Our Program Director, Bryan Luk, MIPA, and Co-program Director, Leonard Luk, had the incredible opportunity to present at the 2024 Academic Council on the United Nations System (ACUNS) 2024 Annual Conference at the United Nations University and The University of Tokyo.
As part of the conference, Bryan Luk, MIPA, served as the Chair and Discussant for the panel on "Climate Change: Governance and Resilience", discussing topics relating to multilateralism and global governance in ASEAN and Indonesia in tackling climate change, the role of Non-State Actors in Global Climate Governance in global south perspective, a dynamic geospatial tool for sustainable natural restoration and human resilience and etc.
Alongside Leonard Luk, they presented our paper titled “Assessment of Climate Change Reporting Practices in Capital Markets: A Review of Reporting Quality of Climate-Related Disclosures Across UK, Japan, and Singapore Listed Companies and Its Implications on Hong Kong and Greater China." in the panel of "Climate Financing and Climate Collaborations" which chaired and discussed by Himangana GUPTA (UNU-IAS) and Jingyuan WU (UTokyo). Other presenters were Shoko Saeki, Rahul Mohanty, Bhavya TANDON, Pratiti NAYAK, and Raushan Tara JASWAL.
Our policy brief aims to provide practical policy recommendations on climate reporting practices for Hong Kong listed companies and the Hong Kong Stock Exchange (SEHK) within the environmental, social, and governance (ESG) framework. As Hong Kong moves towards full adoption of climate reporting under the Task Force on Climate-related Financial Disclosures (TCFD) framework by 2025, increasing attention will be paid to ESG and climate reporting in the capital markets. The private sector is now expected to assume greater responsibility in addressing climate change and contributing to achieving the United Nations Sustainable Development Goals (SDGs).
This paper reviews climate reporting disclosures in the UK, Singapore, and Japan to explore the current situation of Hong Kong-listed issuers in complying with climate reporting requirements, aligning with global best practices, and facilitating informed decision-making by investors and stakeholders.
Based on the conference paper, our member provided 4 main recommendations -
(1) Enhance disclosure of emissions data (especially Scope 3 emissions) into climate reporting;
(2) Encourage integration of financial disclosures into climate reporting;
(3) Build up knowledge and know-how on climate reporting and
(4) Promote global cooperation and knowledge sharing.
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