Certainly the government could spend more on strategies that could improve the situation however you need a carrot AND a stick to get things to change. People/corporations won't cooperate unless you make them pay to stay the same AND give them incentive to change.
Double the electricity charge particularly over a certain amount of Kilowatt instead of giving rebates and people might start caring about power consumption. There was a year when my HK Electric owed me money... That's not an incentive to consume less.
Tax the hell out of vehicles that consume more fuel and use the money to give larger incentive to buy hybrid or electric cars. HK is an ideal environment for electric vehicles, you can't go fast, there's no place to go and it's often start and stop.