HK to launch climate disclosure roadmap this year

Financial Secretary Paul Chan on Monday said Hong Kong is on track to becoming one of the first jurisdictions to adopt sustainability disclosure requirements in line with global standards, as the government vowed to do more to support green energy transition in the region. Speaking at a forum to mark Earth Day, the finance chief said the government is committed to launching a roadmap this year to align local sustainability disclosure requirements with the International Financial Reporting Standards - Sustainability Disclosure Standards. He also pointed out that the Hong Kong Monetary Authority will soon release a local green classification framework that aligns with rules adopted by the European Union and the mainland to combat so-called “green washing”, the act of providing misleading information about products’ environmental benefits. Separately, Chan noted the SAR could do more to support green transition finance in the region, which would involve investing in green sectors and projects, as well as assisting carbon-intensive industries in their net-zero transformation. “We have the expertise, infrastructure, and regulatory framework that support international investors and different transition projects,” he said. “There’s clear room to explore how Hong Kong could better help channel capital to support the transition of high-emitting sectors and heavy polluting industries in the region,” he added.