Government launches roadmap on sustainability disclosure in Hong Kong
The Government today (December 10) 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.
The Secretary for Financial Services and the Treasury, Mr 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. The Financial Services and the Treasury Bureau (FSTB) in collaboration with financial regulators and stakeholders will continue to support the pragmatic implementation of the Hong Kong Sustainability Disclosure Standards (Hong Kong Standards) through enhancing capacity building and promoting the use of technological solutions."
Key points of the roadmap are as follows:
The Hong Kong Institute of Certified Public Accountants (HKICPA) is developing the Hong Kong Standards on a full alignment basis with the ISSB Standards. Following a public consultation on the Exposure Drafts whichindicates general support, the HKICPA aims 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 (Large Cap Issuers) are further required to disclose against the New Climate Requirements on a mandatory basis starting from January 1, 2026. The Hong Kong Exchanges and Clearing Limited (HKEX) 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 (being non-listed PAEs) to apply the Hong Kong Standards no later than 2028.
This 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. Key steps to be taken include:
Sustainability assurance: The Accounting and Financial Reporting Council (AFRC) will work with relevant financial regulators and stakeholders to drive the development of Hong Kong's regulatory regime for sustainability assurance and promote high-quality assurance by adopting international standards.
Data and technology: The Green and Sustainable Finance Cross-Agency Steering Group members will continue their efforts in facilitating better sustainability disclosures and enhancing quality of data through a multipronged approach, including promoting the development of green fintech, rolling out free data tools, and expanding the Hong Kong Taxonomy for Sustainable Finance.
Skills and competencies: The Steering Group members and the HKICPA will continue to promote alignment with the ISSB Standards and support capacity building efforts locally, regionally and internationally.
This roadmap was developed with the support of the Steering Group through a dedicated working group co-led by the FSTB and the Securities and Futures Commission. Members of the working group comprise the Hong Kong Monetary Authority, the Insurance Authority, the Mandatory Provident Fund Schemes Authority, the AFRC, the HKEX, and the HKICPA. The full roadmap can be viewed at the FSTB website (www.fstb.gov.hk/fsb/en/publication/report/docs/FSTB_Roadmap2024_eBooklet_EN.pdf).
Speech by CS at Nobel Heroes Forum: Shaping Science and Future
Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the Nobel Heroes Forum: Shaping Science and Future today (January 12):
Dr Wong (Chairman of the University of Hong Kong (HKU) Council, Dr Peter Wong), Professor Zhang (President and Vice-Chancellor of the HKU, Professor Zhang Xiang), Mr Turner (Executive Director of Foundation Lindau Nobel Laureate Meetings, Mr Nikolaus Turner), distinguished Nobel Laureates, esteemed scientists,ladies and gentlemen,
Good morning. It is my great pleasure to join you today for the Nobel Heroes Forum: Shaping Science and Future.
To our Nobel Laureates – we are truly privileged to have you with us. You represent the very best of human curiosity and perseverance. Your ground-breaking work expands our understanding of the universe, lights the path for future discovery, and inspires generations. Thank you for joining this extraordinary gathering.
And to all our distinguished guests from around the world – a very warm welcome to Hong Kong.
Today's dialogue is more than an academic event. It is a powerful convergence of the world's finest scientific minds, right here in a city that is determined to play its part in global innovation.
Hong Kong's mission is clear and unwavering: to become a premier international innovation and technology centre. A hub where top scientists, scholars and entrepreneurs can thrive, collaborate and serve the world.
To achieve this, the Government is fully committed. We are building a world-class ecosystem and nurturing the talent to power it.
First, we are building the infrastructure for greatness.
We have established a strategic I&T framework centred on three major I&T (innovation and technology) parks and five key research and development institutions.
Building on the success of the Science Park and Cyberport, we officially launched the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone last month.
The Hetao Co-operation Zone is a major co-operation platform in the Guangdong-Hong Kong-Macao Greater Bay Area under the National 14th Five-Year Plan. The Hong Kong Park is envisioned as a world-class hub for technological innovation, connecting the Chinese Mainland with the international community, and serving as an important source for fostering new quality productive forces.
Together with our five key R&D (research and development) institutions focus on frontier technologies, these developments will create more favourable conditions for Hong Kong to attract global I&T resources and talent.
Second, we are investing decisively.
We back our words with resources. We have launched significant funding schemes across the entire innovation chain.
To support excellent and impactful research, the Research Grants Council (RGC) under the University Grants Committee administers more than 20 competitive research grant and fellowship schemes.
Furthermore, last year we launched the 3 billion HK dollars Frontier Technology Research Support Scheme to empower ground-breaking basic research led by world-class researchers and academics.
To accelerate the midstream and downstream development, we rolled out three separate 10 billion HK dollars initiatives to drive the commercialisation of R&D outcomes and new industrialisation.
Third, and most crucially, we are nurturing and attracting top talent.
Talent is our ultimate driving force. We are expanding our talent pool through multiple strategies.
On nurturing young research talent, the Government has launched the Young Collaborative Research Grant to support early-stage researchers in leading and managing collaborative research. We are also actively fostering research collaboration between Hong Kong, the Chinese Mainland and overseas research funding agencies through operating various Joint Research Schemes. These partnerships not only foster academic exchange but also provide opportunities to nurture researchers in exploring new frontiers in their respective fields.
On attracting global talent, the RGC Junior Research Fellow Scheme has supported some 300 doctoral graduates from Hong Kong and around the world to pursue research careers at our universities.
Our international research flagship, the InnoHK research clusters, is also there to bring together brilliant minds from all over the world to conduct world-class scientific research. To date, our two existing InnoHK research clusters – one focusing on healthcare technology and another on AI and robotics – have successfully built links with over 30 world-class universities and research institutes from 12 economies, pooling together around 3 000 researchers locally and across the globe.
To go further, the Government is now expediting the development of the third InnoHK research cluster, with the focus on sustainable development, energy, advanced manufacturing and materials.
Our strategy follows a powerful cycle: promoting technology with talent, leading industries with technology, and attracting talent with industries.
And we are seeing results. Hong Kong ranks third globally in "Technology" in the World Digital Competitiveness Ranking. The Shenzhen-Hong Kong-Guangzhou cluster ranks first in the 2025 Global Innovation Index Ranking of the World's Top 100 innovation clusters.
Our startup community has grown nearly fivefold in the past decade, producing homegrown unicorns.
This progress is no accident. It is built on Hong Kong's unique strengths. Under "one country, two systems", we enjoy unwavering national support and unparalleled global connectivity. Our robust rule of law, free-flowing capital and vibrant multicultural society make Hong Kong the perfect incubator for scientific exploration and technological breakthroughs.
To every scientist, researcher and innovator here today: Hong Kong is open for you. We provide the platform, the funding, the freedom and the connections to turn visionary ideas into reality.
We invite you to build your legacy here. To join us in shaping not just the future of Hong Kong, but the future of science for humanity.
On this note, let the dialogue begin. I look forward to the fruitful and inspirational exchanges. Thank you.
Source: AI-found images
