On March 27, 2023, the ASEAN Taxonomy Board released Version 2 of the ASEAN Taxonomy for Sustainable Finance (the “ASEAN Taxonomy“). As we reported here, Version 1 of the ASEAN Taxonomy was first published in November 2021 and it was designed to promote the transition towards sustainable finance by the ASEAN member
Hong Kong Stock Exchange Proposes Mandatory Disclosure Of Climate-related Risks in Listed Companies’ ESG Reports from 1 January 2024
The Stock Exchange of Hong Kong Limited (HKEX) recently published a consultation paper proposing to mandate all listed companies in Hong Kong to provide climate-related disclosure in their Environmental, Social and Governance (ESG) reports. The proposal is formulated with reference to the Climate Standard exposure draft published by the International Sustainability Standards Board and will be introduced…
Sustainable Asset Management in Asia: 2023 Sustainability Pulse Check
In this report, Mayer Brown and Sedgwick Richardson share the results of our recent survey about sustainable asset management in Asia.
As interest in sustainability continues to grow worldwide, much of the focus has been on Europe and the United States. From the explosive growth of flows into funds classified as Article 8 or 9…
Sustainable Private Equity in Asia: Through the Lenses of Compliance, Strategy and Branding
This report provides crucial insights into the evolving landscape of ESG and sustainability-related regulations, practices and challenges facing the private equity industry in Asia, and tracks the ESG and sustainability journeys of private equity (PE) fund managers. …
Continue Reading Sustainable Private Equity in Asia: Through the Lenses of Compliance, Strategy and Branding
Key Updates of Green, Social and Sustainability-Linked Loan Principles
On 23 February 2023, the Asia Pacific Loan Market Association, Loan Market Association and Loan Syndications and Trading Association jointly published updates on the Green, Social and Sustainability-Linked Loan Principles (the “Principles”) together with their supporting guidance documents (the “Guidance”).
All transactions completed prior to 9 March 2023 will be exempted from following the updated…
Securities Commission Malaysia Publishes Revised Guidelines on Sustainable and Responsible Investment Funds
On February 17, 2023, the Securities Commission Malaysia (“SC”) published the revised Guidelines on Sustainable and Responsible Investment Funds (“Guidelines”) setting out the reporting and disclosure requirements for a fund to qualify as a Sustainable and Responsible Investment (“SRI”) Fund and, under a new chapter added to the Guidelines, an ASEAN Sustainable and Responsible Fund (“SRF”). The amendments revise the first version of the Guidelines issued in December 2017 and are effective on the date of issuance.…
Continue Reading Securities Commission Malaysia Publishes Revised Guidelines on Sustainable and Responsible Investment Funds
The Way Forward in Green and Sustainable Financing in Hong Kong – A Reflection from the 2023-24 Budget
Hong Kong’s Financial Secretary, Paul Chan, delivered the 2023-24 budget on 22 February 2023 with the promotion of a green economy, sustainable development and China’s “3060 Dual Carbon Targets” at the forefront.
He laid out his vision to establish Hong Kong as a leading global green technology and financing hub.
Continue reading at Mayerbrown.com.
Hong Kong’s push to become an international green technology and financial centre
In the Hong Kong government’s 2023-2024 budget, the Financial Secretary, the Hon Paul MP Chan, unveiled various measures to bolster Hong Kong’s economy following the Covid-19 epidemic, with a strong focus on promoting green and sustainable finance and technology and advancing the virtual assets sector (also reported here).
The following initiatives were announced…
South Korea’s FSS Introduces New ESG Rating Guidelines to Enhance Transparency
On January 15, 2023, South Korea’s Financial Supervisory Service (“FSS”) issued new guidelines (the “Guidelines”) (Korean language only) to enhance transparency on the methods and procedures used by credit rating agencies to perform ESG bond certification evaluations. In announcing the Guidelines, the FSS noted that, prior to their introduction, there were…
HKMA and SFC Cross-Agency Steering Group Announces Collaboration with CDP to Facilitate Climate-Related Risk Disclosures by Small and Medium Enterprises
On 20 December 2022, the Green and Sustainable Finance Cross-Agency Steering Group (the “Steering Group”) co-chaired by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”) announced that it has entered into a collaboration arrangement with CDP, an international non-profit organisation that runs the global environmental disclosure system for companies, cities, states and regions.…
Continue Reading HKMA and SFC Cross-Agency Steering Group Announces Collaboration with CDP to Facilitate Climate-Related Risk Disclosures by Small and Medium Enterprises