| | SEPTEMBER 20248IN FOCUSMicrosoft has named Rodrigo Kede Lima as the new President for Microsoft Asia, effective immediately. He will take over from Ahmed Mazhari, who has held the position for the past five years. Both Kede Lima and Mazhari will collaborate to ensure a smooth transition until September 30, 2024.In his new position, Rodrigo will leverage his expertise in digital transformation and collaboration to lead Microsoft's efforts in the region. He will oversee operations across 20 countries and manage a diverse team of 30,000 employees, all focused on driving innovation in Asia and promoting sustainable economic growth and resilience. Rodrigo will report to Judson Althoff, Executive Vice President and Chief Commercial Officer at Microsoft Corporation."I am thrilled to welcome Rodrigo Kede Lima as the new President for Microsoft Asia. Rodrigo's extensive experience and proven leadership in driving digital transformation make him the perfect fit for this role. His commitment to empowering our people, customers and partners will be invaluable as we lead AI Transformation in the region and make a significant impact on the communities we serve. I would also like to thank Ahmed Mazhari for his key contributions in building Microsoft's reputation as a trusted partner in Asia", said Judson Althoff. Since joining Microsoft in 2020, Rodrigo has taken on several leadership roles, including serving as President for Microsoft Americas Enterprise. In this capacity, he managed all Enterprise accounts across Canada, Latin America, and three US Geographic Operating Units. As President for Microsoft Latin America, Rodrigo drove growth and innovation by empowering customers and communities across 30 offices in 22 markets.Prior to Microsoft, Rodrigo held multiple national and international roles at IBM, including President of IBM Brazil and President for Latin America. He has a strong background in corporate finance and has led significant initiatives in the technology sector. "I am truly honored and excited to take on the role of President for Microsoft Asia. This region is at the forefront of digital transformation and now has the opportunity to lead the world in the era of AI. I am committed to work with our talented teams to drive innovation and empower our customers and partners to ride this next wave. In doing so, we will unlock inclusive growth for all across Asia", said Rodrigo Kede Lima. Rodrigo has a degree in Mechanical and Production Engineering from Pontifícia Universidade Católica do Rio de Janeiro, an MBA in Finance/Capital Markets from INSPER Institute in São Paulo, and has completed the AMP program at Harvard Business School, Class 192. In his free time, he enjoys surfing, biking, reading, and traveling with his family. Rodrigo is married with two sons and has recently moved to Singapore from Greenwich, Connecticut. Hong Kong's green bonds are emerging as a crucial mechanism for managing infrastructure expenses, which are anticipated to surge in the coming years. This year, the city has issued approximately $3.9 billion in green bonds to finance various projects, including stadiums and hospitals. For the fiscal year ending in March 2025, there are plans to issue a total of HK$120 billion in green and infrastructure bonds. According to the government's 2023 Green Bond Report, nearly two-thirds of the proceeds from these green bonds have been directed towards construction projects.Buildings are a major focus area, responsible for approximately 90 percent of the city's total electricity usage and over 50 percent of its carbon emissions from electricity generation, as noted by a spokesperson from the Financial Services and the Treasury Bureau. The government plans to cut electricity consumption in commercial buildings by 30 percent- 40 percent from 2015 levels by 2050 and in residential buildings by 20-30 percent, with the goal of reaching half of these targets by 2035.The boom, which supports Hong Kong's goal of becoming a global center for sustainable finance, comes as the city embarks on multiple landmark projects. Infrastructure expenditure will reach an annual HK$90 billion in the next five years, according to the latest budget. "It is estimated that expenditure on capital works will start reaching its peak in the next three years", the city said in the budget.The government reported a budget deficit of HK$100 billion for the latest fiscal year, the fourth in five years after a property downturn sent revenue from land sales to HK$19.6 billion, the lowest since the global financial crisis. "Given the fiscal condition, it's impossible for the government to fund all these projects with only the reserves it has right now", said Gary Ng, an economist at Natixis SA. According to the 2023 Green Bond Report, nearly 40 percent of the projected HK$32 billion cost for the Kai Tak Sports Park, one of the city's most expensive new projects, was funded by green bonds as of July last year. Hong Kong has garnered strong interest in the sustainable finance market, with its green bond issuance of approximately HK$25 billion in July attracting orders that were 4.8 times the offering size from institutional investors, reflecting significant demand."The Government's issuances have also established important benchmarks for potential green bond issuers in the region and encouraged best practices in the market", the spokesman for the Financial Services and the Treasury Bureau said. The city was Asia's top issuer of sovereign green debt in 2023, raising $14.4 billion which accounted for more than 60 percent of the region's total, according to data. MICROSOFT NAMES RODRIGO KEDE LIMA AS NEW PRESIDENT FOR ASIAHONG KONG TOPS ASIA IN GREEN BOND SALES AMID INFRASTRUCTURE SURGE
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