Businesses on board with HKEX plan for climate disclosures, but with concerns - South China Morning Post
HKEX proposal for mandatory climate disclosures gets nod from businesses, but not without concerns over timeline, scope | South China Morning Post
A view of Victoria Harbour and Wan Chai on July 14, 2023. Photo: Edmond So
HKEX proposal for mandatory climate disclosures gets nod from businesses, but not without concerns over timeline, scope
- Businesses agree the move will help the city maintain its status as a global financial centre, according to feedback during a consultation period
- Timelines for some disclosures, especially of scope 3 emissions, will be quite challenging for many companies, says CEO of listed-company chamber
A view of Victoria Harbour and Wan Chai on July 14, 2023. Photo: Edmond So
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”