On 20 December 2022, the Green and Sustainable Finance Cross-Agency Steering Group (the "Steering Group") co-chaired by the Hong Kong Monetary Authority ("HKMA") and the Securities and Futures Commission ("SFC") announced that it has entered into a collaboration arrangement with CDP, an international non-profit organisation that runs the global environmental disclosure system for companies, cities, states and regions.
Through this collaboration, the Steering Group and CDP seek to:
- enhance climate and environmental disclosure in Hong Kong;
- support capacity building and upskilling in climate-related disclosures by local companies; and
- facilitate data flow to support financial institutions' climate-related risk assessments and to facilitate the real sector's transition towards carbon neutrality.
As part of the collaboration, the Steering Group and CDP developed a cross-sector questionnaire on climate and environmental risk for non-listed small and medium-sized enterprises ("SME Questionnaire"). The SME Questionnaire aligns with the framework developed by the Task Force on Climate-related Financial Disclosures and it is available in three versions with different levels of granularity for micro enterprises, small enterprises and medium enterprises, catering for the size and needs of the reporting companies. The Steering Group and CDP have also developed guidance and learning materials for the SME Questionnaire and will arrange training sessions starting in the first quarter of 2023. Financial institutions and industry bodies are expected to work with the Steering Group to boost the take up rate of the SME Questionnaire.
The Steering Group will continue to review and update the SME Questionnaire periodically with CDP's assistance and in line with global standards.
Visit us at mayerbrown.com
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe - Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2020. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.