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.

The post Alaya’s Second SBT is to reduce 42% Scope 1 & 2 by 2030 appeared first on ESG Reporting and Carbon Advisory in Hong Kong.

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.

The post The Implementation of Climate-related Disclosures by HKEX Has Been Postponed from 2024 to 2025 appeared first on ESG Reporting and Carbon Advisory in Hong Kong.

1. Fulfil the preconditions of assurance

To apply the AA1000AS v3 framework, it is necessary to focus on fulfilling the prerequisites of assurance (Figure 2), which includes development of the assurance scope, ways to assure compliance with the standard, and how the final diagnosis may be reported to the management before initiating the assurance process. 

2. Align ESG data with financial reporting requirements

As a general framework, AA1000AS v3 provides a dynamic and flexible basis for high-quality assurance, revising the earlier version in accordance with market trends, such that the ESG information will be aligned with financial reporting requirements. Furthermore, there are two types of AA1000AS v3 engagement types: Type 1 and Type 2.

The first type focuses only on the organisation’s adherence to the four AA1000 principles mentioned above, whereas the second type is similar, but goes an extra mile for ensuring reliability and quality of the information provided (Figure 3). Through adopting Type 2 “Moderate” level, the assurance providers may also support any forward-looking information, when included in the organisation’s disclosure. This is done by verifying the methodologies used by the organisation when developing its position, targets, metrics, and narrative.

Established in 1995, AccountAbility is a global consulting and standards firm that provides effective auditing services to all types of organisations. The core of their work is represented by the set of AA1000 standards, which helps raise awareness of social responsibility and also help achieve sustainable development. The AA1000 assurance standard is a standard that assesses and enhances reliability and quality of an organisation’s social, economic, and environmental (ESG) reporting. It is a leading approach to sustainability-related assurance and is currently one of the most widely accepted assurance standards in the world.

AA1000 AS is primarily used by external audit firms but can also be used to guide organisations in establishing their accountability processes, systems and capabilities. Since 2015, Alaya Consulting has become a licensed AA1000 assurance provider (Figure 4) which helps it to guide clients in setting up an ESG data management system, building in-house ESG team and capabilities, and effectively mitigating ESG data risks. The English version of AA1000AS v3 was released in 2020, and the Chinese version will be released in the near future, with Alaya Consulting being one of the institutions reviewing the translation of the upcoming Chinese version.

The post AA1000 Assurance Standards Version 3 Restructures Assurance Process appeared first on ESG Reporting and Carbon Advisory in Hong Kong.