所屬分類：新聞動態發佈時間：2025-12-15
Hong Kong ESG trends
Exchange Presents Results of Annual Review of Issuers’ Annual Reports, Corporate Governance Reports and Environmental, Social and Governance Reports
The Stock Exchange of Hong Kong Limited (SEHK), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), is pleased to present on 11 December a report on the findings and recommendations of its annual review of issuers’ annual reports, as well as issuers’ corporate governance (CG), and environmental, social and governance (ESG) practices1 for the 2024 financial year. The review of issuers’ CG practices focused on board gender diversity, tenure of independent non-executive directors (INEDs) and overboarding of INEDs. The ESG report review analysed issuers’ readiness to adopt the new climate requirements that have come into effect in January 2025.
The Exchange also observed continuous improvement on issuers’ CG and ESG practices and has provided recommended actions to help issuers prepare for new requirements under the CG Code and ESG Reporting Code.
Source: https://www.hkex.com.hk/News/Regulatory-Announcements/2025/251211news?sc_lang=en
Lianhe Green Insights
This review of annual reports, governance practices, and ESG routines by the SEHK closely aligns with the core of market regulation and global sustainable development trends. Focusing on key governance issues such as board gender diversity and the tenure of independent non-executive directors (INEDs), while simultaneously verifying preparedness for the implementation of new climate regulations, it not only enhances corporate governance effectiveness but also promotes the standardization of ESG disclosure. The continuous improvements made by issuers are commendable, and the SEHK’s targeted recommendations will further assist market participants in adapting to the new rules, consolidating the compliance foundation and international competitiveness of Hong Kong’s capital market.
International ESG trends
Council and Parliament Agree on a 90% Emissions Reduction
On December 10th, representatives of the Presidency of the Council of the European Union and the European Parliament reached a provisional agreement on revising the European Climate Law, introducing a binding medium-term climate target: reducing net greenhouse gas (GHG) emissions by 90% by 2040 compared to 1990 levels. This new target lays the foundation for the EU to achieve climate neutrality by 2050. The agreement expands the use of international carbon credits, domestic carbon removal, and sectoral flexibility, while postponing the implementation of the EU Emissions Trading System for Buildings and Road Transport (ETS2) to 2028.
Source: https://www.consilium.europa.eu/en/press/press-releases/2025/12/10/2040-climate-target-council-and-parliament-agree-on-a-90-emissions-reduction/
Lianhe Green Insights
The 90% emission reduction target set by the EU this time is more ambitious than the current commitments of most major economies worldwide, yet it still falls short of the EU’s previous internal plans and the recommendations of its climate science advisors. Notably, the agreement includes flexibility provisions for member states: starting from 2036, each country may offset part of its emission reduction obligations by purchasing international carbon credits. This arrangement not only provides an important buffer for member states to meet their targets at the national level but also essentially opens up a clear path for enterprises — allowing them to use carbon credits as a compliance and transitional tool when fulfilling their own climate responsibilities. This offers crucial operational leeway for industries and enterprises facing transition challenges.
EFRAG Publishes Consultation Draft of Simplified Reporting Standards for the EU’s CSRD
The European Financial Reporting Advisory Group (EFRAG) announced the release of the final consultation draft of the revised European Sustainability Reporting Standards (ESRS). This revision aims to significantly simplify and reduce sustainability reporting disclosure requirements for enterprises under the framework of the EU’s Corporate Sustainability Reporting Directive (CSRD). The proposed new version of the ESRS will substantially reduce the reporting obligations of enterprises covered by the CSRD — not only cutting the number of mandatory disclosure data points in the standards by over 60% but also introducing simplifications in areas such as materiality assessment and corporate supply chain data collection.
Source: https://www.efrag.org/en/news-and-calendar/news/efrag-provides-its-technical-advice-on-draft-simplified-esrs-to-the-european-commission
Lianhe Green Insights
The revision of the ESRS aims to strike a balance between “strengthening sustainability regulation” and “upholding corporate competitiveness.” Its core value lies not only in “reducing data disclosure volume” but also in driving a shift in sustainability reporting from “compliance-driven” to “value-driven” — enabling enterprises to avoid devoting excessive resources to “formalistic disclosure” and instead focus their efforts on “enhancing long-term value through sustainability.” This approach of “targeted regulation and aligned standards” also provides a valuable reference model for the optimization of sustainability reporting guidelines, propelling the evolution of global sustainability regulation toward a “more pragmatic and efficient” direction.
ISSB Issues Targeted Amendments to IFRS S2 to Support Implementation
The International Sustainability Standards Board (ISSB) has issued targeted amendments to greenhouse gas (GHG) emissions disclosure requirements in IFRS S2 Climate-related Disclosures on December 11th in response to specific application challenges that were identified as companies started to apply the Standard.
The amendments are based on feedback from the ISSB’s consultation earlier in the year. These changes provide reliefs and clarifications to support companies in applying the Standard, while keeping investor information needs in focus and minimising disruption to jurisdictions that are in the process of adopting or otherwise using ISSB Standards.
The new standard shall apply to reporting periods starting on or after January 1, 2027, with early application permitted.
Source: https://www.ifrs.org/news-and-events/news/2025/12/issb-issues-targeted-amendments-ifrs-s2/
Lianhe Green Insights
This revision has the most direct impact on financial institutions. By limiting Scope 3 Category 15 emissions to "financed emissions," the ISSB has effectively reduced the complexity for banks, insurance companies, and investment institutions in data collection and method selection. Financial institutions are no longer required to disclose highly underdeveloped areas such as facilitated emissions and insured emissions, which helps enhance the feasibility and consistency of disclosures.
Mainland China ESG trends
Central Economic Work Conference: Formulate the Outline for Building a Strong Energy Nation
The Central Economic Work Conference was held in Beijing from December 10 to 11. The Conference identified that the key tasks for economic work next year include the following: adhering to the guidance of the “dual carbon” goals to advance the comprehensive green transition; further promoting energy conservation and carbon reduction transformation in key industries; formulating the Outline for Building a Strong Energy Nation, accelerating the development of a new energy system, and expanding the application of green power; strengthening the construction of the national carbon emission trading market; implementing comprehensive solid waste management initiatives, intensifying the campaigns to keep our skies blue, waters clear, and lands pure, and enhancing the control of new pollutants; steadily advancing the critical battle of the Three-North Shelterbelt Development Program and implementing the integration and optimization of nature reserves; improving the meteorological monitoring, forecasting and early warning system, accelerating efforts to address weaknesses in flood control, drainage and disaster relief infrastructure in northern regions, and enhancing the capacity to respond to extreme weather events.
Source: http://www.xinhuanet.com/politics/leaders/20251211/a583f835702d4dc2b8990ddee4644e92/c.html
Lianhe Green Insights
This work conference has sent a clear signal: China’s economy in the future will undoubtedly be a green economy. It has elevated the “comprehensive green transition” from a mere environmental target to the height of a core strategy guiding economic work in the inaugural year of the 15th Five-Year Plan period. This signifies that environmental protection is no longer a cost item or optional choice for economic development, but rather a driving force and mandatory requirement for advancing high-quality development.
Notice on Optimizing Market Quotation for Centralized New Energy Power Generation Enterprises (Trial Implementation)
With the accelerated development of the national unified electricity market, new energy power generation enterprises have begun to fully participate in electricity market transactions. Compared with traditional thermal power plants, new energy stations are characterized by smaller scales, scattered layouts, remote locations and limited staffing, which objectively make it difficult for them to meet the technical and human resource requirements for independent quotation.
To adapt to the new situation and changes, the National Development and Reform Commission (NDRC) and the National Energy Administration (NEA), drawing on the experience of mature foreign electricity markets and combining with the actual conditions of China’s domestic electricity market, have researched and drafted the Notice to explore and promote the optimization and adjustment of quotation methods for centralized new energy power generation enterprises. On the premise of abiding by the basic rules of electricity market operation and not adding new market entities, the Notice gradually relaxes the quotation restrictions on centralized new energy power generation enterprises, permits multiple stations to submit quotation information at the same fixed location, clarifies requirements such as centralized quotation conditions and workflow, strengthens the monitoring and supervision of quotation activities of relevant entities, promotes the flexible participation of new energy in market transactions, and improves market efficiency.
Source: https://www.ndrc.gov.cn/xxgk/zcfb/tz/202512/t20251211_1402340.html
https://www.ndrc.gov.cn/xxgk/jd/jd/202512/t20251212_1402361.html
Lianhe Green Insights
This new regulation is anchored in the core requirement of high-quality development. It not only focuses on key directions such as industrial upgrading and green transition, but also enhances the operability of policy implementation. Its issuance will further standardize market order, clarify development orientations for enterprises, and inject policy impetus into promoting the sustainable development of the economy and society.
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