Cross-Agency Steering Group welcomes publication of IFRS Sustainability Disclosure Standards

The Green and Sustainable Finance Cross-Agency Steering Group in Hong Kong has expressed its support for the new International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards recently introduced by the International Sustainability Standards Board (ISSB). These standards are intended to become the global standard for corporate sustainability reporting, and Hong Kong authorities are considering aligning their local requirements with this global baseline. The ISSB has also opened an office in Beijing, and the Steering Group is eager to collaborate with the ISSB on sustainability reporting and capacity building. The Steering Group is focused on developing world-class regulation for various financial services sub-sectors and leveraging climate and sustainability-related opportunities. Making transparent, reliable, and comparable sustainability information available is essential for financial intermediaries and global investors to fulfill their obligations to stakeholders on carbon emissions reduction and regulatory requirements. The ISSB’s standards will facilitate more consistent disclosure, encourage the adoption of best market practices, and contribute to the accessibility and affordability of sustainable financing for corporations.

Resource:

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR69

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