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AFRC Proposes Mandatory Sustainability Assurance to Strengthen Hong Kong’s Role as a Leading Green Finance Hub

AFRC Proposes Mandatory Sustainability Assurance to Strengthen Hong Kong’s Role as a Leading Green Finance Hub 29 December 2025 The Accounting and Financial Reporting Council ( AFRC ) today publishes a consultation paper on the proposed regulatory framework for sustainability assurance in Hong Kong (" Framework "). ... Incorporating perspectives from 27 key stakeholder organisations, including listed companies, assurance providers including certified public accounting firms ( CPA firms ) and non-CPA firms 1 , investors, and professional bodies. This consultation paper covers five key proposals under the framework: Subject to further consultations by Hong Kong Exchanges and Clearing Limited and relevant financial regulators, all entities subject to mandatory reporting using HKFRS Sustainability Disclosure Standards (Mandatory HKSDS Reporting) must obtain independent assurance. ... This often includes environmental science consultants, engineering firms, and Testing, Inspection, and Certification firms that provide verification and assurance services over sustainability information.

AFRC welcomes and supports the Government consultation on proposal for legislation under Article 23 of the Basic Law

AFRC welcomes and supports the Government consultation on proposal for legislation under Article 23 of the Basic Law 5 February 2024 The Accounting and Financial Reporting Council ( AFRC ) welcomes and supports the HKSAR Government’s consultation on its proposal to enact legislation in fulfilment of Hong Kong’s constitutional duty under Article 23 of the Basic Law. ... The AFRC will closely communicate with all stakeholder groups on any issues concerning the AFRC’s functions arising from the consultation and will seek to clarify any misapprehension about the purpose and effect of the proposed legislation. Therefore, the AFRC supports the HKSAR Government’s consultation on the proposed legislative exercise as an unequivocal affirmation of Article 109 of the Basic Law which stipulates that the HKSAR Government must provide an appropriate economic and legal environment for the maintenance of the status of Hong Kong as an international financial centre, and the further fulfilment of the purpose of Article 1 of the Law of the PRC on Safeguarding National Security in the HKSAR to safeguard national security and maintain the prosperity and stability of Hong Kong.

Cross-Agency Steering Group launches revamped website for sustainable finance

Cross-Agency Steering Group launches revamped website for sustainable finance 21 February 2024 The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) has revamped its official website ( CASG website ) with enhanced database and tools to offer a onestop green and sustainable finance information hub for financial institutions, corporates and the general public. Key enhancements of the CASG website include: Sustainability disclosure e-Portal : The Climate and Environmental Risk Questionnaire for Non-listed companies (Questionnaire) has been digitalised. ... Centralised sustainability data and information : Sustainability related data, regulation, news and events, training and internship opportunities will be featured on the CASG website with user-friendly browsing and search functions.

Cross-Agency Steering Group and International Sustainability Standards Board members met in Hong Kong

Cross-Agency Steering Group and International Sustainability Standards Board members met in Hong Kong 27 March 2024 Members of the Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) and the International Sustainability Standards Board (ISSB) met today (27 March) to discuss and promote sustainability disclosures by companies and financial institutions in Hong Kong. ... They also explored the core elements of a local sustainability disclosures ecosystem that will require further support. ... These elements are critical for Hong Kong’s successful adoption of international sustainability reporting standards.

Cross-Agency Steering Group sets 2025 priorities to support growth of sustainable finance in Hong Kong

Cross-Agency Steering Group sets 2025 priorities to support growth of sustainable finance in Hong Kong 6 February 2025 The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) sets out three key priorities for this year to foster the growth of sustainable finance in Hong Kong following its meeting today (February 6). Developing a comprehensive sustainability disclosure ecosystem. ... Harnessing data and technology to facilitate sustainability reporting and promote sustainable financing activities.

AFRC meets with the General Union of Hong Kong Accounting Professionals and Staff to discuss the sustainable development of the accounting profession

AFRC meets with the General Union of Hong Kong Accounting Professionals and Staff to discuss the sustainable development of the accounting profession 17 April 2024 The Accounting and Financial Reporting Council ( AFRC ) met with the General Union of Hong Kong Accounting Professionals and Staff ( the Union ) on 12 April 2024 to foster constructive dialogues with a view to promoting the sustainable development of the accounting profession. ... Constructive dialogues, mutual understanding and collaboration are the foundation for the sustainable development of the accounting profession.

2023 Annual Inspection Report emphasises the pivotal roles of the firm’s leadership in upholding audit quality and reinforces the importance of continuous learning as a key driver of improvement

Enhanced approach and closer stakeholder collaboration to drive sustainable quality improvement and market development A more proactive and collaborative stance is needed to drive sustainable improvements in audit quality and compliance across the accounting profession. ... Ms Janey Lai, CEO of the AFRC, stressed, “In fulfilling our dual role as a defender of law and a promoter of the accounting profession, the AFRC has been dedicating continuing efforts and considerable resources towards fostering a sustainable development of the profession.

AFRC calls for concerted efforts to improve the quality of financial reporting and audit in Hong Kong

The current limitations of climate-integrated financial reporting and auditing in Hong Kong, and the need for independent assurance of sustainability reporting Hong Kong investors pay increasing attention to climate-related and sustainability risks of companies they invest in. ... In addition to calling for better disclosures of climate-related risks, the roundtable participants agreed that the reliability of sustainability reporting would be enhanced by independent sustainability assurance. ... Stakeholders are keen to unmask and address threats to the sustainable development of the financial reporting and audit ecosystem.

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