The appointment of Alaya by CSD is a strategic move to ensure that the Bay of Lights leverages its data-driven expertise to integrate comprehensive sustainability strategies into the project. CSD believes that sustainable practices can lead to cost savings, increased operational efficiency, and enhanced development values, positioning itself for sustained success and positive impact.

“We are excited to partner with Alaya to drive the sustainability agenda for the Bay of Lights project forward. This appointment reaffirms our commitment to creating sustainable and resilient communities that prioritize both environmental stewardship and social responsibility,” said Jimmy He, Managing Director of CSD.

The Bay of Lights project is an ambitious coastal development aimed at redefining urban living with a focus on sustainability and innovation. This mixed-use development will feature some of the key sustainability features below.

• Public Transportation Integration: Emphasizes transit-oriented development to reduce reliance on private vehicles, thereby lowering traffic congestion and emissions.
• Walkability and Cycling: Designed to promote walkability and cycling, with all key areas within a 5–10-minute walk or bike ride, reducing the need for car travel, encouraging physical activity, and contributing to a healthier environment.
• Energy Efficiency: Aims to commit to energy-efficient designs and green building certifications to ensure long-term environmental benefits.

Alaya, a pioneer in ESG consulting in Hong Kong, brings a wealth of experience and a track record of successful projects in the sector. Since its inception, Alaya has completed over 500 ESG reports and is the first ESG consultancy in Asia approved for science-based emissions target setting.

“We believe our combined efforts will serve as a model for future projects, demonstrating how modern urban developments can harmonize with nature and benefit the community,” said Tony Wong, Founder of Alaya. “By leveraging our extensive ESG expertise, we aim to set new standards for sustainable urban development in Cambodia,” he added.

Beyond the Bay of Lights project, Canopy Sands Development is actively advancing sustainability through a range of initiatives. At the Global Climate Action Forum 2024, the company reaffirmed its dedication to sustainable urban development, spotlighting the Bay of Lights as a flagship project exemplifying their environmental commitment.

With this partnership in place, Alaya looks forward to leveraging its sustainability expertise and creating added value within the Bay of Lights project.

About Alaya Consulting

Alaya Consulting is a specialist advisory firm focused on ESG disclosure, pre-assurance, and training. As the first ESG consultancy in Asia to have a Science Based Target approved, Alaya Consulting leverages its sustainability expertise and cross-industry experience to empower clients and create long-lasting value while fostering continuous growth. The Alaya team comprises professionals with diverse experiences, blending compliance, process improvement, stakeholder engagement, and training, aiming to combine insights with passion to solve reporting and communication challenges and to earn the trust of all its stakeholders.

About Canopy Sands Development

Canopy Sands Development is a pioneering real estate development company, established in 2019 and headquartered in Phnom Penh, Cambodia. Led by a dynamic team of highly experienced professionals, both local and international, Canopy Sands Development is committed to laying the foundations that catalyze economic opportunities. With each project, it aims to create a significant economic, social, and educational impacts, delivering sustainable and lasting benefits to Cambodian communities.

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The consultation period concluded on July 14, 2023, and a total of 115 submissions were received from various stakeholders. Among the respondents, 79% expressed support for the proposal, while 21% opposed it.

HKEX will implement a phased approach that mandates issuers to report on the New Climate Requirements in the following manner:

Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework

Proposed Interim Period Removed

The new climate disclosure requirements largely align with the ISSB S2 standards. HKEX has decided to eliminate the interim period and instead offer implementation reliefs, where applicable, to address concerns related to reporting challenges faced by certain issuers due to limited resources or technical expertise. The table below provides a summary of the New Climate Requirements along with the availability of implementation reliefs.

Source: HKEX’s Enhancement of Climate-related Disclosures under the ESG Framework

Materiality –

“Materiality”, under the ESG Code, is not confined to financial materiality. This means that an issuer’s board may determine that an ESG issue is material on grounds other than its impact on the company’s financial performance or financial position. HKEX stated in the conclusion that it will not change the scope of the “materiality” reporting principle under the ESG Code. Issuers are, therefore, also allowed to prepare disclosures for the purposes of the New Climate Requirements under the double materiality approach to provide additional disclosures to meet the need of its stakeholders.

For the purpose of the New Climate Requirements, an issuer must disclose information about climate-related risks and opportunities that could reasonably be expected to affect its cash flows, its access to finance or cost of capital over the short, medium or long term.

Financial Effects

For both current and anticipated financial effects, issuers are required to disclose both quantitative and qualitative information, and quantitative information may be expressed in a single amount or a range. To address concerns over the practical challenges of quantifying climate-related financial effects, issuers need not provide quantitative information about the current financial effects of a climate-related risk or opportunity where certain conditions are met stipulated in the Financial Effects Relief

Impact on financial reporting: Where the effect of climate-related risks or opportunities is material, such an effect should also be accounted for in financial statements prepared in accordance with the relevant accounting standards. Issuers should also consider disclosing such climate-related financial effects in their annual reports in addition to the ESG report.

HKEX allows non-disclosure of quantitative anticipated financial effects if an issuer does not have the skills, capabilities or resources to provide that quantitative information

GHG Emissions

Scope 1 and 2: All listed issuers are required to disclose scope 1 and 2 GHG emissions on a mandatory basis, using the location-based method.

Impact on financial reporting: Disclosure of scope 1 and scope 2 greenhouse gas emissions for the consolidated accounting group and other investees separately is encouraged but not mandatory. For Scope 1 and 2 GHG emissions, if the emissions for unconsolidated investees are included in the issuer’s GHG emission inventory, IFRS S2 requires disclosure of Scope 1 and 2 GHG emissions to be disaggregated separately for (a) the consolidated accounting group, and (b) other investees excluded from (a) (e.g. associates, joint ventures and unconsolidated investees for issuers applying IFRS Accounting Standards) Issuers are encouraged to follow such requirement under IFRS S2. (See p.83 of Implementation Guide).

Scope 3: Issuers are required to disclose scope 3 GHG emissions, including in-scope categories of significant upstream or downstream categories and basis of selection. Under the implementation reliefs, HKEX allows issuers to measure GHG emissions using information for reporting periods that are different from its own reporting period, subject to certain conditions.

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This milestone reflects our dedication to furthering sustainability and providing the necessary tools for professionals to make impactful changes. Please check available dates for the course, please click here to register.

Since 2016, Alaya has been an accredited GRI-certified Trainer recognized for its extensive training on the leading sustainability reporting standards. With our inclusion in this Scheme, we’re joining forces with the Hong Kong Government to enhance green and sustainable finance skills in the region. Our programme doesn’t just offer key insights and abilities – it welcomes you into a network of progressive professionals dedicated to sustainable progress.

For additional details about the Alaya GRI Training Programme, please visit our website or get in touch at gritraining@alayaconsulting.com.hk for any questions. Let’s create significant change and champion a more sustainable tomorrow together.

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The Case Competition serves as a catalyst for young minds to delve into the intricacies of the ESG industry. By participating in this esteemed event, full-time undergraduates from 19 eligible higher education institutions (HEIs) in Hong Kong, as well as selected universities in the Greater Bay Area, have the opportunity to showcase their skills and knowledge. Through engaging in real-world case studies and challenges, participants are encouraged to think critically, develop innovative solutions, and gain hands-on experience in sustainable finance.

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Tony Wong, Founder of Alaya Consulting, stated: “Our science-based target proves our commitment to building a sustainable economy, by doing not what is easy but what is necessary. We would like to express our gratitude to all our stakeholders, particularly our clients, partners, and employees, for their unwavering support and collaboration on our journey towards net-zero.”

Alaya was the first ESG reporting advisory firm (professional services sector) in Asia to have an SBT approved by the SBTi in 2019. We successfully reduced our scope 1 and 2 GHG emissions by 47% per square meter and our scope 3 GHG emissions by 7% by 2023, based on a 2017 baseline.

As an ESG advisory firm, Alaya recognizes the significance of being part of the solution to the climate crisis. We understand the challenges and opportunities that our clients encounter in terms of disclosing and managing their carbon risks and impacts, and remain committed to providing them with top-notch ESG reporting and advisory services while leading by example on how they can contribute to a sustainable business environment for future generations.

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The purpose of the 2023 Forbes China ESG Innovation Selection Awards is to highlight the unique strengths of leading companies in ESG innovation and their significant contributions to regional and global challenges. The aim is to encourage the entire business community to embrace a more sustainable future. The selection process focuses on four key dimensions: corporate growth, ESG practice, innovation execution, and industry influence. It encompasses various industries such as finance, energy, environmental protection, industrial manufacturing, real estate, and enterprise technology. The goal is to recognize exemplary ESG innovation among Chinese enterprises, showcase their achievements, and analyse the current status and future trends of ESG development in China.

Alaya Consulting nominated China Everbright Bank and China Overseas Grand Oceans Group, both of which received honours at the awards ceremony.

Tony Wong, the founder of Alaya Consulting and a GRI training partner in Asia Pacific, provided GRI certification training to some of the award-winning companies. This training aimed to enhance participants’ understanding of the relationship between the Sustainable Development Goals (SDGs) and ESG reporting, as well as the significance of long-term value development for companies.

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This consideration will be taken into account during the finalisation of the Listing Rule amendments. The decision to postpone the implementation date to 1 January 2025 is aimed at providing issuers with more time to become familiar with the new climate-related disclosure requirements.

In June 2023, the ISSB published the final IFRS Sustainability Disclosure Standards, and they have also announced their intention to release an adoption guide (ISSB Adoption Guide). This guide will assist jurisdictional regulators in implementing the ISSB standards by providing guidance on scalability and phasing-in measures. In April 2023, HKEX released a consultation paper seeking feedback from the market on proposals to enhance climate-related disclosures within its environmental, social, and governance (ESG) framework. The proposed implementation date in the Consultation Paper was 1 January 2024.

The HKSAR Government will work with relevant financial regulators and stakeholders to develop a roadmap on the appropriate adoption of the ISSB standards for Hong Kong’s financial services to align with international standards. As a member of the Hong Kong Green and Sustainable Finance Cross-Agency Steering Group (CASG), HKEX will continue to work closely with the Government and other members of the CASG on the development of the roadmap.

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1. Why was the ISSB created?

There was strong demand for the IFRS Foundation to create the ISSB.

A company’s ability to generate cash flows over the short, medium and long term is inextricably linked to its interactions with stakeholders, society, the economy and the natural environment.

Companies were calling for a simplified disclosure landscape, seeking clarity and guidance about how to communicate this story effectively.

Investors were calling for decision-useful, consistent and comparable sustainability information that enables them to understand sustainability-related risks and opportunities.

As a result, capital markets were not working as efficiently as they could, adding cost and complexity.

2. What approach has the ISSB taken to standard-setting?

The IFRS Foundation has a rigorous and respected due process that secures global market input and jurisdictional buy-in. Furthermore, ISSB members represent diverse experiences and global perspectives that have enhanced the ISSB’s standard-setting process.

By consolidating and building upon the resources of other investor focused initiatives – SASB, IIRC, CDSB and TCFD – the ISSB has been able to address fragmentation and secure international support for a global baseline of sustainability disclosures.

The ISSB consults closely with the market, developing IFRS S1 and IFRS S2 so that they deliver a comprehensive global-baseline of sustainability-related disclosures. The ISSB has focused on interoperability with jurisdictional requirements, and with voluntary standards – such as the GRI Standards – that are focused on broader objectives.

The ISSB has also delivered connections to financial statements, and with its sister body’s standards – IFRS Accounting Standards.
As a result of the ISSB’s approach to standard-setting, IFRS S1 and IFRS S2 are proportionate, and elicit assurable disclosures. They require industry-specific disclosures to highlight information most relevant to investors.

3. What is IFRS S1?

IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information sets out the general requirements for a company to disclose information about its sustainability-related risks and opportunities that is useful to investors in making decisions relating to providing resources to the company. It sets out the core content for a complete set of sustainability-related financial disclosures, establishing a comprehensive baseline of sustainability-related financial information to meet the needs of global capital markets.

4. What is IFRS S2?

IFRS S2 Climate-related Disclosures sets out the requirements for a company to disclose information about its climate-related risks and opportunities, while building on the requirements described in IFRS S1.

IFRS S2 integrates the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and requires the disclosure of information about both cross-industry and industry-specific climate-related risks and opportunities.

5. How have the Standards changed since the Exposure Drafts?

The ISSB has discussed 36 papers over 10 meetings to consider the 1,400 comment letters received on IFRS S1 and IFRS S2.

We have published a feedback statement summarising the central matters that have been the subject of feedback and discussion.

Key topics include interoperability, with the ISSB carefully weighing and incorporating interoperability considerations throughout its decision making to achieve greater interoperability between the Standards and jurisdictional requirements, and proportionality, with the ISSB introducing proportionality mechanisms – such as the consideration of a company’s skills, capabilities and resources, and the use of reasonable and supportable information available without undue cost and effort.

Feedback about industry-based materials was also considered, with the ISSB confirming the requirement for a company to provide industry-based disclosures, and providing examples of industry-based disclosure topics and metrics in illustrative guidance that entities must refer to and consider.

6. How do the Standards approach materiality?

A company is asked to disclose material information about the sustainability- related risks and opportunities that could reasonably be expected to affect its prospects.

The definition of material information is aligned with that used in IFRS Accounting Standards.

Information is material if omitting, misstating, or obscuring that information could reasonably be expected to influence investor decisions.

7. Why should companies apply the Standards?

The ISSB expects that companies that apply IFRS S1 and IFRS S2 will benefit from using a global disclosure baseline that:

• removes the alphabet soup of current ESG reporting
• helps companies streamline their sustainability reporting processes; and
• enables greater transparency of information, resulting in improved access to capital, governance and strategy for companies
• Likely benefits for companies are related to improved data quality, including higher-quality of information from companies that are in the value chain of a reporting company.
• Improved data quality is expected to have a positive effect on areas such as governance, strategy, access to capital, cost of capital, reputation, and employee and stakeholder engagement.

Applying IFRS S1 and IFRS S2 will also help companies streamline their sustainability reporting processes for meeting the needs of investors.

These benefits are largely confirmed by academic and market research and by the voluntary standard-setters whose materials form the foundation of the Standards. Importantly, this information is expected to help investors make better investment decisions.

8. How should my company start applying the ISSB Standards?

Companies have told us that useful first steps include:

• Evaluating internal systems and processes for collecting, aggregating and validating sustainability-related information across the company and its value chain
• Consider the sustainability-related risks and opportunities that affect the business
• Getting familiar with the fundamental concepts within IFRS S1.
• Importantly reporting processes and controls used for financial reporting are a relevant basis for establishing necessary practices to apply the ISSB Standards.

9. What does this mean for the frameworks and standards I’m already using voluntarily?

While the ISSB has achieved consolidation in the landscape, a number of the standards and frameworks you might already voluntarily use will still be important. This is because, so far, the ISSB has issued standards on general requirements and climate, it has not yet covered other areas in- depth.

Therefore, use of the SASB Standards will continue.

Furthermore, the CDSB Framework can still be used to help guide disclosures.

The ISSB is currently consulting through its agenda consultation on future projects, including around integration in reporting. In the meantime, the Integrated Reporting Framework is a useful tool for integrating and presenting reporting that includes disclosures prepared applying ISSB Standards

10. What services does the IFRS Foundation provide that can help?

The IFRS Foundation offers a broad range of relevant products and services, including supporting the widespread adoption and implementation of ISSB Standards and integrated reporting.

For example, the IFRS Sustainability Alliance is diverse global network of members who explore and develop best practices related to sustainability standards and integrated reporting.

The IFRS Foundation also offers an educational course – the FSA Credential. Further information can be found on the IFRS Foundation website.

11. How does the IFRS Foundation work with GRI?

The IFRS Foundation has a Memorandum of Understanding with GRI through which we seek to align our work programmes and standard-setting activities.
The agreement reflects the importance of ensuring compatibility and interconnectedness of investor- focused baseline sustainability information that meets the needs of the capital markets, with information intended to serve the needs of a broader range of stakeholders.

The IFRS Foundation and GRI recognise the considerable public interest in aligning where possible their respective work programmes, terminology and guidance, helping to reduce the reporting burden for companies and to further harmonise the sustainability reporting landscape at an international level.

12. What languages are the ISSB Standards being translated into?

We recognise the importance of translations for application of the Standards. IFRS S1 and IFRS S2 and the accompanying materials will be translated into Spanish. Translations in other languages are dependent on collaboration with national standard-setters. It is likely that IFRS S1 and IFRS S2 will be translated in Arabic, French, Korean, Japanese and Portuguese, Traditional Chinese and Turkish.

Other translations are likely to be considered in the coming months. The timing of publication of translations is dependent on the availability of technical resources to the review the translation, not necessarily the time needed for the translation. The educational material of the capacity building programme might also be translated, on a case-by- case basis depending on the demand.

Source: International Sustainability Standards Board Communications Toolkit June 2023

Resources

The IFRS Foundation is publishing a number of documents related to IFRS S1 and IFRS S2 including:

• Basis for Conclusions on IFRS S1—summarises the ISSB’s considerations in developing the requirements in IFRS S1.
• Basis for Conclusions on IFRS S2—summarises the ISSB’s considerations in developing the requirements in IFRS S2.
• Effects Analysis on IFRS S1 and IFRS S2—describes the likely benefits and costs of IFRS S1 and IFRS S2.
• Project Summary of IFRS S1 and IFRS S2—provides an overview of the project to develop IFRS S1 and IFRS S2.
• Feedback Statement for IFRS S1 and IFRS S2—summarises feedback on the proposals that preceded IFRS S1 and IFRS S2 and the ISSB’s response.

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What the proposed regulations mean for business

The Hong Kong Stock Exchange’s forthcoming regulations will require all listed companies to disclose their carbon emissions in their ESG reports in line with the International Sustainability Standards Board (ISSB) Climate Standard. These regulations encompass the disclosure of emissions from companies’ value chains, known as “Scope 3” emissions, which can contribute up to 80-90 percent of a company’s total emissions. The proposed changes to climate-related disclosures were released in April this year and will be effective from January 2024. Given the limited timeline for companies to comply with the new regulations, companies will want to get ahead by getting organised now.

What is carbon accounting?

Carbon accounting entails the measurement, quantification, and monitoring of an organisation’s or entity’s greenhouse gas emissions. It encompasses the collection of data relating to different activities and operations that contribute to emissions, such as energy usage, transportation, waste management, and production processes. In essence, carbon accounting involves the translation of business activities into quantifiable carbon emissions through mathematical calculations.

Benefits of carbon accounting

Driven by upcoming regulations such as the HKEX rules and various governmental rulings worldwide (including TCFD, ISSB, and upcoming SEC rulings), carbon accounting is becoming a global requirement. These frameworks and rulings will establish standardised and comprehensive carbon accounting practices, enhancing transparency, comparability, and accountability in emissions reporting. This will enable better decision-making, risk assessment, and goal-setting for businesses. Additionally, they create urgency and responsibility for companies to measure, manage, and reduce their carbon footprint to meet regulatory and stakeholder expectations. By conducting carbon accounting, businesses ensure compliance, avoid penalties, and mitigate legal risks. It also positions them favourably for future regulatory developments by proactively addressing emissions and maintaining accurate data.

Beyond meeting compliance and regulatory requirements, carbon accounting also offers several other benefits to your organisations, including:

• Cost savings: Through comprehensive carbon accounting, businesses can identify inefficiencies and areas for improvement within their operations. This insight enables them to implement energy-efficient measures, reduce waste, and optimise resource utilisation. By adopting sustainable practices and actively reducing emissions, businesses can achieve significant cost savings over time.
• Enhanced reputation and branding: Consumers increasingly prioritise environmentally responsible and sustainable companies. By engaging in carbon accounting and actively reducing their carbon footprint, businesses can enhance their reputation and stand out in the market. Demonstrating a commitment to sustainability attracts environmentally conscious consumers and fosters brand loyalty, providing a competitive advantage.
• Investor confidence: Investors now consider environmental, social, and governance (ESG) factors when making investment decisions. Carbon accounting empowers businesses to provide transparent and credible information about their environmental performance. By aligning with the expectations of socially responsible investors, companies with strong ESG performance and robust carbon accounting practices can attract investment and boost investor confidence.
• Risk management: Climate change poses significant risks to businesses, including physical, regulatory, and reputational risks. Carbon accounting helps identify and assess these risks, allowing businesses to develop appropriate strategies for mitigation and adaptation. Proactively managing carbon emissions reduces exposure to climate-related risks, safeguarding the company’s long-term viability.
• Competitive advantage: Companies that prioritise sustainability and actively manage their carbon footprint gain a competitive edge in the marketplace. Consumers, clients, and partners increasingly seek environmentally responsible business partners. Carbon accounting showcases a commitment to sustainability and sets businesses apart from the competition, providing a clear advantage.

Implementing carbon accounting practices offers numerous benefits to businesses. By identifying cost-saving opportunities, enhancing reputation, attracting investors, managing risks, and gaining a competitive advantage, companies can thrive in an evolving business landscape. Embracing sustainability through carbon accounting is not only a responsible choice but also a strategic one that paves the way for long-term success.

What carbon accounting involves

In simple terms, carbon accounting involves assessing your business’s carbon footprint and converting the results into CO₂e (carbon dioxide equivalent). CO₂e is a standardised unit that accounts for the warming effect of different greenhouse gases based on their global warming potential (GWP). For instance, one metric ton (MT) of methane has a warming effect 29.8 times greater than that of CO₂ over the same period, making it equivalent to 29.8 metric tons of CO₂e.

Here’s how to get started with carbon accounting:

1) Identify the sources of your company’s carbon emissions

These are broken-up into three types of emissions, or Scope 1-3 emissions:

Scope 1 emissions — the direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by your company (for example, emissions associated with fuel combustion in boilers, furnaces, and vehicles).‍

Scope 2 emissions — the indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling.‍

Scope 3 emissions — all indirect emissions that come from activities that occur in your company’s supply chain, but are not directly controlled by your company. These sources include the use of purchased goods and services, fuel- and energy-related activities, employee business travel, waste generated from operations, transport-related activities, and the use of leased assets. On average, Scope 3 emissions account for over 80-90 percent of an organisation’s emissions so this will be the biggest source of emissions and will require the most time to identify.

2) Measure your company’s carbon emissions‍

Once the sources of emissions within your organisation have been identified, you can proceed with calculating your carbon footprint. Traditionally, this involved manual calculations using a carbon accounting spreadsheet. However, with the advent of purpose-built carbon management software, the process can now be significantly automated. A robust solution enables you to effortlessly upload data on your expenditure (such as procurement spend, utility bills, and fuel receipts) or integrate with your existing finance applications. The software then takes the financial value of the goods or services you have purchased and multiplies it by an emission factor, which represents the amount of emissions generated per unit of financial value. This calculation provides an estimate of the emissions produced. By automating this process, the software automatically determines your company’s total emissions and presents a visual representation of your carbon footprint.

How Alaya Consulting can help you

Carbon accounting may seem complex and overwhelming, but with the right ally, it becomes much simpler and more accessible. Alaya Consulting offers a wealth of expertise in ESG reporting, pre-assurance, ratings upgrades, and sustainability training for your business. As a trusted advisor in the ESG field, we have a proven track record of assisting organisations in adopting sustainable practices. In addition, our partnership with Avarni, an advanced carbon management platform utilising artificial intelligence and data analytics, enables us to accurately measure, monitor, and forecast your business’s Scope 1-3 carbon emissions. Get in touch with us today to learn how we can aid your business in meeting its ESG reporting requirements, implementing effective emission reduction strategies, and driving sustainability initiatives within your organisation.

About Avarni

Avarni is a carbon emissions management platform that enables organisations to move from net zero commitment to action as quickly as possible. Driven by AI and the power of a global supplier network, Avarni improves measurement, hotspot identification, and planning, to help companies quickly understand and address their emissions exposure. Countless industry leaders leverage Avarni, including 5B, City of London, Jacobs, KPMG, Point B, Schneider Electric Sustainability Business, and WNS. Avarni has analysed over $300 billion in corporate spending data and examined the equivalent of 150 million tonnes of CO2e emissions within supply chains.

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[Hong Kong, June 14, 2023] –  Alaya Consulting, a leading specialist consultancy focusing on ESG disclosure, science-based target setting and GRI certified training, has announced a new collaboration with Avarni, a carbon emissions management platform helping companies quickly understand their carbon emissions exposure, to assist Hong Kong based companies in their decarbonisation journeys.

This partnership aims to empower companies in Hong Kong and beyond to prepare for proposed regulations set by the Hong Kong Stock Exchange (HKEX), requiring all listed companies to make new climate-related disclosures in their ESG reports in line with the International Sustainability Standards Board (ISSB) Climate Standard. The proposed changes to climate-related disclosures were released in April this year and will be effective from January 2024. Given the limited timeline for companies to comply with the new regulations, Avarni and Alaya Consulting will play an integral role in offering comprehensive guidance and support to companies for a frictionless transition.

The HKEX’s forthcoming regulations, which require companies to disclose their carbon emissions, have significantly elevated the importance of sustainability practices in the business community. These regulations encompass the disclosure of emissions from companies’ value chains, known as “Scope 3” emissions, which can contribute up to 80-90 per cent of a company’s total emissions. Traditionally, identifying and measuring these emissions has been a demanding and resource-intensive task. Alaya’s expertise and guidance, combined with Avarni’s AI-powered emissions management automation, will equip companies to effectively navigate the new regulatory landscape.

“We are excited to partner with Avarni to offer a comprehensive solution for companies navigating the complex world of ESG reporting and carbon emissions management,” said Tony Wong, Founder of Alaya Consulting. “By combining our expertise in ESG disclosure with Avarni’s advanced carbon management platform, we aim to empower organisations to embrace sustainability, exceed regulatory requirements, and drive positive environmental impacts.”

Alaya Consulting brings its extensive expertise in ESG reporting, pre-assurance, ratings upgrade and sustainability training to the partnership. With a strong track record in helping organisations adopt sustainable practices, Alaya Consulting has become a trusted advisor in the ESG space. Their deep knowledge of reporting frameworks, including the ISSB, Task Force on Climate-related Financial Disclosures (TCFD), Global Reporting Initiative (GRI), and Sustainability Accounting Standards Board (SASB), will support Avarni’s sophisticated carbon management platform that automates Scope 1-3 carbon emissions management for companies. By leveraging artificial intelligence and data analytics, Avarni empowers organisations to accurately measure, monitor, and forecast their carbon emissions. The platform provides valuable insights and tools for organisations to develop and implement effective emission reduction strategies.

“Decarbonisation efforts have largely been centred on Scope 1 and Scope 2 reductions, but the HKEX’s new regulatory framework around emissions reporting, specifically Scope 3, reinforces the importance of gaining clear insight of the entire value chain,” said Misha Cajic, Co-Founder and Co-CEO of Avarni. “Our AI-driven carbon management platform, combined with Alaya Consulting’s deep sustainability reporting knowledge, will equip businesses with a tangible solution to address and comply with Scope 3 emissions mandates whilst enhancing their environmental sustainability practices.”

Together, Alaya Consulting and Avarni will provide comprehensive support to companies seeking to meet their carbon emissions disclosure obligations. By integrating Alaya Consulting’s ESG reporting expertise with Avarni’s cutting-edge carbon management platform, businesses will have the necessary tools to enhance their sustainability performance, streamline their ESG reporting processes, improve their environmental impact and drive meaningful change.

ENDS

About Alaya Consulting

Alaya Consulting is a specialist advisory firm focused on ESG disclosure, pre-assurance, and training. As the first ESG consultancy in Asia to have a Science Based Target approved, Alaya Consulting leverages its sustainability expertise and cross-industry experience to empower clients and create long-lasting value while fostering continuous growth. The Alaya team comprises of professionals with diverse experiences, blending compliance, process improvement, environmental engineering, stakeholder engagement and training, aiming to combine insights with passion to solve reporting and communication challenges and to earn the trust of all its stakeholders.

alayaconsulting.com.hk

About Avarni

Avarni is a carbon emissions management platform that enables organisations to move from net zero commitment to action as quickly as possible. Driven by AI and the power of a global supplier network, Avarni improves measurement, hotspot identification, and planning, to help companies quickly understand and address their emissions exposure. Countless industry leaders leverage Avarni, including 5B, City of London, Jacobs, KPMG, Point B, Schneider Electric Sustainability Business, and WNS. Avarni has analysed over $300 billion in corporate spending data and examined the equivalent of 150 million tonnes of CO2e emissions within supply chains.

avarni.co

Alaya Consulting Media Relations – Adella Budianto, Phone: +852 3702 0054; adella@alayaconsulting.com.hk

Avarni Media Relations – Angela Thompson, Phone: +61 0447075133; angela.thompson@avarni.co

PR agency for Avarni – Courtney Phelps; Phone: +61 452663095; courtneyphelps@slingstone.com

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