The Hong Kong Monetary Authority (HKMA) and Securities and Futures Commission (SEC) has announced that it will create a steering group to adopt the International Sustainability Standards Board (ISSB) inaugural sustainability standards. The group will develop a comprehensive roadmap for adopting the standards, which were finalised in June and formally endorsed by International Organization of Securities Commissions last month. The steering group said it will take into account Hong Kong’s position on the global green finance map, and local regulatory expectations and circumstances in developing the adoption roadmap. It said it will also champion enhancements in data availability, capacity building, and technological innovation to ensure the financial ecosystem can support a net zero transition across the economy. This will include hosting workshops for SMEs and non-listed companies to support them in sustainability planning, reporting, and using data sources and tools. The group intends to develop a data portal to increase the availability and accessibility of climate-related data collected through the Climate and Environmental Risk Questionnaire for non-listed companies and SMEs. Additionally, the steering group said it will explore opportunities for public-private partnerships to promote the development of technology-driven solutions and develop a Hong Kong green fintech map to raise the profile of firms in the sector.
A special working group will be established to work on the roadmap and make recommendations to the Green and Sustainable Finance Cross-Agency Steering Group.https://t.co/3Zr28V4G4y
— Regulation Asia (@RegulationAsia) August 8, 2023