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Hong Kong SFC Sets Agenda to Support Hong Kong as Regional Green Finance Centre: Corporate Disclosures, ESG for Fund Managers, Regulations for Carbon Market
4th August 2022 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has set the agenda to support Hong Kong as a Regional Green Finance Centre, with key focus on Corporate Sustainability Disclosures, Measures on ESG Funds & Expectations for Fund Managers, and Regulatory Framework for Proposed Carbon Markets. Ashley Alder, HK SFC CEO: “Climate change and sustainability are cross-border issues which require a coordinated response, and Hong Kong has a critical role to play as a regional and international green finance centre. The SFC will continue to lead global regulatory development in this space to ensure that domestic policies and international standards are aligned.” (Environmental, Social & Governance) See below for Overview | View Agenda
“ Hong Kong SFC Sets Agenda to Support Hong Kong as Regional Green Finance Centre: Corporate Disclosures, ESG for Fund Managers, Regulations for Carbon Market “
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Overview – HK as Regional Green Finance Centre
- In recent years, jurisdictions worldwide have sought to respond to the urgent need to address the impact of climate change. Environmental issues have become a key focus for governments and it is recognised that private sector investment is vital to help fund the move towards a greener global economy. There is a clear consensus that regulators should ensure green finance initiatives are properly regulated and market integrity and investor protection are maintained.
- Hong Kong has a critical role to play as an international and regional green finance centre. It has long served as a bridge for capital flows between international investors and mainland China – the extremely large footprint and international significance of Hong Kong’s HK$39.1 trillion capital markets1 means that it will play a critical role in overall global efforts to reach net-zero goals.
- In November 2020, the Government announced its goal to achieve carbon neutrality by 20502. This was followed in October 2021 by Hong Kong’s Climate Action Plan 2050, which sets out a vision of “Zero-carbon Emissions‧Liveable City‧Sustainable Development” and outlines the strategies and targets for combating climate change and achieving carbon neutrality, including the opportunities provided by the growth of green finance3.
- The Securities and Futures Commission (SFC) has been at the forefront of efforts to develop an effective regulatory framework for green finance in Hong Kong. In September 2018, the SFC published its Strategic Framework for Green Finance (2018 Strategic Framework), which included enhancing climate-related corporate disclosures in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), developing policies and guidance for asset managers’ disclosures and combating greenwashing, facilitating the development of green-related investments, supporting investor awareness of and capacity building in green finance, and participating in international sustainability initiatives with a view to promoting Hong Kong as an international green finance centre. More details of the work done by the SFC are set out in Appendix A.
- In addition to the 2018 Strategic Framework and recognising the need to coordinate amongst the authorities responsible for financial regulation in Hong Kong, the SFC initiated the establishment of the Green and Sustainable Finance Cross-Agency Steering Group (CASG) in May 2020. The purpose of the CASG is to accelerate the growth of green and sustainable finance in Hong Kong and support the Government’s climate strategies. It is co-chaired by the SFC and the Hong Kong Monetary Authority (HKMA) and comprises the Financial Services and the Treasury Bureau (FSTB), the Environment and Ecology Bureau, Hong Kong Exchanges and Clearing Limited (HKEX), the Insurance Authority, and the Mandatory Provident Fund Schemes Authority.
- Following on from the announcement of Hong Kong’s carbon neutrality goal, the CASG published its Strategic Plan to Strengthen Hong Kong’s Financial Ecosystem to Support a Greener and More Sustainable Future (CASG Strategic Plan) in December 2020. The CASG Strategic Plan covers six key focus areas5, with five near-term action points to be implemented, including mandating climate- related disclosures aligned with the TCFD recommendations6 across relevant sectors no later than 2025, and supporting the IFRS Foundation’s7 establishment of the International Sustainability Standards Board (ISSB) for developing and maintaining a global, uniform set of sustainability reporting standards, as well as complementary efforts by other standard-setting organisations8 to converge sustainability reporting standards globally. More details of the CASG’s work are set out in Appendix B.
Recent developments
- Within mainland China, there has also been significant political impetus to combat environmental degradation. In an address to the 75th UN General Assembly in September 2020, President Xi Jinping announced the Mainland’s “Dual Carbon” goals of peak carbon emissions by 2030 and achieving carbon neutrality by 20609. The Outline of the 14th Five-Year Plan for the National Economic and Social Development and the Long-Range Objectives Through the Year 2035 released in March 2021 reiterated these goals and set out actions to achieve green growth, including accelerating the development of non-fossil energy resources.
- In October and November 2021, the 26th UN Climate Change Conference of the Parties (COP26) highlighted the importance attributed by all stakeholders, including governments, regulators, non-government organisations, and the private sector, to combat the effects of climate change.
- Of particular significance was the IFRS Foundation’s announcement at COP26 of developments to establish the groundwork and necessary arrangements for a global sustainability disclosure standard setter for the financial markets, including the formation of the ISSB and publication of prototype climate and general disclosure requirements10.
- More recently, in March 2022, the ISSB launched a consultation on its first two proposed standards (Exposure Drafts), which are intended to form a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs. One standard sets out general sustainability- related disclosure requirements and the other standard specifies climate-related disclosure requirements.
- The International Organization of Securities Commissions (IOSCO) was closely involved in the work of the IFRS Foundation to establish the ISSB and remains committed to engaging with the ISSB, with a view towards potential endorsement by IOSCO of the final disclosure standards that will be based on the Exposure Drafts11. IOSCO’s Sustainable Finance Task Force (STF)12 has also carried out sustainability-related work on issuer disclosures13, asset management14, and environmental, social and governance (ESG) ratings and data product providers
- IOSCO’s 2022 sustainable finance work plan16 focuses on mitigating greenwashing and supporting the creation of reliable information on sustainability impacts for investors. Its projects will include a review of the Exposure Drafts, as well as the final standards when produced, with a view to endorsing them for its members. In parallel, IOSCO will also push forward work to develop assurance standards, given that independent assurance of the quality of corporate reporting of sustainability information is key to building trust in sustainability reporting.
- IOSCO will carry out a review of carbon markets to identify the vulnerabilities in voluntary carbon markets, as well as the transparency and integrity in the functioning of carbon markets from the perspective of financial regulation. It will also engage with national regulators and market participants to encourage the implementation of its recommendations for asset managers and ESG ratings and data providers.
The way forward for the SFC
- Against this background of local, regional and global initiatives, there is an important role for regulators to support capital allocation that takes into account material climate and sustainability related risks. Robust, relevant and appropriate regulation can enhance the quality of information available, increase transparency and build trust for investors, thereby supporting investment flows into sustainable projects that will drive forward net zero targets.
- In particular, because Hong Kong intermediates capital between global investors and the Mainland, regulatory development by the SFC needs to balance global ambition with pragmatism in implementation to reflect both the urgency of the climate crisis and the challenge of transitioning emerging economies. It is essential that the SFC continues to lead and influence global regulatory development, while ensuring that local implementation is sound, efficient, and high impact so as to demonstrate a pathway for implementation in the region. Sustainable finance- related regulation across Asia and in emerging markets is still at a nascent stage. As such, there are significant opportunities for cooperation and convergence of approaches, thereby minimising fragmentation.
- Although the goals set out in the 2018 Strategic Framework have largely been achieved, there are still further steps for the SFC to take to support the transition towards a greener economy. The main areas of focus are:
▪ Corporate disclosures;
▪ Monitoring the implementation of and enhancing existing measures; and ▪ A regulatory framework for carbon markets. - In addition to its regulatory efforts to support the development of green finance, the SFC has also embarked on a decarbonisation project with the aim of aligning its emissions footprint with Hong Kong’s commitment to carbon neutrality by 2050.
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