GreenCo recently completed a Sustainability Report for a technological company listed in Singapore with subsidiaries across the Southeast Asia according to the latest amendments on providing climate-related disclosures announced by the SGX Group. Since this is the first time for the company to report on climate relevant information, we helped our client to enhance their information disclosure, such as Scope 1 and Scope 2 Greenhouse Gas (GHG) emissions, according to the phased approach as suggested by the SGX. Other than taking up recommendations as suggested by the Task Force on Climate-Related Financial Disclosures (TCFD), we assisted our client in preparing the report with reference to the latest Global Reporting Initiative (GRI) Standards 2021 as well.

In addition to reporting frameworks, we also refined and conducted a materiality assessment for the company to determine the significance of ESG issues, thus set a threshold for identifying the most material ESG issues to the company.

Understanding the importance of closely following the latest changes on reporting requirements, we are glad to assist our clients to report comprehensively on its sustainability performance and be well-equipped to face the changes and challenges brought by climate change.

Indicating the support for the Hong Kong’s Climate Action Plan 2050, the Green and Sustainable Finance Cross-Agency Steering Group has announced that climate-related disclosures aligned with Task Force on Climate-Related Financial Disclosures (TCFD) recommendations will be mandatory no later than 2025. GreenCo recently supported one of its clients, a licensed bank in Hong Kong, to improve its methodology of materiality assessment and effectively identify material climate-related risks and opportunities along with their potential impacts in preparation for the latest ESG Report in alignment with TCFD recommendations.

GreenCo is glad to assist its clients to be well-prepared for the potential enhancements in reporting requirements, such as new standards, by staying aligned with the Stock Exchange of Hong Kong’s guidance in their latest reports. We believe identifying material ESG issues, thus making climate-related disclosures appropriately is vital to reducing carbon emissions and progress towards a carbon-neutral future.

The SGX Group has amended the listing rules to require issuers to provide climate-related disclosures in the sustainability report from the financial year commencing in 2022 based on the recommendations from the Task Force on Climate-Related Financial Disclosures (“TCFD”) on a “comply or explain” basis. GreenCo is glad to support SGX listed clients on establishing policy, framework and roadmap to achieve full compliance in three years under phased approach. Our qualified assurance team also provide value added services on external assurance based on ISAE 3000 acceptable to SGX.

Having proven track records in helping a lot of public companies in Hong Kong to comply with ESG reporting requirements and the enhanced requirements on climate disclosures following TCFD’s recommendations, GreenCo is leading advantage in serving companies listed on both HKEx and SGX.

Reference: https://rulebook.sgx.com/rulebook/practice-note-76-sustainability-reporting-guide

In virtue of growing attention to the climate change issue, it is believed that stricter and wider disclosure requirements will be formulated on climate-related information for listed companies. As such, our client, a leading flavour and fragrances leader in the Chinese Market, is aware that they need to further include climate-related disclosure in the annual ESG report in accordance with the recommendations from Taskforce on Climate-Related Financial Disclosure (“TCFD”).

We divide the training into three parts, including the descriptions of recommended disclosures, the client’s current practices, and case studies of companies with good TCFD practices for reference, to enhance our client’s understanding of the TCFD Framework. Throughout the training, our client can benchmark its disclosure practices with these good practices consolidated by Climate Disclosure Standard Board (“CDSB”), so as to reinforce the governance structure and strengthen disclosure performance.

Below please find a sneak peek of the training material giving a brief introduction to the TCFD disclosure recommendation: