HKEX announced last Friday that the decision to postpone the implementation of the Listing Rule amendments by HKEX was influenced by the exposure draft of the IFRS S2 Climate-related Disclosures (ISSB Climate Standard) published by the International Sustainability Standards Board (ISSB). HKEX plans to take into account the recommended approaches outlined in the ISSB Adoption Guide (expected to be available before the end of 2023) regarding the scaling and phasing-in of requirements.
This consideration will be taken into account during the finalisation of the Listing Rule amendments. The decision to postpone the implementation date to 1 January 2025 is aimed at providing issuers with more time to become familiar with the new climate-related disclosure requirements.
In June 2023, the ISSB published the final IFRS Sustainability Disclosure Standards, and they have also announced their intention to release an adoption guide (ISSB Adoption Guide). This guide will assist jurisdictional regulators in implementing the ISSB standards by providing guidance on scalability and phasing-in measures. In April 2023, HKEX released a consultation paper seeking feedback from the market on proposals to enhance climate-related disclosures within its environmental, social, and governance (ESG) framework. The proposed implementation date in the Consultation Paper was 1 January 2024.
The HKSAR Government will work with relevant financial regulators and stakeholders to develop a roadmap on the appropriate adoption of the ISSB standards for Hong Kong’s financial services to align with international standards. As a member of the Hong Kong Green and Sustainable Finance Cross-Agency Steering Group (CASG), HKEX will continue to work closely with the Government and other members of the CASG on the development of the roadmap.
