Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said financial regulatory authorities will decide on different timelines for the adoption of Hong Kong Sustainability Disclosure Standards for various industries.
Previously, the government has launched a road map on sustainability disclosure, which requires publicly accountable entities to adopt the International Financial Reporting Standards' Sustainability Disclosure Standards no later than 2028.
Hong Kong's standards and IFRS Sustainability Disclosure Standards are fully aligned with the International Sustainability Standards Board Standards.
Hong Kong Exchanges and Clearing (0388) will also consult the market on mandating sustainability reporting against the Hong Kong Standards for listed companies in 2027, he said.
The government would promote the adoption of the Hong Kong standards by unlisted financial institutions, based on feedback from the market, Hui added.
As the initial set of jurisdictions that have set a target of fully adopting the ISSB Standards, it will enhance the transparency of information on sustainable development in capital markets, enable investors to make investment decisions, and promote global capital flows, Hui said.
He highlighted that the accuracy, comparability, and consistency of information are significant to sustainable market development.
HELEN ZHONG
