Hong Kong Business News

The Government today issued a vision statement on developing Hong Kong’s sustainability disclosure ecosystem.
 

Secretary for Financial Services & the Treasury Christopher Hui said accurate information is an essential element in facilitating green and sustainable financial services.
 

The vision statement clearly indicates the direction taken by the Government and financial regulators on the development of sustainability disclosure in the city.
 

Mr Hui said this will help Hong Kong stay abreast of international trends in green and sustainable finance and accelerate its progress towards becoming an international green finance centre.
 

The vision statement outlines that the Government and financial regulators aim for Hong Kong to be among the first jurisdictions to align local sustainability disclosure requirements with the International Financial Reporting Standards Sustainability Disclosure Standards (ISSB Standards).
 

Another key point is that Government will adopt a holistic approach in developing local sustainability disclosure standards and a local sustainability disclosure ecosystem.
 

Assuming the role of sustainability reporting standard setter in Hong Kong, the Hong Kong Institute of Certified Public Accountants will develop local sustainability reporting standards (Hong Kong Standards) which are aligned with the ISSB Standards, as well as complementary application and implementation guidance.
 

The Hong Kong Standards are intended for cross-sectoral observance and a phased implementation approach will be adopted.
 

The Government and financial regulators will promote sustainability assurance to enable credible implementation, enhance capacity building to support the industry and companies, and facilitate the use of technological solutions to enhance efficiency, reduce costs and enable comparability and interoperability of disclosures.
 

The vision statement also highlights that the Government will work with financial regulators and stakeholders to develop a roadmap for the appropriate adoption of the ISSB Standards. It aims to launch the roadmap this year.

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