【ESG News】Global Trends Biweekly Newsletter Issue 8 (2024.5.20-2024.5.31)

Hong Kong China ESG trends

Hong Kong will not implement the waste-charging scheme on August 1 as originally planned, with the SAR government to gazette the cancellation of the date when relevant legislative provisions for the implementation of municipal solid waste charging were to come into effect. Making the announcement at the Legco on Monday, Deputy Chief Secretary for Administration, Warner Cheuk Wing-hing, said various surveys had revealed significant concerns among residents about the pay-as-you-throw scheme.

Source: The Standard (https://www.thestandard.com.hk/breaking-news/section/4/216794/The-bill-is-dead?-Government-shelves-waste-charging-scheme)

International ESG trends

EU Regulator Calls for SMEs to be Required to Report on Positive Sustainability Impacts, Opportunities to Avoid Greenwashing

EU markets regulator the European Securities and Markets Authority (ESMA) has issued recommendations to adjust proposed sustainability reporting requirements for market-listed small and medium-sized (SME) businesses, with proposals including a requirement for SMEs to report on sustainability-related opportunities and positive impacts, in order to avoid the risk of greenwashing.

Source:  ESG Today (https://www.esgtoday.com/eu-regulator-calls-for-smes-to-be-required-to-report-on-positive-sustainability-impacts-opportunities-in-csrd-to-avoid-greenwashing/)

IFRS Says Over Half of Global Economy Moving Towards Coverage by ISSB Sustainability Reporting Standards

The IFRS Foundation unveiled significant progress towards the establishment of a consistent global baseline for a corporate sustainability reporting system, revealing today that jurisdictions representing more than half of the global economy have announced steps to use or align with the International Sustainability Standards Board’s (ISSB) disclosure standards.

Source:  ESG Today (https://www.esgtoday.com/ifrs-says-over-half-of-global-economy-moving-towards-coverage-by-issb-sustainability-reporting-standards/)

Biden Administration Launches New Policy Guidelines for Carbon Credit Buyers and Sellers

The Biden administration announced today the release of “Voluntary Carbon Markets Joint Policy Statement and Principles,” aimed at strengthening and advancing market for carbon credits by setting out the U.S. government’s approach to ensuring the high integrity of voluntary carbon markets (VCMs).

Source:  ESG Today (https://www.esgtoday.com/biden-administration-launches-new-policy-guidelines-for-carbon-credit-buyers-and-sellers/)

Mainland China ESG trends

China charts path to unified sustainability disclosure by 2030

China's Ministry of Finance has begun soliciting opinions on a draft guideline aimed at unifying corporate sustainability disclosures, with a vision of establishing a nationwide standard by 2030. The move comes amid a growing global focus on Environmental, Social, and Governance (ESG) issues, which has made enhanced corporate sustainability disclosures an imperative. The draft guideline was posted on the official website of the ministry on Monday.

Source: Xinhua (https://english.news.cn/20240527/c219f77d57c34d25973125836b36b32a/c.html#:~:text=Economic%20Watch%3A%20China%20charts%20path%20to%20unified%20sustainability%20disclosure%20by%202030,-Source%3A%20Xinhua&text=BEIJING%2C%20May%2027%20(Xinhua),a%20nationwide%20standard%20by%202030.)

China to take action for energy conservation, carbon reduction

The State Council issued an action plan for energy conservation and carbon reduction during 2024-25, according to a circular released on May 29. In order to actively and steadily achieve carbon peaking and carbon neutrality goals and promote the comprehensive green transformation of economic and social development, the circular said that in 2024, energy consumption and carbon dioxide emissions per unit of GDP will decrease by about 2.5 percent and 3.9 percent, respectively.

Source：Chinese Government (https://english.www.gov.cn/policies/latestreleases/202405/29/content_WS66570ed0c6d0868f4e8e79d0.html)

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