Vision statement on sustainability disclosure unveiled
The government on Monday issued a vision statement on developing a sustainability disclosure ecosystem, as part of efforts to further develop the SAR into an international green finance centre. According to the Financial Services and the Treasury Bureau, 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). That would highlight "Hong Kong's commitment to reinforcing its leading position on the international sustainable finance map and solidifying the competitiveness of businesses in Hong Kong to address the global demand for sustainability disclosure", a government statement read. The local standards will cover listed companies and regulated financial institutions, such as banks, fund managers, insurance companies and Mandatory Provident Fund trustees. The government will work with financial regulators and stakeholders and launch a roadmap within this year on the adoption of the ISSB Standards. "Accurate information is an essential element in facilitating green and sustainable financial services," said Christopher Hui, Secretary for Financial Services and the Treasury. "The vision statement clearly indicates the specific direction of the government and financial regulators regarding the development of sustainability disclosure in Hong Kong." Hui added that the goal is to help further promote carbon neutrality in Hong Kong before 2050 and China's "3060 Dual Carbon Targets".