Firms urged to meet global sustainability benchmarks
A top government official has urged enterprises to align their practices in sustainability disclosure with international standards, as part of efforts to boost the city's sustainable financial development.  At a climate action summit on Thursday, Deputy Chief Secretary Warner Cheuk noted that the government issued a vision statement in March and aims to be among the first jurisdictions to align disclosures with benchmarks published by the International Sustainability Standards Board (ISSB).  "To deepen Hong Kong's green and sustainable finance development, enterprises must align their practices in sustainability disclosure with international standards," Cheuk said.  "Our target is to launch a roadmap on the appropriate adoption of the ISSB standards in Hong Kong within this year, so as to provide a transparent and well-defined pathway on sustainability reporting for businesses, as well as giving sufficient time for them to make preparations and develop readiness for the pragmatic implementation of the Hong Kong standards." The summit, hosted by the World Green Organisation, focused on issues such as environmental, social and governance, carbon neutrality, and sustainable development.  William Yu, the group's founder and chief executive officer, stressed the importance of addressing climate change, saying people should not underestimate the role of green finance and technology in decarbonisation.  "The impact of climate change and natural disasters is becoming increasingly visible, with damaging consequences on our environment, economies, and communities," he said.  "Rising global temperatures, melting ice caps, extreme weather incidents, and biodiversity loss are stark reminders of the urgency of this action. Now we stand at a crucial juncture where every decision we make now will shape the future of our planet for generations to come." Yu said there more than 7,000 climatic disasters were reported from 2010 to 2020, a 35 percent rise compared to the previous decade. Such disasters cost the lives of hundreds of thousands and affected the lives of billions, he said.