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Strategic Plan to Strengthen Hong Kong’s Financial Ecosystem to Support a Greener and More Sustainable Future

Hong Kong Forthcoming 2021

The Steering Group has agreed to implement five action points. One is that Climate-related disclosures are aligned with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations1 will be mandatory across relevant sectors no later than 2025. Building on the existing requirements of listed companies to provide climate-related disclosures for financial years commencing on or after 1 July 2020, as well as initial steps taken with respect to banks and asset managers, we will take active steps to enhance climate-related disclosures of financial institutions including banks, asset managers, insurance companies and pension trustees, and increase the coverage of mandatory disclosure as soon as practicable, so that more information on how companies and assets will be impacted by climate change is available in the financial markets to support informed capital allocation and promote market discipline.

Issuer name

The Green and Sustainable Finance Cross-Agency Steering Group

More information

Another action is to support the International Financial Reporting Standards Foundation’s proposal to establish a new Sustainability Standards Board for developing and maintaining a global, uniform set of sustainability reporting standards.

Organizations covered by the instrument

Large private and listed companies

Industry scope

All/none specified

Status

Forthcoming

Country

Hong Kong

Region

Asia Pacific

Date of publication

2021

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

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