Plans for Hong Kong to become a green, sustainable hub is in jeopardy as the ongoing Covid border controls are making it tough to attract senior specialists for financial institutions.

The flight bans, quarantines and limited public service access have all spooked possible talent, and according to bankers and advisers, the risks associated with China’s ‘zero-Covid’ policy are mounting, Reuters reports.

“It is getting harder and harder to find staff in Hong Kong,” said Tony Wong, founder of strategy and reporting firm, Alaya Consulting.

“The city is trying to be a green investment hub globally, but we cannot get the staff. COVID and the restrictions have made it harder to attract staff,” he added.

Over the past few years, Hong Kong has increased efforts to become an Environmental and Social Governance (ESG) leader, and remains dedicated to becoming a green finance hub, as per a statement by the Hong Kong Monetary Authority (HKMA).

“These pandemic-related challenges should be transitory and we are confident that the fundamentals underpinning Hong Kong’s status ... its robust financial system and ample growth opportunities, including ESG-related business ... remain strong and intact,” the statement said.

Hong Kong’s plans to become a green and sustainable finance hub were announced in October last year by HKMA deputy chief executive, Edmond Lau.

However, due to the rapid spread of Covid infections, Hong Kong has adopted some of the most stringent restrictions in the world, leading to scepticism about the feasibility of the ‘zero-Covid’ policy.

The flight bans on arrivals from countries such as the U.S., UK and Australia are set to remain in place until 20th April, the Reuters report goes on to say. Other zero-tolerance measures include mandatory testing on entire buildings and quarantine camps.

“The demand for ESG talent is massive but one would look at Hong Kong thinking they can’t travel and meet their family,” a senior sustainability executive at a global asset management firm told Reuters.