Hong Kong uni, agency, roll out regulators-backed emissions tools.

TLDR:

• The Hong Kong University of Science and Technology and a green finance agency led by the city’s financial regulators have launched greenhouse gas emissions calculation tools to help with sustainability reporting.
• The tools are free and provide easy navigation, catering to the local market, especially small and medium-sized enterprises.

The Hong Kong University of Science and Technology (HKUST) and a cross-agency green finance body, backed by the city’s financial regulators, have collaborated to launch two new greenhouse gas emissions calculation and estimation tools. These tools are aimed at assisting firms in their sustainability reporting efforts and are available for free on the website of the Green and Sustainable Finance Cross-Agency Steering Group. This group was established in May 2020 by financial regulators such as the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority to promote green and sustainable finance in Hong Kong.

During the launch event, SFC CEO Julia Leung highlighted that these tools will improve the availability and quality of sustainability-related data, ultimately supporting decarbonisation initiatives in the city. The calculation tool specifically allows users, including small and medium-sized enterprises (SMEs), to determine their greenhouse gas emissions based on their actual business activities. Additionally, an estimation tool has been designed for financial institutions to estimate the emissions of their investees or borrowers when underlying data is limited.

The tools feature a simple interface and high-quality data, making them accessible for companies of all sizes. With the looming requirement for Scope 3 emissions reporting for listed companies in Hong Kong, these tools come at an opportune time to assist businesses in accurately calculating their carbon footprints and disclosing it to stakeholders. The availability of reliable emissions factors and calculation methods through these tools is expected to benefit both SMEs and large corporations in the city.