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illuminem summarizes for you the essential news of the day. Read the full piece on China Daily or enjoy below:
🗞️ Driving the news: Hong Kong has launched a roadmap to enhance sustainability disclosures, aiming to strengthen its role as a green finance hub
• The plan requires publicly accountable entities (PAEs), including listed companies and major financial institutions, to adopt the ISSB Sustainability Disclosure Standards by 2028
🔭 The context: The International Financial Reporting Standards-Sustainability Disclosure Standards (ISSB Standards) are globally recognized for improving transparency in environmental and social governance (ESG)
• This move aligns Hong Kong with international best practices to maintain its financial hub status
🌍 Why it matters for the planet: By mandating sustainability disclosures, Hong Kong will drive transparency and accountability in green finance, aiding global efforts for a sustainable economic transition
• The framework ensures financial markets incorporate climate and ESG risks into decision-making
⏭️ What's next: Large publicly accountable entities will need to gradually align with the ISSB Standards, completing full adoption no later than 2028
• Hong Kong aims to lead the way in facilitating global green financing and investment
💬 One quote: "Hong Kong is taking consistent steps to consolidate its competitiveness through observing international standards and best practices." – Christopher Hui, Secretary for Financial Services and the Treasury
📈 One stat: In 2022, approximately 78.8% of Hong Kong-listed companies were labeled as well-disclosed in their Environmental, Social, and Governance (ESG) reports, indicating a high level of transparency and completeness in sustainability disclosures
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