The standards could become the basis for authorities around the world to regulate such disclosures, according to McKenzie, who was in Hong Kong last week to attend the launch of TNFD Recommendations Hong Kong, organised jointly with Swire Properties, the city’s only representative in the 40-member task force.
They include property developers Swire, Chinachem Group, Henderson Land Development and Sino Land, gas utility Hong Kong and China Gas (Towngas), beverage maker Vitasoy International Holdings, and marine ecosystems restoration start-up Archireef.
“Hong Kong’s status as an international financial centre can help bring plans and actions together to promote sustainable transformation,” said Salina Yan Mei-mei, Permanent Secretary for Financial Services and the Treasury, at the TNFD launch event.
“We will closely monitor global developments and align with international standards as appropriate,” she said.
The ISSB’s plan to formulate biodiversity disclosure standards has long been expected, according to Kelly Lee, senior vice-president in the policy and secretariat services unit of the listing division of Hong Kong Exchanges and Clearing (HKEX), the city’s bourse operator.
“Even under the existing rules, listed companies are already required to disclose the impact of your business on the environment and natural resources,” she said during a panel at the TNFD launch event “This is not something new, and [firms] have already been doing it all these past years.”
“This will be an important part of our ongoing efforts to prepare listed companies towards eventual sustainability reporting in accordance with the local sustainability disclosure standards under development, enhancing Hong Kong’s capital markets attractiveness and competitiveness.”
The ISSB said it intends to finalise its next work plan in the first half of this year.