致同咨詢：2022年可持續(xù)投資的趨勢(shì)

ontentsgeBackgroundgeBackground背景orntonBackground背景ABackground背景AClimatechange氣候變化syears1.HistoricalTrendsinGlobalMonthlySurfaceTemperatures(1851-2020)()2.GlobalTemperature|VitalSigns–ClimateChange:VitalSignsofthePlanet()2.全球氣溫|生命跡象—?dú)夂蜃兓U地球的生命跡象()000020050810SS來源︰美國(guó)太空總署的哥達(dá)德太空研究所inlotsofeffortsglobalactiontowardsachievingsustainabilityeconomygainsustainableinvestmentWiththeincreaseindemandandhencesupplyforsustainableinvestment,globalsustainableinvestmentreachedUSD35.3trillioninEurope,UnitedStates,Canada,AustralasiaandJapan,representinga15%increasefrom2018ofUSD30.7trillionanda55%increasefrom2016ofUSD22.8trillion.Thetotalglobalassetsundermanagementin2020amountedtoUSD98.4trillionwithsustainableinvestmentofUSD35.3trillionrepresenting35.9%oftotalAUM.Whencomparedagainst2020figures,sustainableinvestmentonlyAUMamountedtoUSD30.7trillionin2018,representing33.4%oftotalAUMoftheregionsofUSD91.8trillion.AccordingtoMorningstarDirect,globalESGfundassetsincreasedtoUSD2.74trillioninDecember2021,upfromUSD1.65trillionattheendof2020andUSD1.28trillionattheendof2019.3隨著可持續(xù)投資的需求和供應(yīng)先後上升，歐洲、美國(guó)、加拿大、大洋洲及日本的全球可持續(xù)投資達(dá)35.3兆美元，相比2018年的30.7兆美元及2016年的22.8兆美元，分別增加了15%及55%。2020年，全球管理資產(chǎn)總值達(dá)98.4兆美元，其中，可持續(xù)投資佔(zhàn)35.9%，即35.3兆美元。相比2020年的數(shù)字，該等地區(qū)的管理資產(chǎn)總值於2018年為91.8兆美元，當(dāng)中純屬可持續(xù)投資的資產(chǎn)佔(zhàn)33.4%，達(dá)30.7兆美元。根據(jù)MorningstarDirect，全球環(huán)境社會(huì)及管治(ESG)基金資產(chǎn)從2019年底的1.28兆美元及2020年底的1.65兆美元，增加至2021年12月的2.74兆美元。330ESGAndSustainableInvestingStatistics(April2022Update)-SustainFiESG2年4月更新)-SustainFiGlobalsustainableinvestmentattrillionUSD35.trillion35.3兆美元Snapshotofglobalsustainableinvestingassets(USDbillions)2016年-2018年-2020年全球可持續(xù)投資資產(chǎn)概覽(十億美元)REGION地區(qū)20162018202023Canada加拿大66Japan日本Total(USDbillions)總計(jì)(十億美元)22,83930,68335,301Source:GlobalSustainableInvestmentReview2020(/wp-content/uploads/2021/08/GSIR-20201.pdf)NOTE:AssetvaluesareexpressedinbillionsofUSdollars.Assetsfor2016werereportedasof31/12/2015forallregionsexceptJapanasof31/03/2016.Assetsfor2018werereportedasof31/12/2017forallregionsexceptJapan,whichreportedasof31/03/2018.Assetsfor2020werereportedasof31/12/2019forallregionsexceptJapan,whichreportedasof31/03/2020.ConversionsfromlocalcurrenciestoUSdollarswereattheexchangeratesprevailingatthedateofreporting.In2020,EuropeincludesAustria,Belgium,Bulgaria,Denmark,France,Germany,Greece,Italy,Spain,Netherlands,Poland,Portugal,Slovenia,Sweden,theUK,Norway,Switzerland,Liechtenstein.*EuropeandAustralasiahaveenactedsignificantchangesinthewaysustainableinvestmentisdefinedintheseregions,sodirectcomparisonsbetweenregionsandwithpreviousversionsofthisreportarenoteasilymade.地區(qū)的2016年資產(chǎn)匯報(bào)均截至2015年12月31日為止，惟日本截至2016年3月31日止。所有地區(qū)的2018年資產(chǎn)匯報(bào)均截至2017年12月31日為止，惟日本截至2018年3月31日止。所有地區(qū)的2020年資產(chǎn)匯報(bào)均截至2019年12月31日為止，惟日本截至2020年3月31日止。當(dāng)?shù)刎泿虐磪R報(bào)當(dāng)日的現(xiàn)行匯率換算為美元。於2020年，歐洲包括奧地利、比利時(shí)、保加利亞、丹麥、法國(guó)、德國(guó)、希臘、意大利、西班牙、荷蘭、波蘭、葡萄牙、斯洛文尼亞、瑞典、英國(guó)、挪威、瑞士、列支敦士登。*由於歐洲及大洋洲對(duì)該等地區(qū)的可持續(xù)投資的定義方式實(shí)施了重大變動(dòng)，故難以在不同地區(qū)之間以及與本報(bào)告的過往版本進(jìn)行直接比較。oftotalassetsundermanagementaresustainableinvestments值的 35.9% Snapshotofglobalassetsundermanagement2016-2018-2020(USDbillions)2016年-2018年-2020年全球管理資產(chǎn)概覽(十億美元)REGION地區(qū)201620182020,948,828,416M資的管理資產(chǎn)總值,683,301%Sustainableinvestments可持續(xù)投資的百分比3.4%(comparedtopriorperiod)幅 (相比上一期間)5.5%2.5%Source:GlobalSustainableInvestmentReview2020(/wp-content/uploads/2021/08/GSIR-20201.pdf)NOTE:AssetvaluesareexpressedinbillionsofUSdollars.GlobalassetsarebasedondatareportedbyEurope,US,Canada,Australia,NewZealandandJapanforthepurposeofthe2016,2018and2020GSIRs.註︰資產(chǎn)價(jià)值以十億美元計(jì)。就2016年、2018年及2020年的全球可持續(xù)投資回顧而言，全球資產(chǎn)依據(jù)歐洲、美國(guó)、加拿大、澳洲、新西蘭及日本所匯報(bào)的數(shù)據(jù)作為基礎(chǔ)。GlobalESGfundassets(inUSDtrillion)全球環(huán)境、社會(huì)及管治(ESG)基金資產(chǎn)(兆美元)USDTrillion3210Year年SourceESGAndSustainableInvestingStatistics(April2022Update)-SustainFiESG持續(xù)投資統(tǒng)計(jì)數(shù)據(jù)(於2022年4月更新)-SustainFiscedkbyandachievecarbonneutralitybyChinaChina’sfirst3-year“carbonneutrality”bondstoglobalnalleongaccessibility,dataavailability,andtransparencyofgreenands債券，發(fā)行規(guī)模達(dá)人民幣200億元(3.10億美元)，所得資金將投元(535.5億美元)，打破歷年紀(jì)錄。7發(fā)SG期的財(cái)務(wù)回報(bào)。theiroffesOfESGpracticescanpotentiallyleadtohigherprofitabilityandncialactsi4.SustainabilityToolkit_Investor’sExpectationsSurroundingSustainability,Covington&BurlingLLP,January2020/-/media/files/corporate/sustainability-toolkit/sustainability-toolkit--investors-expectations-surrounding-sustainability.pdf5.5LessonsfromChinaonhowtodrivesustainablegrowth|WorldEconomicForum()6.ESGMovementAdvancesInChina|GlobalFinanceMagazine()7.AsiaAssetManagement–TheJournalofInvestments&PensionsChinasustainablefundassetssoartorecordhigh|AsiaAssetManagement8.HongKongBacksSustainableDevelopmentWithESGFocus()org中國(guó)ESG運(yùn)動(dòng)邁步向前|環(huán)球金融雜誌()7.亞洲資產(chǎn)管理雜誌—投資與退休金期刊中國(guó)可持續(xù)基金資產(chǎn)飆升創(chuàng)新高(Chinasustainablefundassetssoartorecordhigh)|亞洲資產(chǎn)管理雜誌8.香港支持以ESG為重心的可持續(xù)發(fā)展()oninriskssngsESG品，估和實(shí)施所有的ESG策略及管治架構(gòu)?；貓?bào)。HongKongtoadoptthenewstandards香港將採(cǎi)納新準(zhǔn)則illongrunttheybalhtslttrendmes可持續(xù)的財(cái)務(wù)回報(bào)。投資者相信，環(huán)境、社會(huì)及管治(ESG)ESG服務(wù)需求上升，將使ESG報(bào)告CompaniesandassetmanagerstoCompaniesandassetmanagerstogetthemselvesready資產(chǎn)管理人準(zhǔn)備assuranceewESGstandards新的全球ESGIncreasedgeneralawarenessinsustainableandESGinvestment可持續(xù)發(fā)展及ESG投資的BB目前的環(huán)境、社會(huì)及管治(ESG)iskspportunitiestheyarefacingandtheirimpactsonWiththeincreaseinESGreportingrequirements,therewillalsolikelybeanincreaseinthedemandforESGassuranceserviceswhichwillenhancethecredibilityandvalueoftheESGreports.Assuranceprovidesacrucialpartofbuildingthetrustandcredibilityinwhatisbeingdisclosed.WecanforeseethatESGassuranceserviceswillbecomeincreasinglyimportantinthefuture.ESG報(bào)告鑑證需求增加鑒於可持續(xù)投資的需求上升，ESG報(bào)告亦變得更為重要，以便為投資者提供必要的資訊，讓他們作出明智的投資決策。除了氣候風(fēng)險(xiǎn)的資料外，文化及多元化等管治及社會(huì)議題在近年亦備受關(guān)注。ESG報(bào)告有助公司提高透明度，闡述公司面臨的風(fēng)險(xiǎn)和機(jī)遇，以及對(duì)環(huán)境、社會(huì)及管治方面造成的影響。ESG報(bào)告的要求增多，很可能帶動(dòng)ESG鑑證服務(wù)的需求上升，繼而提高ESG報(bào)告的可信性和價(jià)值。鑑證服務(wù)能發(fā)揮重要作用，有助建立披露資料的可信性，提高市場(chǎng)對(duì)披露內(nèi)容的信任程度，預(yù)計(jì)ESG鑑證服務(wù)在可見的未來將日益重要。NotwithstandingtheimportanceandthevalueitcancreateforassuranceonESGreporting,thereisaclearagreementingeneralthattherearegapsbetweenwhatisdesiredandwhatisdeliveredwithafocusonclimate.Accordingtoapaper“PerspectiveonESGReporting”publishedbyGrantThorntoninApril2022,whichsummarisedtheviewsofrepresentativesofthesixlargestaccountingnetworks(the“Paper”),thegapsmaybeduetovariousreasons.Lackoftalentsandknowledgemaybeamajorreasonforthegaps.Thereisgenerallyalackofpeoplewiththespecialisedskillsetinthemarkettounderstandcomplexandhighlyscientific-baseddata.Besides,obtainingthecorrectandappropriatedataisachallengeaswell.Whilesomeclaimthattherearetoomuchdataoutthereinthemarketandchoosingtheappropriatedataaswellasgivingweightingineachdataismaterialtotheinvestors,othersmaythinkthatthequalityofmodelsorresultsvariesanddoesnotgenerallymeetthestandardswhichcompaniesneededtomeetinvestors’demand.Anothercontroversialpointismateriality.HowdoyoudefinewhatismaterialintheESGspectrum?Howdoyouincorporatequantitativematerialitydataintoanarrative-basedsensitivityanalysis?entsandwhatrrativenumptionsthatsitbehindfinancialreporting 絡(luò)代表的意見(「論文」)。根據(jù)論文，上述差距可能有多項(xiàng)場(chǎng)的稱逐人公性分的重要一步。Policymakers’政策制定者dwhichrequiresmandatoryreportingonenvironmentalandsocialimpactsofbusinessactivities,aswellasindependentassuranceonthenon-financialinformationthathasbeenpresented.TheCorporateSustainabilityReportingDirective(CSRD)willrequirealllargecompaniestoreportonsustainabilitypoliciesandperformancefromreportingperiodsstarting2024onwards.Furthermore,theInternationalSustainabilityStandardsBoard(ISSB)recentlylaunchedaconsultationongeneralsustainability-relateddisclosurerequirementsandclimate-relateddisclosurerequirements,fortwoofitsfirstproposedstandards.Directive求所有大型公司，自2024年露要求。CPapers國(guó)際可持續(xù)準(zhǔn)則理事會(huì)諮詢文件Withtheincreasingdemandfrominvestorsaroundtheglobeforquality,consistent,comparableandreliablereportingbycompaniesonclimateandotherenvironmental,socialandgovernance(ESG)matters,on3November2021,theIFRSFoundationTrusteesannouncedthecreationofanewstandard-settingboard–theInternationalSustainabilityStandardBoard(ISSB).TheISSBaimstodeliveracomprehensiveglobalbaselineofsustainability-relateddisclosurestandardsthatprovideinvestorsandothercapitalmarketparticipantswithinformationaboutcompanies’sustainability-relatedrisksandopportunitiestohelpthemmakeinformeddecisions.在全球各地，越來越多投資者要求公司匯報(bào)氣候和其他環(huán)境、社會(huì)及管治(ESG)事宜，提供優(yōu)質(zhì)、一致、可比較及可靠資訊，有見及此，國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則基金會(huì)受託人(IFRSFoundationTrustees)於2021年11月3日宣布設(shè)立新的準(zhǔn)則制定委員會(huì)。該會(huì)名為國(guó)際可持續(xù)準(zhǔn)則理事會(huì)，旨在就可持續(xù)發(fā)展的相關(guān)披露準(zhǔn)則訂立全面的全球基準(zhǔn)，為投資者及其他資本市場(chǎng)參與者提供關(guān)於公司可持續(xù)發(fā)展風(fēng)險(xiǎn)和機(jī)遇的資訊，以便他們作出明智的決定。ffectofsignificantsustainabilityrelatedrisksandandopportunities.StrategyStrategyacompany'sstrategyforaddressingsignificantsustainability-relatedrisksandopportunitiesareincorporatedintoitsstrategicplanning,includingfinancialingandwhethertheyarecoretoitsstrategy.略性規(guī)劃(包括財(cái)務(wù)規(guī)劃)，亦略核心。Metricsandtargetsnderstandhowacompanyessignificantsustainability-relatedsogressrdsthetargetsithasset標(biāo)的進(jìn)度。dsfeionGeneralinformationaboutalloftheirsignificantsustainability-relatedeTheGeneralRequirementsExposureDraftsetsoutthecorecontentforacompletesetofsustainability-relatedfinancialdisclosures,establishingacomprehensivebaselineofsustainability-relatedfinancialinformation.是項(xiàng)議案以氣候相關(guān)財(cái)務(wù)披露工作小組(TaskForceon建議的國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則第1號(hào)──可持續(xù)發(fā)展相關(guān)財(cái)務(wù)資訊的一般披露要求《一般要求徵求意見稿》要求公司披露所有有關(guān)重大可持續(xù)發(fā)展風(fēng)險(xiǎn)和機(jī)遇的資訊。建議的國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則第2號(hào)──氣候相關(guān)披露《氣候徵求意見稿》著眼於與氣候相關(guān)的風(fēng)險(xiǎn)和機(jī)遇，當(dāng)中不但納入了氣候相關(guān)財(cái)務(wù)披露工作小組的建議，亦包括針對(duì)行業(yè)分類而特設(shè)的指標(biāo)，有關(guān)分類是根據(jù)可持續(xù)會(huì)計(jì)準(zhǔn)則委員會(huì)按行業(yè)劃分的準(zhǔn)則訂立。建議的國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則第1號(hào)──可持續(xù)發(fā)展相《一般要求徵求意見稿》載列完整的可持續(xù)發(fā)展相關(guān)財(cái)務(wù)披露核心內(nèi)容，為可持續(xù)發(fā)展相關(guān)的財(cái)務(wù)資料訂立全面的基準(zhǔn)。ntentainabilityrelatedrisksandnanceopportunities機(jī)遇的指標(biāo)和目標(biāo)。GGovernancetorandmanagesignificantsustainability-isksandopportunities治流程、管控措施及程序。RisRiskmanagementsassessesandmanagescurrentandanticipatedsustainability-relatedrisksandopportunitiesandintegratedintoitstorevaluateentprocesses風(fēng)險(xiǎn)管理流程。ofinformationaboutsustainabilityrelatedBpecificallytoainabilityrelatedriskandopportunityacompanywouldrstyrelatedrisksandopportunitiesctsandmanufacturingh《一般要求徵求意見稿》提議，公司必須公平地呈列完整的可持續(xù)發(fā)展相關(guān)財(cái)務(wù)披露。公平呈列是指採(cǎi)用《一般要求徵求意見稿》所載的原則，如實(shí)地反映有關(guān)可持續(xù)發(fā)展風(fēng)險(xiǎn)和機(jī)遇的資料。公司將需應(yīng)用國(guó)際財(cái)務(wù)報(bào)告可持續(xù)披露準(zhǔn)則，同時(shí)考慮可持續(xù)會(huì)計(jì)準(zhǔn)則委員會(huì)按行業(yè)劃分的準(zhǔn)則、國(guó)際可持續(xù)準(zhǔn)則理事會(huì)的非強(qiáng)制性指引，以及其他準(zhǔn)則制定機(jī)構(gòu)為使投資者取得所需資訊而最新發(fā)布的要求。鏈的資訊的訊。sustainabilityrelatedfinancialinformationtobereportedatTheproposedStandardswouldrequirecompaniestoprovideinformationthatallowsinvestorstoassesstheconnectionsbetweendifferentsustainability-relatedrisksandopportunities.Itwouldalsorequireacompanytodisclosehowsustainability-relatedfinancialinformationisrelatedtoinformationinitsfinancialstatements.該等風(fēng)險(xiǎn)和機(jī)遇與業(yè)務(wù)活動(dòng)、互動(dòng)及關(guān)係以及公司價(jià)值鏈中的資源運(yùn)用息息相關(guān)，例如︰(a)公司及供應(yīng)商的僱傭政策、銷售產(chǎn)品包裝物料的相關(guān)廢棄物、或足以中斷供應(yīng)鏈的事件；(b)公司控制的資產(chǎn)(例如依賴珍貴水源的生產(chǎn)設(shè)施)；(c)公司控制的投資，包括對(duì)聯(lián)營(yíng)公司及合資公司的投資(例如透過合資公司為排放溫室氣體的業(yè)務(wù)提供資金)；及(d)資金來源。時(shí)匯報(bào)。關(guān)係。srandtclimaterelatedphysicalanditiessandsandportunitiesStrategyechangecouldreasonablybestofinanceandtheircostofcapital.c則第2號(hào)-氣候相關(guān)披露《氣候徵求意見稿》與《一般要求徵求意見稿》方針一致，因此會(huì)要求公司集中披露其業(yè)務(wù)管治、策略和風(fēng)險(xiǎn)管理的考量，以及衡量、監(jiān)察和管理重大氣候相關(guān)風(fēng)險(xiǎn)和機(jī)遇所用的指標(biāo)和目標(biāo)。建議準(zhǔn)則亦包括要求公司披露資料，闡述與氣候相關(guān)的實(shí)質(zhì)風(fēng)險(xiǎn)及過渡風(fēng)險(xiǎn)和機(jī)遇。相委員會(huì)等。變金。性還是慢性。MetricsMetricsandRiskmanagementStrategyGovernancetargetsPhysicalPhysicalrisks實(shí)質(zhì)風(fēng)險(xiǎn)sedseverityofextremeweatherssetsatrisktemperatures.Thesechangesintheclimatecouldaffectacompany'sstrategy,forexample,itmayneedfacilities.?急性實(shí)質(zhì)風(fēng)險(xiǎn)可包括越趨嚴(yán)峻的颶風(fēng)和洪災(zāi)等極端天氣，威脅到公司資產(chǎn)或?qū)е鹿?yīng)鏈中斷 (例如中斷及時(shí)化交付流程)。?慢性實(shí)質(zhì)風(fēng)險(xiǎn)包括海平面或平均氣溫不斷，考慮遷移生產(chǎn)設(shè)施。TransitionTransitionrisks過渡風(fēng)險(xiǎn)tiontoalowercarboneconomymarket,technologyandreputation.eareduceddemandforhigh-carbon-egalriskcouldbearegulatoryactionbanningtheaterheatersordieselvehiclesAitycould?公司轉(zhuǎn)型至低碳經(jīng)濟(jì)所涉及的風(fēng)險(xiǎn)。過渡風(fēng)險(xiǎn)包括政策或法律、市場(chǎng)、技術(shù)及聲譽(yù)的風(fēng)險(xiǎn)。舉例而言，高碳產(chǎn)品的需求下跌屬於市場(chǎng)術(shù)風(fēng)險(xiǎn)或機(jī)遇。rtedfinancialpositionfinancialperformanceedsulddtools.argetsuechain方法。險(xiǎn)評(píng)估工具的運(yùn)用(例如以科學(xué)為本的風(fēng)險(xiǎn)評(píng)估工具)。對(duì)總量(以公噸二氧化碳當(dāng)量計(jì)算)及該等溫室氣體排放的強(qiáng)重要性。的要求。ntlerthefullstandardorthefullstandardplusforiesWhatistheimpactplacetoprovidequalityandtimelysustainabilityinformationatngrtingsystemforbothsustainabilityandfinancial求轄ReviewReviewexistingsystemsfordatacollectionandcalculationprocessesgovernancestructureandcontrolssta?yourWheredoesHongKongStand?司將ESG因素納入投資決策。2020年5月，證券及期貨事務(wù)監(jiān)察委員會(huì)(證監(jiān)會(huì))發(fā)起成立綠司將ESG因素納入投資決策。2020年5月，證券及期貨事務(wù)監(jiān)察委員會(huì)(證監(jiān)會(huì))發(fā)起成立綠色和可持續(xù)金融跨機(jī)構(gòu)督導(dǎo)小組(督導(dǎo)小組)，以加快香港綠局、環(huán)境局、香港交易及結(jié)算所有限公司(香港交易所)、保eimportanceofincorporatingtheESGhelatoryregimetofacilitatetheintegrationofteongyfollowingpoints行動(dòng)：isclosuresndationswillbemandatoryacrossrelevantsectorsnolaterthan有關(guān)行業(yè)必須在2025年或之前按照氣候相關(guān)財(cái)務(wù)披露工作小組的建議，就氣候相關(guān)資料作出披露。以採(cǎi)納共通綠色分類目錄為目標(biāo)。在國(guó)際可持續(xù)金融平臺(tái)下、由中國(guó)及歐盟所領(lǐng)導(dǎo)的綠色分類目錄工作小組將制訂共通綠色分類目錄。ltoestablishdardsBoardfordevelopingandmaintainingaglobaluniformsetofsustainabilityreportingstandards.準(zhǔn)則基金會(huì)的建議，成立一個(gè)新的可持續(xù)準(zhǔn)則委員會(huì)，以制訂及維持一套全球統(tǒng)一的可持續(xù)匯報(bào)準(zhǔn)則。xerciseforioanalysisbylargeassetmanagers鼓勵(lì)進(jìn)行以氣候?yàn)橹攸c(diǎn)的情境分析，以評(píng)估金融機(jī)構(gòu)在不同氣候變化情景下所受到的影響，例如透過銀行及保險(xiǎn)公司的氣候風(fēng)險(xiǎn)壓力測(cè)試試驗(yàn)計(jì)劃，以及由大型資產(chǎn)管理公司進(jìn)行的情境分析。Establishaplatformtoactasafocalpointforfinancialregulators,Governmentagencies,industrystakeholdersandtheacademiatocoordinatecross-sectoralcapacitybuilding,thoughtofgreenandsustainablefinanceresources籌金融監(jiān)管機(jī)構(gòu)、政府機(jī)關(guān)、業(yè)界持份者及學(xué)術(shù)機(jī)構(gòu)的平臺(tái)，協(xié)調(diào)跨界別技能建立、探討前沿議題，及作為一個(gè)公開的跨界別綠色和可持續(xù)金融資源庫。Followingthepublicationoftheproposedgeneralrequirementsfordisclosureofsustainability-relatedfinancialinformationandtheclimatedisclosurerequirementsbytheISSBinMarch2022,andinlinewiththeCASG’sstrategicplantosupportthedevelopmentofaglobaluniformsetofsustainabilityreportingstandards,theSFCandtheHKEXplantoengagewithindustrypractitionersincludingtheauditandaccountingprofession,theHongKongInstituteofCertifiedPublicAccountants,listedcompanies,globalstandardsetterssuchastheInternationalOrganisationsofSecuritiesCommissionsandotherkeystakeholderstoevaluateandgatherfeedbackonhowtheISSB’sproposeddisclosurerequirementscanbeappliedinHongKong.Asapriority,theSFCandtheHKEXareevaluatingaclimate-firstapproachtoimplementtheISSBstandardsforHongKonglistedcompanies.AnSFC-HKEXjointworkinggroupislookingintothereadinessoflistedcompaniestoreportundertheproposeddraftdisclosurerequirementsandthechallengestheyface.可持續(xù)準(zhǔn)則理事會(huì)的建議準(zhǔn)則國(guó)際可持續(xù)準(zhǔn)則理事會(huì)於2022年3月發(fā)表適用於披露可持續(xù)發(fā)展相關(guān)財(cái)務(wù)資料的建議一般準(zhǔn)則及氣候相關(guān)披露準(zhǔn)則，繼此之後，為配合督導(dǎo)小組的策略計(jì)劃，以支持制訂一套全球統(tǒng)一的可持續(xù)發(fā)展匯報(bào)準(zhǔn)則，證監(jiān)會(huì)和香港交易所準(zhǔn)備與包括香港會(huì)計(jì)師公會(huì)和審計(jì)及會(huì)計(jì)行業(yè)在內(nèi)的業(yè)界、上市公司、包括國(guó)際證監(jiān)會(huì)組織在內(nèi)的國(guó)際準(zhǔn)則制定組織及其他主要持份者積極溝通，就如何在香港應(yīng)用國(guó)際可持續(xù)準(zhǔn)則理事會(huì)的建議披露規(guī)定進(jìn)行評(píng)估及收集意見。證監(jiān)會(huì)和香港交易所的首要工作是評(píng)估可否以氣候優(yōu)先的方針對(duì)香港上市公司實(shí)施國(guó)際可持續(xù)準(zhǔn)則理事會(huì)的準(zhǔn)則。證監(jiān)會(huì)和香港交易所的聯(lián)合工作小組現(xiàn)正開展研究工作，了解上市公司遵照國(guó)際可持續(xù)準(zhǔn)則理事會(huì)的建議披露要求草擬本進(jìn)行匯報(bào)的準(zhǔn)備情況和所面臨的挑戰(zhàn)。Thisisamajorstepforwardinthee?orttoestablishaglobalbaselineforsustainabilityandclimatereportingtoprovideinvestorswithconsistent,comparableinformationaboutwhatcompaniesaredoingtoaddresstheurgentissueofclimatechange.HongKong,withitssizablecapitalmarkets,canplayapivotalroleinsupportingthisinitiative,andwelookforwardtoclosecooperationwithotherauthoritiesandindustrystakeholdersaswehavingconsiderhowthestandardscanbeimplementedinourregulatoryframework.球基準(zhǔn)的工作而言，這是向前邁進(jìn)的重要一步。憑資者將獲提供一致和可比較的資料，以了解各公司為應(yīng)對(duì)迫在眉睫而正在採(cǎi)取的行動(dòng)。香港擁有規(guī)模龐大的資本市場(chǎng)，可在支持這項(xiàng)鍵角色。我們期望與其他機(jī)構(gòu)及業(yè)界持份者緊密合作，探討如何在我們的監(jiān)管框架下實(shí)施有關(guān)準(zhǔn)則。AshelyAlder,ChiefExecutiveOfficeroftheSFCandCo-chairoftheSteeringGroup證監(jiān)會(huì)行政總裁及督導(dǎo)小組聯(lián)席主席歐達(dá)禮Appendix27oftheExchangeListingRulessetoutaframeworkforlistedcompaniesto,amongothers,identifyandconsiderwhatenvironmentalrisksandsocialrisksmaybematerialtothem.Theguidelinesconsistoftwolevelsofdisclosureobligations,whicharemandatorydisclosurerequirementsand“complyorexplain”provisions.Forthemandatorydisclosurerequirements,listedcompaniesmustdisclosetheboard’soversightofESGissues,ESGmanagementapproachesandstrategy,aswellashowtheboardreviewsprogressandtargetswithexplanationsforgovernancestructure.For“complyorexplain”provisions,listedcompaniesshouldreportgeneraldisclosuresandkeyperformanceindicators(KPIs)invariousaspectsoftwoESGsubjectareas,environmentalandsocial.Besides,listedcompaniesareencouragedtoidentifyanddiscloseadditionalESGissuesandKPIsthatreflecttheissuers'significantenvironmentalandsocialimpacts;orsubstantiallyaffecttheassessmentsanddecisionsofstakeholders.Listedcompaniesshouldalsoengagestakeholdersonanongoingbasistounderstandtheirviewsandbettermeettheirexpectations.指引交易所上市規(guī)則附錄二十七訂明框架，可供上市公司(其中包括)識(shí)別及考慮本身面對(duì)哪些重大的環(huán)境風(fēng)險(xiǎn)及社會(huì)風(fēng)險(xiǎn)。有關(guān)指引涵蓋兩個(gè)層次的披露責(zé)任，即強(qiáng)制披露規(guī)定及「不遵守就解釋」條文。強(qiáng)制披露規(guī)定要求上市公司必須披露董事會(huì)對(duì)ESG事宜的監(jiān)管、ESG管理方針及策略，以及董事會(huì)檢視進(jìn)度及目標(biāo)的方法，並且闡明管治架構(gòu)。至於「不遵守就解釋」條文，則要求上市公司針對(duì)環(huán)境及社會(huì)這兩項(xiàng)主要的ESG範(fàn)疇，就多個(gè)層面匯報(bào)一般披露資料及關(guān)鍵績(jī)效指標(biāo)。此外，有關(guān)規(guī)定亦鼓勵(lì)上市公司識(shí)別及披露其他反映發(fā)行人對(duì)環(huán)境及社會(huì)有重大影響又或?qū)Τ址菡叩脑u(píng)估及決策有重大影響的ESG事宜和關(guān)鍵績(jī)效指標(biāo)。上市公司亦應(yīng)安排持份者持續(xù)參與其中，了解他們的意見，以便更切合他們的期望。以下匯報(bào)原則是編製ESG報(bào)告的基礎(chǔ)：MaterialityMaterialityQuantitativeConsistencyaresufficientlyimportantto有關(guān)ESG事宜會(huì)istedcompaniesshouldsettargetstoreduceaparticularimpactsodmanagementsystemscanbeevaluatedandvalidated.Quantitativeinformationshouldbeaccompaniedbyanarrative,explainingitspurpose,impactsandgivingcomparativedatawhereappropriate.的關(guān)鍵績(jī)效指標(biāo)須可予計(jì)量。上市公司應(yīng)訂下減少個(gè)別影響的目標(biāo)，確保ESG政策及管予評(píng)估及驗(yàn)證。量化資料應(yīng)附帶說及影響，並在適當(dāng)?shù)那闆r下提供比較數(shù)據(jù)。nedpictureofthelistedcompanies’performance.Thevoidorpresentationformatsthatmayinappropriatelysionorjudgementbythereportreaders.ESG報(bào)告應(yīng)當(dāng)不偏不倚地呈報(bào)上市公司的表現(xiàn)，避免可能會(huì)不恰當(dāng)?shù)赜绊憟?bào)告讀者決策或判斷的選擇、遺漏或呈報(bào)格式。niesallowformeaningfultime.上市公司應(yīng)使用一致的披露統(tǒng)計(jì)方法，令ESG數(shù)據(jù)日後可作有意義的比較。dsAorketVCMplayasignificantroleinthedecarbonisationyOvercompanieshavecommittedtoThedecarbonisationstrategiesandneutralisinganyremainingforUStrillionandglobaldemandforcarboncreditsforthepurposeofneutralisingthe則。引，法及說明。求，提供更透明、更有組織的ESG資料。與內(nèi)地的碳市場(chǎng)。加。合規(guī)碳市場(chǎng)如歐盟碳排放權(quán)交易市場(chǎng)(EuropeanUnionEmissionsTradingSystem)等以及自願(yuàn)碳市場(chǎng)在全球經(jīng)濟(jì)的減碳中擔(dān)當(dāng)著重要角色。截至2022年3月，已有逾200家公司簽署略，及透過自願(yuàn)減排量來中和任何剩餘的碳排放。11此外，已承諾實(shí)現(xiàn)淨(jìng)零排放目標(biāo)的公司12，包括全球2,000家最大型上市公司中至少五分之一(21%)銷售額合共14兆美元的企業(yè)，以及220家管理資產(chǎn)達(dá)57兆美元的環(huán)球資產(chǎn)管理公司。上述各項(xiàng)將推動(dòng)市場(chǎng)對(duì)自願(yuàn)減排量的需求，以中和不斷增加的碳排放。9.TheCarbonMarketWorkstreamisco-chairedbytheSecuritiesandFuturesCommission(SFC)andHongKongExchangesandClearingLimited(HKEX).MembersincludetheEnvironmentBureau(ENB),theFinancialServicesandtheTreasuryBureau(FSTB)andtheHongKongMonetaryAuthority(HKMA).10.Co-foundedbyAmazonandGlobalOptimism,TheClimatePledgeisacross-sectorcommunityofcompanies,organisations,individualsandpartnersthatcollaborateontacklingtheclimatecrisis.CurrentsignatoriesincludeVerizon,PepsiCo,BestBuy,Visa,Microsoft,Twitter,ReckittBenckiser,Unilever,JetBlueAirways,Uber,Salesforce,HP,Procter&Gamble,andmore11.CarbonMarketOpportunitiesforHongKong–PreliminaryFeasibilityAssessment(March2022)CASGWS3PreliminaryCarbonFeasibilityAssessmentEnglish3032022.pdf(sfc.hk)12.TakingStock:Aglobalassessmentofnetzerotargets,theEnergy&ClimateIntelligenceUnitandOxfordNetZero(March2021);TheNetZeroAssetManagersInitiative.ECIU-Oxford_Taking_Stock.pdf()9.碳市場(chǎng)專責(zé)團(tuán)隊(duì)由證券及期貨事務(wù)監(jiān)察委員會(huì)(證監(jiān)會(huì))和香港交易及結(jié)算所有限公司(香港交易所)擔(dān)任聯(lián)席主席，成員包括環(huán)境局、財(cái)經(jīng)事務(wù)及庫務(wù)局(財(cái)庫局)和香港金融管理局(金管局)。ism11.香港的碳市場(chǎng)機(jī)遇──初步可行性評(píng)估(2022年3月)CASGWS3PreliminaryCarbonFeasibilityAssessmentChinese3032022.pdf(sfc.hk)MembersoftheCarbonMarketWorkstreamhaveengagedwiththeMainland'sfinancialandenvironmentalauthoritiesaswellasmarketstakeholderstodiscussthefeasibilityofthefollowingcarbonmarketopportunities:碳市場(chǎng)專責(zé)團(tuán)隊(duì)成員已與內(nèi)地的金融和環(huán)境部門及市場(chǎng)持份者探討以下碳市場(chǎng)機(jī)遇的可行性：((i)Developanon-exchangeVCMforhighqualitycarboncreditstotargetlocal,theMainlandandnvestors(i)開發(fā)一個(gè)針對(duì)本地、內(nèi)地及國(guó)際投資者的自願(yuàn)碳市場(chǎng)，搭建交易所場(chǎng)內(nèi)平臺(tái)交易優(yōu)質(zhì)的碳信用額；tablishaGreaterBayAreaGBAUnifiedCarbonMarket(ii)建立大灣區(qū)統(tǒng)一碳市場(chǎng)；iii)ExploreinternationalparticipationintheGBAUnifiedCarbonMarketandpotentiallinkage(iii)探索大灣區(qū)統(tǒng)一碳市場(chǎng)允許國(guó)際投資者參與，以及大灣區(qū)統(tǒng)一碳市場(chǎng)與全國(guó)碳排放權(quán)交易市場(chǎng)的對(duì)managementcentre.(iv)在鞏固香港作為全球風(fēng)險(xiǎn)管理中心的政策目標(biāo)基礎(chǔ)上，將香港發(fā)展成內(nèi)地碳市場(chǎng)的離岸風(fēng)險(xiǎn)管理中心。VisionforaGBAUni?edCarbonMarketVisionforaGBAUni?edCarbonMarket大灣區(qū)統(tǒng)一碳市場(chǎng)的願(yuàn)景WhenGBAcarbonspotmarketmaturesTop-leveldesignandplatformconstructionGBAandoverseasinvestorscanopenaccountsandplaceordersatthetradingplatform,withoutopeningseparateclearingandescrowaccountsExplorationoftransactionandinformationexchangewiththenationalETSthroughlinkageUni?edCarbonMarketstartstrading,withparticipationfrominternationalinvestors資料來源：香港的碳市場(chǎng)機(jī)遇─初步可行性評(píng)