Nature Disclosures: A Necessary Step for Hong Kong's Sustainability Efforts
Nature Disclosures: Key for Sustainable Business Practices
As stakeholders demand accountability, nature disclosures are poised to reshape the landscape of sustainability in Hong Kong. Experts suggest that businesses need to assess and disclose their impact on biodiversity and ecosystems urgently.
Financial Implications and Regulatory Trends
Patrick Ho Ho-yin, head of sustainable development at Swire Properties, stated that embracing nature-related disclosures could position Hong Kong as a leader in nature-based finance. This signals growing interest from investors who prioritize environmental stewardship.
- 55% of global GDP is exposed to nature-related risks.
- Certain sectors, such as construction and agriculture, face significant vulnerabilities.
The Role of the ISSB and TNFD
The ISSB has called for improved disclosures regarding the benefits nature provides, alongside its standards on climate disclosures. Ho, a member of TNFD, stressed the importance of preparation among Hong Kong businesses for upcoming regulatory changes.
- Developing comprehensive disclosure standards is crucial.
- Investment in natural capital can yield economic benefits.
Billy Hau Chi-hang estimated that restoring 2,000 hectares of degraded land could require HK$500 million, showcasing the financial investment needed for such initiatives.
Ocean Conservation Funding
Furthermore, Kate Martin highlighted that the current budget for ocean conservation in Hong Kong is insufficient, requiring a six-fold increase to meet global marine preservation goals by 2030.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.