DISCLOSURE ROADMAP LAUNCHED

The Government today launched a roadmap on sustainability disclosure in Hong Kong.

The roadmap sets out Hong Kong's approach to require publicly accountable entities (PAEs) to adopt the International Financial Reporting Standards - Sustainability Disclosure Standards (ISSB Standards). It provides a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028.

Secretary for Financial Services & the Treasury Christopher Hui said as a premier international financial centre as well as a green and sustainable finance hub, Hong Kong is taking consistent steps to consolidate its competitiveness through observing international standards and best practices.

“The launch of this roadmap on the full adoption of the ISSB Standards clearly highlights our commitment to continuing to play a leading role in facilitating green and sustainable financing and investment for the global agenda of green transition.

“This roadmap provides a transparent and well-defined pathway on sustainability reporting for PAEs in Hong Kong.”

Mr Hui added that the Financial Services & the Treasury Bureau in collaboration with financial regulators and stakeholders will continue to support the pragmatic implementation of the Hong Kong Sustainability Disclosure Standards through enhancing capacity building and promoting the use of technological solutions.

As regards the roadmap, the Hong Kong Institute of Certified Public Accountants is developing the Hong Kong Standards on a full alignment basis with the ISSB Standards, aiming to issue the final Hong Kong Standards by the end of this year with an effective date of August 1 next year.

All Main Board issuers are required to disclose against the New Climate Requirements modelling on International Financial Reporting Standards S2 Climate-related Disclosures on a “comply or explain” basis starting from January 1 next year.

Issuers that are Hang Seng Composite LargeCap Index constituents are further required to disclose against the New Climate Requirements on a mandatory basis starting from January 1, 2026.

Hong Kong Exchanges & Clearing will consult the market in 2027 on mandating sustainability reporting against the Hong Kong Standards for listed PAEs with an expected effective date of January 1, 2028, under a proportionate approach.

Relevant financial regulators will require financial institutions carrying a significant weight, which are being non-listed PAEs, to apply the Hong Kong Standards no later than 2028.

The roadmap also elaborates on Hong Kong's blueprint to develop a comprehensive ecosystem to support sustainability disclosures, which encompasses sustainability assurance, data and technology as well as skills and competencies.

Click here for the full roadmap.

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