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HKEX Postpones Climate Disclosure Framework Enhancements

Hong Kong Exchanges and Clearing (HKEX) has pushed back the implementation of enhanced climate-related disclosures. In April, HKEX published a consultation paper seeking market feedback on proposals to enhance climate-related disclosures under its ESG framework, with a proposed implementation date of 1 January 2024. However, in a statement on Friday, HKEX said it intends to take into account the adoption guide recommendations when finalising the listing rule amendments. The proposals were informed by the IFRS S2 Climate-related Disclosures exposure draft published by the International Sustainability Standards Board (ISSB) in March 2022, and some subsequent deliberations. In June 2023, the ISSB published the final IFRS Sustainability Disclosure Standards, and later also indicated that an adoption guide would be published by end-2023 to support jurisdictional regulators in implementation, including with advice on scalability and phasing-in measures. HKEX had said it would take into account the final ISSB Climate Standard when finalising its listing rule amendments. These rules will not be finalised until the end of this year. As such, it has decided to postpone the implementation date of the listing rule amendments to 1 January 2025, to allow issuers more time to familiarise themselves with the new climate-related disclosure requirements. HKEX added that the Hong Kong government will work with financial regulators and other stakeholders to develop a roadmap on the appropriate adoption of the ISSB standards for Hong Kong’s financial services to align with international standards. 

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