"Caixin Summit: Hong Kong to Speed Up Climate Risk Disclosure Rules", 25 June 2021

Hong Kong will require financial institutions and publicly traded companies to disclose the financial risks of climate change on their businesses starting next year, according to a top official of the Hong Kong Monetary Authority (HKMA).

Hong Kong’s central banking authority plans to speed up disclosure requirements on climate information that were planned for 2025, HKMA Executive Director (External) Darryl Chan said Thursday at the Caixin Summer Summit. Chan reports to one of three deputy chief executives of the HKMA, according to the organization’s website.

The 2025 disclosure target for climate change-related information was set under a proposal by a cross-agency group including the HKMA and government departments. The requirements would be in line with standards set by the G-20’s Task Force on Climate-Related Disclosures. The disclosure rules would apply to Hong Kong banks, brokerages, insurers and listed companies as part of the region’s goal of developing as a sustainable finance center. [...]