China News Service, Hong Kong, March 25 (Xinhua) The Hong Kong SAR government issued a vision statement on the development of Hong Kong's sustainable disclosure ecosystem on the 25th, clarifying the vision and policy of the SAR government and financial regulatory agencies to develop a comprehensive sustainable disclosure ecosystem for Hong Kong.
The vision statement states that the goal of the SAR government and financial regulators is to make Hong Kong one of the first jurisdictions to integrate local sustainability reporting standards with the International Standards for Sustainable Financial Reporting Sustainability Disclosures (ISSB Standards), and to showcase Hong Kong to international investors and markets. It is committed to consolidating its leadership position in the international sustainable finance field and strengthening the competitiveness of Hong Kong enterprises in response to global demand for sustainable disclosure.
The SAR Government will adopt a comprehensive approach to develop local sustainability reporting standards and sustainable disclosure ecosystem. As the developer of the Hong Kong Sustainability Reporting Standards, the Hong Kong Institute of Certified Public Accountants will formulate local sustainability reporting standards ("Hong Kong Standards") that are aligned with the ISSB Standards and the accompanying application and implementation guidelines.
The vision statement states that the Hong Kong Code is intended for cross-sector application, including listed companies and regulated financial institutions (such as banks, fund managers, insurance companies, MPF approved trustees, etc.), and will be implemented in a phased manner. Priority will be given to publicly responsible entities (such as listed companies and regulated financial services institutions).
The SAR government and financial regulators will promote sustainable certification to promote credible reporting, strengthen training of talents to support the industry and enterprises, and promote the application of technological solutions to improve efficiency, reduce costs and facilitate compatibility and interoperability of disclosures.
The SAR government will work with financial regulators and stakeholders to formulate a roadmap for the appropriate adoption of the ISSB standards, with the goal of launching it within 2024. This will provide Hong Kong companies with a transparent and clear path for sustainable reporting and allow them ample time. Be prepared so that you will be ready when the Hong Kong Code comes into effect.
Mr Hui Ching-yu, Secretary for Financial Services and the Treasury of the SAR Government, said that the vision statement clearly sets out the specific direction for the development of sustainable reporting in Hong Kong by the SAR government and financial regulators. This will help Hong Kong keep up with international trends in the field of green and sustainable finance and accelerate its move towards becoming an international green finance center. The bureau will continue to work with financial regulators and relevant stakeholders to gradually improve Hong Kong's sustainable disclosure ecosystem, realize the relevant vision, and further promote Hong Kong to achieve carbon neutrality by 2050 and help the country achieve the "double carbon" goal. (over)