Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group has launched two greenhouse gas (GHG) emissions calculation and estimation tools. The calculation tool enables users, particularly small and medium-sized enterprises, to calculate their own GHG emissions based on their activity levels. Meanwhile, the estimation tool supports users, primarily financial institutions (FIs), in estimating the GHG emissions of their investees and borrowers, especially where data of underlying companies is limited. The Steering Group said the tools, developed in collaboration with the Hong Kong University of Science and Technology, will facilitate sustainability reporting by corporates and FIs in Hong Kong, as well as help to enhance the availability and quality of sustainability-related data in the real economy. It will also underpin and support decarbonisation efforts by the private sector. “These new tools feature easy navigation and are catered for the local market,” said Julia Leung, CEO of the Securities and Futures Commission, which co-chairs the steering group alongside the Hong Kong Monetary Authority. “They do not only reference widely adopted international standards, but also incorporate Hong Kong and Mainland elements and data in the calculation and estimation modelling. We encourage market participants to make use of [them] to improve sustainability practices and enhance market transparency.”
The calculation tool will help SMEs calculate GHG emissions; the estimation tool will help FIs estimate emissions of investees and borrowers.https://t.co/V9S53gDo3O
— Regulation Asia (@RegulationAsia) February 22, 2024
