase-out ambitions are also disappointing.


  • Taking all NDCs into account, the final Pact will not limit global warming to 1.5°C – neither by 2030 nor 2050. Further NDC updates are urgently required in 2022 at COP27. Countries need to come back next year with stronger climate plans, something initially scheduled for 2025 (the so-called ‘ratchet mechanism’). But doesn’t this sound familiar? Isn’t this again wishful thinking? Can we at least get our hopes up following the announced US-China collaboration – a small silver lining to an otherwise disheartening COP.
  • Climate scientists agree that phasing out coal is required to meet the climate objectives. However, the final fossil fuel wording of the Glasgow Pact was significantly watered down by some coal nations (incl. India, China, Saudi Arabia and South Africa), not only in terms of timing but also in terms of ambition. As such, ‘phasing out coal’ was replaced by ‘phasing down unabated coal power’ to leave sufficient leeway for these nations in the future. Diplomacy and lobbying at their ‘best’, unfortunately. Still, on a slight positive note, including a commitment on fossil fuels in the final Pact is remarkable and puts an end to a historical taboo. Note that the G20 had also committed to stopping the financing of coal power projects abroad, and over 40 countries committed to a coal phase out (incl. Chile, Vietnam and Poland), including a phase out by 2030 for major economies, and 2040 for the rest of the world. It also puts a halt to all new constructions. In addition, 25 nations committed to stopping public financing of fossil fuel projects by the end of 2022, including France, the UK and Canada. The ‘outsourced’ emissions of developed economies, like the EU, however, were, again, not sufficiently covered.
  • Financing ambitions remain below average, and vulnerable countries are largely left out again. Following week 1 announcements from Japan, the EU, the US and the UK, we expected more climate financing pledges towards developing countries. However, we are still nowhere near the promised annual USD 100 billion financing pledge made in Paris, and some wordings in the final Pact were rather vague. Allegedly, this was driven by US concerns: The nation fears a lifetime of climate litigation due to its contributions to global warming. However, the financing need remains a part of the final text, stressing ‘effort doubling’ by 2025 (to USD 40 billion), but omitting the setup of a ‘fund’, focusing instead on ‘technical support’.
  • On the positive side, private and public financing for new technologies appears to be high (First Movers Coalition and the Breakthrough Alliance), the deforestation pledge is historic (thanks to its overwhelming support), Glasgow Financial Alliance for Net-Zero (GFANZ) was launched and will hopefully further set the scene for financial institutions, the US-China talks were initiated (finally!), and finally carbon-based arrangement on steel and aluminium between the EU and US brings us one step closer to an international carbon market.

All in all, we’re not sure if the UK’s COP ambition to ‘keep 1.5°C alive’ was reached. Only tangible, direct policy actions in 2022 will tell. Interested in the text of the Glasgow Climate Pledge? Please consult following link.

1 According to the ‘Potsdam Institute for Climate Impact Research’ and ‘Health Care Without Harm’
2 According to the latest IPCC report

3 According to research from the UK’s national meteorological service


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Feifei LIU

Portfolio Manager, based in Hong Kong.

She has over 9 years of experience in the financial industry. She started her career at Morgan Stanley equity derivatives trading desk in Hong Kong, working on Asia index & single stock options and structured products. Prior to joining Syncicap Asset management, she was an analyst & trader at a hedge fund focusing on China A/H equity markets. She joined Syncicap Asset Management in the early 2023 as fund manager in charge of the Asia EM ex-China strategy.

She holds a master’s degree in Finance from CUHK business school and bachelor’s degree in Computer Science in HKUST. She is a CFA charter holder since 2022.

She is fluent in Mandarin, Cantonese, and English.

Ruiyue (Melissa) ZHANG

Senior Vice President (Sales & Business Development) at SYNCICAP Asset Management, based in Hong Kong.

She has over 10 years of experience in the financial industry of Hong Kong, dedicating in buy-side and sell-side. She is an enthusiastic institutional sale with comprehensive knowledge of financial products and passionate about building the long-lasting strategic relationships and creating a breakthrough client experience with Asia investors, including Taiwan, Mainland China, Hong Kong, and Tokyo. Prior to joining SYNCICAP Asset Management, she was a senior account manager at two top-tier Japanese Asset Management and Securities firm and served the institutional clients from APAC region since 2014.

She holds a bachelor’s degree from Yunnan University in Asia Economics and Japanese Literature (China) and an advanced diploma of Business Management from Purdue University (USA). She is an MBA candidate of the University of Hong Kong focusing on Finance, Economics and Marketing Strategy.

She is a multi-language speaker (Mandarin, Japanese, English, and Cantonese).

Susana LAI

Office Manager at SYNCICAP Asset Management, based in Hong Kong.

She has over 20 years of experience as Office Manager and Personal Assistant. Prior to joining SYNCICAP Asset Management, Susana was Office Manager at AIF Capital Limited for 7 years overseeing General Administration, Human Resource and IT sectors. Before that, she works as Manager, Administration of BEA Union Investment Management Limited which is a joint venture asset management company between The Bank of East Asia, Limited and Union Asset Management, which is the investment arm of DZ Bank Group in Germany.    

She holds a bachelor’s degree in environmental science from University of Greenwich, London. She is fluent in English and Cantonese. 

Shirley TANG

Operations Manager of SYNCICAP Asset Management Limited. Prior to this, Ms. Tang was Operations Manager at two other asset management companies in Hong Kong. 

Ms. Tang has over 10 years of Asset Management experience specializing in fund operations.

Ms. Tang holds a master’s degree from the Hang Seng University of Hong Kong and a bachelor’s degree from the Chinese University of Hong Kong. She is a Fellow of the Association of Chartered Certified Accountants (FCCA) since 2017.


Equity Analyst specialized in the industrial sector at SYNCICAP Asset Management, based in Hong Kong.

She has over 3 years of experience in the financial industry. She started her career in Investment Banking for 6 months. Then she decided to join DPAM in 2020 as an Equity Analyst to cover Asia Industrials sector as well as auto/auto parts and renewable energy. In early 2022, she relocated to SYNCICAP in Hong Kong.

She holds an undergraduate / master’s degree in Engineering Science from University of Oxford (UK) and another master’s degree in Management from London Business School.

She is fluent in English and Chinese.

Xiaofang YAN

Equity Analyst specialized in consumer sector at SYNCICAP Asset Management, based in Hong Kong.

She has over 6 years of experience in financial industry. She started her career at Quilvest Private Equity as an investment analyst in Paris working on Real Estate Private Equity (REPE) deals for its Pan European and Asian Funds. Prior to joining Degroof Petercam Asset Management (DPAM), she was an REPE investment associate at Resolution Property in London focusing on mid-large size European Real Estate deals. She joined DPAM in 2021 as Equity Analyst.

She holds a master’s degree in finance from ESCP Business School (France) and bachelor’s degree in Shanghai University of Finance and Economics (China).

She is fluent in English and Chinese.


Buyside fixed income Analyst, based in Hong Kong. She covers financials in Pan-Asia market. 

She has 8 years of experience in the financial industry in mainland China and Hong Kong. She started his career at S&P Global Ratings as a credit analyst covering financials and real estate sector. She joined PAG Consulting Ltd in 2021 as an investment manager working on private credit and debt restructuring transactions for China property developers. 

She holds a master’s degree in Finance from The Chinese University of Hong Kong and bachelor’s degree in Economics from Renmin University of China. She is a CFA Charter holder since 2023. 

She is fluent in English and Chinese.

Yixin GUO

Equity Analyst specialized in technology sector at SYNCICAP Asset Management, based in Hong Kong.

She has over 6 years of experience in financial industry. She started her career at Deloitte as an auditor in Paris. She joined DPAM in 2020 as Equity Analyst.

She holds a master’s degree in finance from ESCP Business School (France) and bachelor’s degree in Jinan (China).

She is fluent in English and Chinese.

Rachel XU

Buyside fixed income analyst at SYNCICAP Asset Management, based in Hong Kong. She focuses on the non-financial corporate companies from the emergency market countries in Asian. 

She has over 10 years of experience in credit analysis. She started her career as a credit rating analyst at S&P Global Ratings Inc. She covered a portfolio of Chinese bank and non-bank financial institutions in 2014 to 2018. After that, She worked as the rating advisor in the debt capital markets function at CMB International, a fully owned subsidiary of China Merchants Bank, advising the international debt transaction for Chinese companies. 

She holds a master’s degree in finance from the R.H. Smith School of Business at University of Maryland in the US and a bachelor’s degree in financial services from the Polytechnic University of Hong Kong. She is a CFA Charter holder.

Pierre-Emmanuel HUBERT

Portfolio Manager at Syncicap Asset Management, specializing in investment strategies within global emerging markets. 

He started his career in 2018 with AXA Investment Managers, where he focused on high-yield credit opportunities in China and the ASEAN region. Before joining Syncicap, Pierre-Emmanuel was Portfolio Manager at Candriam, overseeing the management of assets exceeding 6 billion dollars spread across 13 money market and short-term credit funds. 

Pierre-Emmanuel holds a Bachelor of Science in Economics from the Solvay Brussels School of Economics and Management, complemented by a degree in Chinese languages from National Taiwan University.

Peggy LI

Portfolio Manager at SYNCICAP Asset Management, Based in Hong Kong.

She has over 10 years of experience in the financial industry in Hong Kong. She started her investment career at sovereign wealth fund as equity analyst covering global financial technology sector. Prior to joining SYNCICAP Asset Management, she was senior analyst at regional hedge fund, and assistant portfolio manager at Chinese asset manager focus on global equity markets. She joined SYNCICAP Asset Management as Fund Manager in 2021.

She holds a master’s degree in economics from the University of Hong Kong, and bachelor’s degree in economics and finance from Hong Kong University of Science and Technology.

She is fluent in English, Mandarin, and Cantonese.


Chief Operating Officer at SYNCICAP Asset Management, based in Hong Kong.

He has over 10 years of experience in the financial industry and was previously Corporate Development Manager at Ofi Invest Asset Management.

He started his career at EY as a Financial Services Consultant, serving top-tier French banks, including BNP Paribas, Natixis and BPCE.

He holds degrees in Finance from EDHEC Business School (FR) and in Law from University of Essex (UK) and Université Paris Nanterre (FR).

He speaks fluent English, French and Greek.


Head of Business Development & Sales at SYNCICAP Asset Management.

Based in Hong Kong, Rizal Wijono is an accomplished Asset Management Professional with a proven track record of 26 years in growing traditional Asset Management and Private Equity platform businesses successfully.

In his most recent initiative, Rizal Wijono helped Micro Connect founded by Mr. Charles Li (HKEx former CEO) and Gary Zhang (Oriental Patron Group) establish the Private Equity business and led the platform in obtaining HK SFC licensing as its main RO (Responsible Officer) and OMO to successfully launching the fund. In Tongfang Wealth Management (affiliated to Tsinghua University), he founded Fusion Asia Advisory that is affiliated to Fusion Partners, a Private Equity Fund ultimately acquired by Capricorn NV, a leading European PE platform investing in Europe and China.

Rizal Wijono held senior Directorship roles with various subsidiaries at Sun Hung Kai Financial Group where he led the alternative asset management business (peak AuM approx. US$ 1 billion). Prior to that he was a Regional Director at Deutsche Asset Management and ING Investment Management Asia Pacific over the course of 10 years. At ING he helped strategize the product development of its Asian product suite and in the later years focusing on its institutional and wholesale business development to see ING’s business grow from US$ 2 billion AuM to approximately US$28 billion throughout 10 countries in the Asia Pacific region.

Rizal Wijono grew up and is educated in Belgium. He graduated at the University of Antwerp in Applied Economics and obtained an MBA from the Xavier Institute of Management. He serves as an independent Advisor to the Board of reputable Family Offices and a large European NGO. He speaks 6 languages including English, Dutch, German, French, Putonghua and Bahasa Indonesia.

Xinghang LI

Head of Portfolio Management at SYNCICAP Asset Management, based in Hong Kong.

He has over 20 years of experience in the financial industry in Europe. He started his career at Rothschild & Co as an investment banker in Paris working on Private Equity and debt restructuring transactions for European and Asian clients. Prior to  joining Ofi Invest Asset Management, he was an analyst and fund manager at two top-tier French hedge funds focusing on the Asian equity and convertible bond markets. He joined Ofi Invest Asset Management in 2011 as Emerging Markets fund manager and became Head of Emerging Markets in 2016.

He holds a master’s degree in finance from ESCP Business School and bachelor’s degrees in Economics and French Literature in Wuhan University (China). He is a CFA Charter holder since 2008.

He is fluent in French, English and Chinese.


Chief Executive Officer of SYNCICAP Asset Management, based in Hong Kong.

He is also a Senior Investment Strategies Advisor for Ofi Invest. He has over 35 years of experience in asset management.

Jean-Marie joined Ofi Invest Asset Management in 2003 as deputy CEO and Chief Investment Officer. In his previous roles, Jean-Marie was a portfolio manager of balanced and asset allocation funds for more than 25 years and he has been a strategist and supervisor of portfolio managers and analysts.

He began his career at BFT in 1987 in fixed-income and equity arbitrage before joining Banque du Louvre in 1989 as CEO of Louvre Gestion.

He is a graduate of Toulouse Business School and speaks French and English.