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1、2023 ESG Reporting Study for Hong Kong Listed CompaniesTable of ContentsBackground and Methodology of the Study3Our focus of this year62.1 Case study 1:As ESG disclosures are getting mature,companies keep strengthening and optimising ESG management72.2 Case study 2:Introducing new compliance require

2、ments for systematic disclosures of climate-related information152.3 Case study 3:Integrating ESG management into supply chain to stay ahead26Details of the study313.1 Overview323.2 Mandatory disclosure requirements373.3 Management and disclosure of environmental information423.4 Management and disc

3、losure of social information49Conclusion and outlook59Appendices611234PwC1Background and Methodology of the StudyPwCBackground and methodologySince the launch of the Environmental,Social and Governance Reporting Guide(the ESG Reporting Guide)in 2013,Hong Kong Exchanges and Clearing Limited(HKEX)has

4、continuously reviewed its ESG reporting framework and rules,which facilitate high-quality ESG disclosure by issuers and promote ESG and sustainability commitments of listed companies.Entering the 10th year of the implementation of the ESG Reporting Guide,the ESG information disclosure of Hong Kong l

5、isted companies has entered a new stage,becoming more and more comprehensive and mature.The HKEX ESG rules and guidelines have also evolved to become more stringent and sound.In April 2023,HKEX released a consultation paper on Enhancement of Climate-related Disclosures Under the Environmental,Social

6、 and Governance Framework to facilitate the preparation of listed companies for climate disclosure requirements based on the International Sustainability Standards Board(ISSB)climate disclosure standards.As of 30 June 2023,there were 2,604 companies listed on HKEX,of which 1,930 companies,or 74%,had

7、 published ESG reports on HKEX.Based on the ESG Reporting Guide,the Guidance on Climate Disclosures,the latest consultation paper on climate disclosures and other ESG-related papers of HKEX,PwC conducted a study on ESG reports published by Hong Kong listed companies in 2022 and selected a total of 3

8、00 Hong Kong listed companies from various industries according to the 12 industries of the Hang Seng Industry Classification System for this in-depth study.This is the seventh consecutive year that we have conducted the study.This study analyses the samples from the following dimensions:Overall dis

9、closure of ESG reportingMandatory disclosure requirementsManagement and disclosure of environmental informationManagement and disclosure of social informationDisclosure maturity of each ESG issueResearch limitations:All analyses are based on weighted random samples reflecting the industry and market

10、 capitalisationdistribution of Hong Kong listed companies,etc.Due to the possible sampling error of the estimated actual population,the research findings may not perfectly reflect the actual performance of individual companies in their ESG reporting.Industry distribution of sampled companies(by Hang

11、 Seng Industry Classification System)2023 ESG Reporting Study for Hong Kong Listed Companies|4PwC52.0%46.3%50.0%29.9%44.4%30.8%53.3%16.7%64.7%60.0%20.0%45.0%44.1%50.0%48.0%25.0%Hang Seng China Enterprises IndexHang Seng IndexHang Seng TECH IndexHang Seng Composite IndexHang Seng Stock Connect China

12、500 IndexHang Seng Stock Connect Greater Bay Area IndexHang Seng SCHK China Technology IndexHang Seng Shanghai-Shenzhen-Hong KongAutonomous and Electric Vehicles IndexHang Seng China New Economy IndexHang Seng Shanghai-Shenzhen-Hong Kong CleanEnergy IndexHang Seng Hong Kong-Listed Biotech IndexHSI L

13、ow Carbon IndexHSI ESG Enhanced IndexHang Seng Corporate Sustainability IndexHang Seng ESG 50 IndexHang Seng Corporate Sustainability Benchmark Index香港地區系列中國系列主題系列ESG系列Sample distribution of listed companies surveyedThe distributions of the companies studied in terms of market capitalisation,time of

14、 listing and HSI constituents are as follows:14.3%33.3%52.3%Over 100 billion10-100 billionBelow 10 billionDistribution of market capitalization*(HKD)of the sampled companiesDistribution of time of listing of sampled companiesProportion of HSI constituent stocks selected for this study14%23%32%31%Les

15、s than 5 years5-10 years10-20 yearsOver 20 years*The market capitalisation of the sample companies is based on market data as of December 31,20222023 ESG Reporting Study for Hong Kong Listed Companies|5ESG SeriesThematic SeriesMainlandChina SeriesHong KongChina SeriesPwC2Our focus of this year:2.1 C

16、ase study 1:As ESG disclosures are getting mature,companies keep strengthening and optimising ESG management2.2 Case study 2:Introducing new compliance requirements for systematic disclosures of climate-related information2.3 Case study 3:Integrating ESG management into supply chain to stay aheadPwC

17、Case study 1:As ESG disclosures are getting mature,companies keep strengthening and optimising ESG managementIn December 2019,HKEX published the Consultation Conclusions:the Review of the Environmental,Social and Governance(ESG)Reporting Guide and Related Listing Rules(ESG Consultation Conclusions).

18、It sets out“mandatory disclosure”requirements for listed companies,covering governance structure,reporting principles and scope,extends the scope of“disclose or explain”requirement beyond solely environmental issues to encompass social issues as well,and strengthens the requirement for reporting the

19、 boards governance over ESG matters and climate risks.In 2021,HKEX issued documents such as the Guidance on Climate Disclosures and the Corporate Governance Guide for Boards and Directors to encourage and assist listed companies to report in accordance with the recommendations of the Task Force on C

20、limate-related Financial Disclosures(TCFD),and require them to incorporate ESG-related risks into their risk management assessments.PwC2023 ESG Reporting Study for Hong Kong Listed Companies|7Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCESG disclosures o

21、f Hong Kong listed companies have maturedPwCFeatures of different typesWell-disclosed:disclosure ratio80%.As these issues are relating to daily operations and the difficulty of disclosure is low,most companies have already met the compliance requirements and entered the stage of optimised management

22、.In addition,mandatory disclosure on the supervision of ESG-related matters is also in the mature category.Moderately-disclosed:disclosure ratio between 50%and 80%.Most of these issues are emerging areas of attention,such as climate change policy/environmental objectives/supply chain ESG management.

23、Their disclosures have been increasing in the past two years,indicating that listed companies have started to manage these issues effectively.Under-disclosed:disclosure ratio50%.As the ESG Reporting Guide 2021 introduced new mandatory requirements,some issues such as ESG management processes and org

24、anisational structures,were inadequately disclosed at the initial stage.With increasing importance attached to ESG governance by listed companies,the disclosure ratio of all issues has exceeded 50%,and no disclosure items belong to this category.Trends in the disclosure of ESG issues from FY2020 to

25、FY2022 78.9%21.1%FY202277.2%19.3%3.5%FY202145.6%38.6%15.8%FY2020Entering the second year of the implementation of the ESG Reporting Guide 2021,the quality of ESG disclosure of Hong Kong listed companies has shown a trend of comprehensive optimization and overall improvement as driven by increasingly

26、 stringent guidelines.With a solid foundation in general disclosure of environmental and social issues,listed companies have made good progress in more aspects such as governance,goal setting and practice of ESG matters by the board of directors.The overall disclosure ratio has increased year by yea

27、r,and the disclosure of ESG issues has evolved to the“moderately-disclosed”and“well-disclosed”categories.2023 ESG Reporting Study for Hong Kong Listed Companies|8Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCDisclosure ratio:The ratio of listed companies

28、which disclosed certain topic to the total number of listed companies being surveyed YoY growth:Year-on-year growth in number of listed companies which disclosed certain topic compared with last year CategoryDisclosure StatusI:Well-disclosed High level(Over 80%）Mandatory requirements(5/9)Environment

29、al issues(12/17)Social issues(28/31)II:Moderately-disclosed Medium level(between 50%and 80%)Mandatory requirements(4/9)Environmental issues(5/17)Social issues(3/31)III:Under-disclosed Low level(less than 50%)NoneMandatory disclosure requirementsIssues of environmental informationIssues of social inf

30、ormationDisclosure maturity:Disclosure maturity by ESG issues and YoY growthAccording to the survey results,in terms of the degree of disclosure,the proportion of all issues covered by the ESG Reporting Guide that is disclosed in the ESG reports of sampled companies has reached more than 50%,and the

31、 level of disclosure completeness of listed companies ESG reports has been increasing.In terms of year-on-year growth,the disclosure ratio of listed companies on issues such as supervision of ESG-related matters,ESG governance policies and strategies,and review progress according to ESG-related obje

32、ctives shows a rapid growth trend,indicating that listed companies ESG disclosure has exceeded the basic requirements of compliance,moving towards higher-dimensional ESG management goals,more systematic ESG governance,more in-depth ESG management and better ESG performance.ESG disclosures of Hong Ko

33、ng listed companies have matured(continued)2023 ESG Reporting Study for Hong Kong Listed Companies|9Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGI:Well-disclosed 78.9%II:Moderately-disclosed 21.1%III:Under-disclosed(None)PwCI:Well-disclosed categoryEnvironm

34、ental or social issues that have been covered in the process of business operations,such as environmental and natural resource policies,employment policies,supply chain management policies,anti-corruption policies and other related quantitative indicators have been well-disclosed.Listed companies ha

35、ve started to optimisethe management of those issues by considering the materiality of ESG issues to the companys business strategy and activities.This drives differentiation of ESG management and disclosures among listed companies,which will therefore become a key focus for the companies to in prep

36、aring high-quality ESG reports.Policy:In addition to climate change policies,the vast majority of companies disclosed the various types of ESG policies required by the ESG Reporting GuideKPIs:The disclosure of most environmental and social KPIs has also matured,with more than 90%of them disclosed79%

37、82%86%88%92%92%93%94%96%97%97%99%A4 Climate changeB8 Community investmentA3 The environment and natural resourcesA2 Use of resourcesB5 Supply chain managementB6 Product responsibilityA1 EmissionsB4 Labour standardsB3 Development and trainingB2 Health and safetyB1 EmploymentB7 Anti-corruptionDisclosu

38、re of ESG policies97%96%98%96%99%99%96%98%99%95%99%Disclosure of KPIs2023 ESG Reporting Study for Hong Kong Listed Companies|10A1.2 Total greenhouse gas emissions and intensityA1.4 Total non-hazardous waste producedA2.1 Energy consumption in total and intensityA2.2 Water consumption in total and int

39、ensityA2.5 Total packaging material used for finished products andB1.1 Total workforce by gender,employment type,age group and geographical region.B2.3 Description of occupational health and safety measures adopted,and how they are implemented and monitoredB5.2 Description of practices relating to e

40、ngaging suppliers,number of suppliers where the practices are being implemented,and how they are implemented and monitoredB6.4 Description of quality assurance process and recallB6.5 Description of consumer data protection and privacy policies,and how they are implemented and monitored.B7.2 Descript

41、ion of preventive measures and whistle-blowing procedures,and how they are implemented and monitoredDisclosure ratio less than 80%disclosure ratio greater than 80%PwCCase Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCII:Moderately-disclosed categoryIn recent y

42、ears,sustainability has placed significant emphasis on climate change policy,environmental target setting,and supply chain ESG management.Their level of disclosure falls under the“moderately-disclosed”category.The survey shows that listed companies have gradually incorporated these issues into their

43、 management,strengthened relevant ESG management and practices,and disclosed them in ESG reports.In addition,as listed companies increasingly prioritise ESG matters,there has been a substantial rise in the disclosure ratio of ESG management policies and strategies of the Board and monitoring of prog

44、ress towards ESG-related targets,indicating that listed companies are making institutional arrangements for ESG matters at the governance level in accordance with the reporting guide of HKEX.75%76%34%49%76%78%69%80%Mandatory disclosures60%70%61%76%61%71%62%79%Target setting73%72%53%76%76%79%60%79%Ot

45、hersFY2022FY2021The Boards ESG management policy and strategyThe Boards review of progress against ESG-related targetsReporting principles.1 Describe or explain how reporting principles(materiality,quantitative,consistency)are applied in the preparation of ESG reportsReporting principles.2 The proce

46、ss of identifying material environmental,social and governance factors and the criteria for selecting themA1.5 Emissions target(s)A1.6 Waste reduction target(s)A2.3 Energy use efficiency target(s)A2.4 Water efficiency target(s)A4 Climate change policyB4.2 Steps taken to eliminate violations when dis

47、coveredB5.3 Practices used to identify environmental and social risks alongthe supply chain,and how they are implemented and monitoredB5.4 Practices used to promote environmentally preferable productsand services when selecting suppliers,and how they are implemented andmonitored2023 ESG Reporting St

48、udy for Hong Kong Listed Companies|11PwCCase Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCWell-disclosed:China National Building Material Company Limited(CNBM)identified emission types and provided detailed disclosure on respective emission dataExamples of ES

49、G disclosure for Hong Kong listed companiesCNBMAbout the companyChina National Building Material Company Limited,listed on the Stock Exchange of Hong Kong Ltd.in March 2006 and reorganised with the former China National Materials Company Limited in May 2018,is the core industry platform and flagship

50、 listed company of China National Building Material Group Co.,Ltd.which is a large-scale central enterprise of building materials.Now,CNBM have seven A-share listed companies with more than 150,000 employees,becoming the worlds No.1 in business fields such as cement,commercial concrete,gypsum board,

51、glass fiber,wind turbine blades and cement engineering technical services.ESG awards/ratings S&P Global ESG Scores:40/100Central SOEs ESG Pioneer 50 Index(2022)by the State-owned Assets Supervision and Administration Commission of the State Council Institutional Investors Asia Executive Team Awards:

52、No.1 of the Most Socially Responsible Companies in the Basic Materials SectorA1.1 The types of emissions and respective emissions data“The new materials segment actively carries out various environmental protection technology research and process technology transformation,continuously breaks through

53、 lower emission levels of air pollutants and water pollutants,leading the industry in the continuous progress of environmental protection level.BNBM carries out projects such as speeding up and reducing consumption in production lines,switching to energy-saving motors,and intelligent transformation

54、of production lines to improve energy saving and consumption in production lines,and by 2022,57%of gypsum board production lines achieved near-zero emissions of soot,sulfur dioxide and nitrogen oxides.The membrane material company has upgraded the volatile organic compounds waste gas treatment facil

55、ities and installed a waste gas detection platform.The total emission of volatile organic compounds has been reduced by about 27%,and the emission concentration is as low as 0.5 mg/m3,far below the industry standard(80 mg/m3),reaching the advanced level of the industryIn 2022,China Jushis tonnes of

56、yarn sewage discharge decreased by 5%year-on-year,and the discharge concentration of chemical oxygen demand was lower than 80%of the nationaldischarge standard.Environment,Social and Governance(ESG)Report 2022 of China National Building Material Company LimitedSource:Environment,Social and Governanc

57、e(ESG)Report 2022 of China National Building Material Company Limited,the official website of CNBM2023 ESG Reporting Study for Hong Kong Listed Companies|12Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCTowngas Smart Energy Company LimitedAbout the company

58、Towngas Smart Energy Company Limited,listed on the Main Board of the Stock Exchange of Hong Kong,is a specialised gas investment and management group focused on the sales and operations of piped gas in Chinese Mainland.Meanwhile,Towngas Smart Energy Company Limited has been engaging in the business

59、of smart energy system,including renewable energy generation,digitalized energy management services and carbon management services in Chinese Mainland.The principal shareholder of Towngas Smart Energy Company Limited is Hong Kong and China Gas Company Limited.ESG awards/ratings MSCI ESG Ratings:AS&P

60、 Global ESG Scores:68/100Hang Seng Indexes Sustainability Rating:AAReporting principle1 MaterialityThe Group introduced during the year the double materiality principle for the first time in the assessment of material issues.Guided by the draft double materiality methodology published by the Europea

61、n Financial Reporting Advisory Group(EFRAG),we comprehensively assessed the impacts of each ESG issue on the environment,society and the Groups financial performance from two dimensions:impact materiality and financial materiality.Questionnaire Survey:Based on the principle of double materiality,we

62、designed two questionnaires,impact materiality assessment and financial materiality assessment.The most relevant internal and external stakeholders,such as the management and employees of the Group and business partners,were invited to participate in the survey.Impact Materiality Assessment:In impac

63、t materiality assessment,we took into account the possibility and severity of positive and negative impact to comprehensively assess the impact of ESG issues on the environment and society.Financial Materiality Assessment:In the financial materiality assessment,we conducted in-depth analysis on the

64、impacts of various ESG issues on the Groups short-term financial performance from the perspective of 6 capitals developed by the International Integrated Reporting Committee(IIRC),namely financial capital,manufactured capital,intellectual capital,human capital,social and relationship capital,and nat

65、ural capital.“Environmental,Social and Governance Report 2022 of Towngas Smart Energy Company Limited Source:Environmental,Social and Governance Report 2022 of Towngas Smart Energy Company Limited,the Official Website of Towngas Smart EnergyModerately-disclosed:Towngas Smart Energy Company Limited i

66、ntroduced the principle of double materiality and comprehensively assessed the influence of ESG issues on the environment,society and the Groups financial performanceExamples of ESG disclosure for Hong Kong listed companies2023 ESG Reporting Study for Hong Kong Listed Companies|13Case Study 1:Disclo

67、sure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCModerately-disclosed:ESR Group Limited disclosed the Boards review of progress against ESG related targetsExamples of ESG disclosure for Hong Kong listed companiesESR Group LimitedAbout the companyESR is APACs largest real asset

68、 manager powered by the New Economy and the third largest listed real estate investment manager globally.With US$150 billion in total assets under management,our fully integrated development and investment management platform extends across key APAC markets,including China,Japan,South Korea,Australi

69、a,Singapore,India,New Zealand,and Southeast Asia,representing over 95%of GDP in APAC,and includes an expanding presence in Europe and the U.S.We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business,which al

70、low capital partners and customers to capitalise on the most significant secular trends in APAC.ESR is the largest sponsor and manager of REITs in APAC with a total AUM of approximately US$46 billion.ESG awards/ratings 2022 MSCI ESG Rating:A2022 Morningstars Sustainalytics ESG Risk Ratings:“Low Risk

71、”2022 GRESB Real Estate Assessment:37 listed REITs and private funds participated and retained top rankings including 1 Global and 4 Regional Sector Leaders recognitionsGovernance Structure:how the board reviews progress made against ESG-relatedgoals and targets with an explanation of how they relat

72、e to the issuers businesses.The Board of Directors provides the overall stewardship and strategic direction on sustainability management.The Board reviews progress made against ESG related targets from the ESG 2025 Roadmap disclosed in this report and receives regular ESG updates during board meetin

73、gs.Working closely with the Group Leadership team and led by the ESG Committee,material ESG issues are regularly reviewed and considered in the strategy formulation by the Board and senior management at the quarterly Board meetings and other ad-hoc meetings as and when required.Understanding perspec

74、tives from our key stakeholders is critical to aligning our ESG efforts with their expectations.We conducted an updated assessment of our material ESG factors to reflect the evolving trends and market practices.ESR participates regularly in globally recognised benchmarks and ratings which provide va

75、luable feedback on ESG performance compared to industry peers.Our report complies with relevant provisions from HKEX Main Board Listing Rule 13.91,ESG Reporting Guide and the GRI Standards from the Global Reporting Institute.ESR commissioned Hong Kong Quality Assurance Agency(HKQAA)to conduct an ind

76、ependent limited assurance of Environmental,Social Data and Solar Power Generation datasets as indicated in the ESG data summary and the ESG performance against the ESG 2025 Roadmap targets as disclosed within this report.Environmental,Social and Governance Report 2022 of ESR Group LimitedSource:Env

77、ironmental,Social and Governance Report 2022 of ESR Group Limited,the Official Website of ESR Group Limited 2023 ESG Reporting Study for Hong Kong Listed Companies|14Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCCase Study 2:Introducing new compliance req

78、uirements for systematic disclosures of climate-related informationClimate change and sustainability issues have become a common challenge for humanity.On 14 April 2023,HKEX published the Consultation Paper seeking feedback from the market.It proposed to mandate all listed issuers to include climate

79、-related disclosures in their ESG reports and introduce new climate-related disclosure requirements aligned with the ISSB Climate Standard in the new Part D of Appendix 27 to the Listing Rules.The climate-related disclosure requirements proposed by HKEX covers the four core pillars of governance,str

80、ategy,risk management and metrics and targets,and provides detailed requirements for climate information disclosure.The governance process,controls and procedures used to monitor and manage climate-related risks and opportunitiesGovernanceThe strategy employed to address significant climate-related

81、risks and opportunitiesStrategyThe process used to identify,assess and manage climate-related risks and opportunitiesRisk managementThe metrics and targets utilised to measure,monitor and manage significant climate-related risks and opportunities,along with the assessment of performance(including pr

82、ogress towards the targets set)Metrics and targets2023 ESG Reporting Study for Hong Kong Listed Companies|15PwCCase Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCCurrent status of climate-related disclosuresPwC has conducted a forward-looking study on climate-

83、related disclosures in the fiscal year 2022 ESG reports of sampled companies,focusing on the recommendations and requirements of the Consultation Paper.The study aims to provide an preliminary analysis of the current gaps between the ESG disclosures of listed companies and the standards required by

84、the Consultation Paper,so that companies can identify areas for improvement and better prepare for upcoming requirements.The result shows that most of the sample companies have already disclosed in their reports the Scope 1 and Scope 2 GHG emissions and other climate-related metrics mentioned in HKE

85、Xs current ESG reporting guide.However,there still remains a significant disparity in the disclosure of additional metrics outlined in the consultation paper,including Scope 3 emissions data and transition plans towards a low-carbon economy.It is foreseeable that with the improvement of ESG reportin

86、g guides,which covers climate-related disclosures,the disclosure and management of ESG reports by listed companies will also be enhanced.This will likely lead to higher-quality ESG reports and climate-related disclosures.Based on the climate-related disclosure requirements mentioned in the Consultat

87、ion Paper,the sampled listed companies have different disclosure ratios for each metrics.*Refer to the metrics with transition requirements.For details,please refer to HKEXs Consultation Paper on Enhancement of Climate-related Disclosures Under the Environmental,Social and Governance Framework.6%2%2

88、%25%99%27%66%64%21%13%8%50%69%29%69%8%46%56%GovernanceStrategyRisk ManagementMetrics and Targets2023 ESG Reporting Study for Hong Kong Listed Companies|16The Boards oversight of climate-related opportunities and risksManagements role in assessing and managing climate-related risks and opportunitiesS

89、ignificant impacts of climate-related risks and opportunities on business operations,business models and strategiesCompanys transition plan to a low carbon economyDescribe the resilience of the organisations strategy,taking into consideration different climate-related scenariosImpact of climate-rela

90、ted risks and opportunities on short-term,medium-term and long-term financial planning*Procedures for identifying and assessing climate-related risks Emissions indicators(Scope 1 and Scope 2)*Emissions indicators(Scope 3)*Amount/percentage of assets or business activities related to climate-related

91、opportunities*Integration of climate-related matters into remuneration policiesEmission target settingReview of progress towards targetsImpact of climate-related risks and opportunities on financial condition,financial performance and cash flow*Procedures for managing climate-related risksClimate-re

92、lated risks are integrated into the organisations overall risk managementAmount/percentage of assets or business activities vulnerable to climate-related risks*Capital expenditure,financing or investment amount for climate-related risks and opportunities*Case Study 1:Disclosure MaturityCase Study 2:

93、Climate ChangeCase Study 3:Supply Chain ESGPwCPwCClimate-related disclosure:StrategyIn addition to the existing regulations,the Consultation Paper proposes more detailed disclosure requirements in four aspects,namely,climate-related risks and opportunities,transition plans,climate resilience and fin

94、ancial effects of climate-related risks and opportunities.The aim is to encourage issuers to comprehensively disclose the actual or potential impact of climate-related risks and opportunities on their business,strategies,and financial planning,so that investors and stakeholders can assess risks,moni

95、tor the progress of transition plans,and thus effectively allocate capital and make decisions.According to the study:69%of the samples disclosed the significant climate-related risks and opportunities and their impacts.Among them:67%and 61%of the samples disclosed physical risks and transition risks

96、,respectively69%of the samples set qualitative or quantitative emission targets,and 50%of the samples reviewed the progress towards the targets29%of the samples developed transition plans towards low-carbon economy8%of the samples considered different climate scenarios to assess the climate resilien

97、ce of the companyMost of the samples have recognized the importance of climate change issues.They have identified climate-related risks and opportunities that impact their business,strategies and financial planning,including transition risks and transformation risks,and have established correspondin

98、g qualitative or quantitative emission targets.A small number of the samples have disclosed transformation plans to address identified risks.A small number of samples have conducted climate scenario analysis to assess their climate resilience and have disclosed the current and expected impacts of re

99、lated risks and opportunities on their financial performance.Data analysis and interpretationGuidance interpretation2023 ESG Reporting Study for Hong Kong Listed Companies|17Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCClimate-related disclosure:Governan

100、ceIn addition to the existing regulations,the Consultation Paper emphasises the leadership role of the board in addressing climate-related risks and opportunities.It highlights that the board should include climate-related risks and opportunities in their discussions on ESG matters and incorporate s

101、ustainable development into their strategic planning to enhance the effectiveness of management actions.According to the study:56%of the samples disclosed the boards oversight responsibilities for climate-related risks and opportunities46%of the samples disclosed the assessment and management of cli

102、mate-related risks and opportunities by the management8%of the samples incorporated climate-related KPIs into their remuneration policiesHKEX requires listed companies to disclose the role of the board/committees and senior management on climate change issues.Listed companies should make it a respon

103、sibility for the board to discuss climate change issues,establish a sound organization and management structure,have the board oversee the assessment of climate-related risks and opportunities in the companys strategies,decision-making and risk management policies,and oversee the setting of climate-

104、related targets and regularly review the progress.The board or management should consider enhancing the management of climate-related risks and opportunities,such as incorporating climate-related KPIs into remuneration policies.Data analysis and interpretationGuidance interpretation2023 ESG Reportin

105、g Study for Hong Kong Listed Companies|18Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCClimate-related disclosure:Risk managementOn the basis of existing regulations,the Consultation Paper focuses on encouraging issuers to identify significant climate-rel

106、ated risks and the anticipated impacts of the risks on their operations,so that investors and stakeholders can understand how issuers identify,assess and address climate-related risks that may have a significant impact on their business and whether sufficient procedures have been implemented to iden

107、tify,assess and manage climate-related risks.According to the study:64%of the samples disclosed the process for identifying and assessing climate-related risks and opportunities66%of the samples disclosed the procedures for managing climate-related risks and opportunities27%of the samples integrated

108、 climate-related risk management into the overall enterprise risk management processMore than half of the sampled companies explicitly disclosed the processes employed to identify and assess climate-related risks and opportunities.A small number of sample companies not only disclosed how they monito

109、r and manage climate-related risks,but also proactively integrated them into the companys risk management processes.Data analysis and interpretationGuidance interpretation2023 ESG Reporting Study for Hong Kong Listed Companies|19Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3

110、:Supply Chain ESGPwCClimate-related disclosure:Metrics and targetsThe Consultation Paper added new disclosure requirements for climate-related metrics and targets,including greenhouse gas emissions,risks and opportunities,and remuneration policies,aiming to help investors and stakeholders assess a c

111、ompanys carbon footprint,understand the climate-related risks and potential financial vulnerabilities,and gain insights into the companys strategies for mitigating or adapting to these risks.99%of the samples disclosed Scope 1 and Scope 2 emissions25%of the samples disclosed Scope 3 emissions2%of th

112、e samples disclosed the amount/percentage of assets or business activities vulnerable to climate-related risks,2%of the samples disclosed the amount/percentage of assets or business activities exposed to climate-related opportunities,and 6%of the samples disclosed the amount of capital expenditure,f

113、inancing,or investment allocated to climate-related risks and opportunitiesCompared with HKEXs existing ESG Reporting Guide,the Consultation Paper added disclosure requirements for Scope 3 emissions,which set higher standards for the management of GHG emissions across the entire value chain of liste

114、d companies.A small number of sampled companies disclosed the data of Scope 3 emissions.Listed companies should accurately and comprehensively identify the sources and scenarios of the GHG emissions and disclose Scope 1,Scope 2 and Scope 3 emissions in line with their responsibility boundaries.Data

115、analysis and interpretationGuidance interpretation2023 ESG Reporting Study for Hong Kong Listed Companies|20Listed companies should further identify company assets and business activities vulnerable to climate change,strengthen the management of climate-related indicators and establish a data base f

116、or climate information disclosure in order to properly assess and mitigate the financial impacts of climate change.Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCRecommendations for climate-related disclosuresPwC advises issuers to familiarise themselves w

117、ith the guide and related transitional plans in advance,gain a thorough understanding of the key points of disclosure required by HKEX and ISSB,and follow the strategic steps below to meet the regulatory requirements and market expectations as well as to prepare for the challenges of complying with

118、the disclosure requirements.Establishing an effectivegovernance structureA governance structure with clearly defined roles and responsibilities for the board and management123456789Select appropriate scenarios and parameters within a defined scope and boundaryA set of scenarios with defined paramete

119、rsDetermine the mitigation priority of climate-related risks based on qualitative/quantitative methodologyA list of prioritisedclimate-related risksIdentify the impacts posed by material climate-related risks based on the companys business nature and locationA list of climate-related business impact

120、s(CRBI)hotspotsDevelop company-specific metrics and indicators and set targets in response to climate-related business impactshotspotsMetrics,indicators and targets set in response to CRBI hotspotsPrioritise,implement and monitor a series of actions against targets to form the basis of the climate a

121、ction planAn action plan detailing prioritisedactions and progress towards achieving the selected targetsEvaluate the impacts on each financial itemA list of qualitative/quantitative financial impact against CRBI hotspotsIntegrate climate-related issues into long-term planning of business strategies

122、An integrated business strategy with expanded scope incorporating climate related risks and opportunitiesDisclosure of corporate climate-related information in response to HKEX disclosure requirementsTimely judgment,adaptation and stockpiling of climate disclosure capabilities in line with regulator

123、 requirements2023 ESG Reporting Study for Hong Kong Listed Companies|21Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGResource：HKEX Guidance on Climate Disclosures，PwC On the Brink:Shedding Light on the Hong Kong Stock Exchanges Consultation Paper on Enhancin

124、g Climate Disclosure under the Environmental,Social and Governance FrameworkPwCFosun International LimitedAbout the companyFosun was founded in 1992.After more than 30 years of development,Fosun has become a global innovation-driven consumer group.Adhering to the mission of creating happier lives fo

125、r families worldwide,Fosun is committed to creating a global happiness ecosystem that promotes health,happiness,and wealth for one billion families.In 2007,Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange(Stock Code:00656.HK),total assets of the Group amounted

126、 to RMB834.9 billion.Fosun International received an MSCI ESG rating of AA and it is the only conglomerate in Greater China with such rating.ESG awards/ratings MSCI ESG Ratings:AAHang Seng Indexes Sustainability Rating:AA-Constituent of Hang Seng Corporate Sustainability Index(HSSUS)Constituent of F

127、TSE4Good Index SeriesManagements role in assessing and managing climate-related risks and opportunities.Carbon Neutrality Governance:In order to further push forward the 2050 Carbon Neutrality Goal of Fosun,the Group has established a Carbon Neutrality Committee and a Carbon Neutrality Working Group

128、,with carbon neutrality led and progressed by the EHSQ Department.The Carbon Neutrality Committee,composed of directors of the Group and directors of member companies,is responsible for supervising and promoting the overall carbon neutrality strategy,and regulating and monitoring climate-related ris

129、ks and opportunities.The Carbon Neutrality Working Group,led by senior management of the Companys key departments involving carbon neutrality,is responsible for implementing and driving carbon neutrality tasks,and regularly reporting achievements to the Carbon Neutrality Committee.Performance Incent

130、ives for Climate Management:We have added the indicator of carbon neutrality management to the ESG management performance appraisal mechanism of responsible persons of each business segment of the Group,with the aim of further assessing the achievement rate of carbon-neutral projects of their managi

131、ng operating entities,promoting further implementation and enforcement of carbon-neutral management across the Group.TCFD Report 2022 of Fosun International LimitedSource:TCFD Report 2022 of Fosun International Limited,ESG Report 2022 of Fosun International Limited,the Official Website of Fosun Inte

132、rnational LimitedClimate-related governance:The board of Fosun International Limited has effectively implemented carbon neutral management across the Group in line with its approach to monitoring and managing climate-related opportunities and risksExamples of ESG disclosure for Hong Kong listed comp

133、anies2023 ESG Reporting Study for Hong Kong Listed Companies|22Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCChina Mengniu Dairy Company LimitedAbout the companyChina Mengniu Dairy Company Limited is a leading dairy company,ranking among the top seven dai

134、ry companies in the world.Founded in 1999 and headquartered in Hohhot,Inner Mongolia Autonomous Region,China,Mengniu was listed in Hong Kong,China in 2004 and was a constituent of the Hang Seng Index and the Hang Seng China Enterprises Index.The company was reelected as a constituent of the Hang Sen

135、g Corporate Sustainability Index in 2022.ESG awards/ratings MSCI ESG Ratings:ATop 1 in the SASAC Central Enterprise ESG Pioneer 50 Index(2022)The 17th Peoples Corporate Social Responsibility Award for Green Development,and China Charity AwardDisclosure of any climate-related targets set by the issue

136、r to respond to climate-related risks and opportunities and any GHG emission targets required by local laws and regulations“Mengniu has established a climate change response strategy.We have set carbon reduction targets,planned and fulfilled key carbon reduction pathways.At the scope 1 and scope 2 a

137、spects,we actively carry out our own carbon emission management,practice emission reduction,energy conservation,and renewable energy utilisation projects.In terms of scope 3,we carry out value chain collaboration on carbon reduction.We collaborate with partners to implement carbon reduction practice

138、s,and reduce product carbon footprints.At the same time,we carry out climate change scenario recognition,climate change risk and opportunity analysis,and climate impact evaluation on the Company in terms of operation and finance.Phase I(2023-2025):In 2025,the GHG emission intensity of a single ton o

139、f dairy products should be within 165kgCO2e/t;Phase II(2025-2030):In 2030,the absolute value of the scope 1 and 2 GHG emissions reaches the peak,and the GHG emission intensity of a single ton of dairy products should be within 160kgCO2e/t;Phase III(2030-2050):In 2050,Mengniu achieves carbon neutrali

140、ty in scope 1,2 and 3.”Sustainability Report 2022 of China Mengniu Dairy Company LimitedSource:Sustainability Report 2022 of China Mengniu Dairy Company Limited,Mengniu Official WebsiteEmission target setting:Mengniu Group set climate-related GHG emission targets and formulated corresponding strateg

141、ies for carbon emission reductionExamples of ESG disclosure for Hong Kong listed companies2023 ESG Reporting Study for Hong Kong Listed Companies|23Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCGuangdong Investment LimitedAbout the companyAs a comprehensi

142、ve company listed on the Main Board of HKEX,Guangdong Investment Limited operates six major business segments,including water resources,property investment and development,energy projects,department store operations,road and bridge construction and hotel operation and management.ESG awards/ratings M

143、SCI ESG Ratings:BBBGuangdong-Hong Kong-Macao Greater Bay Area SOEs ESG Index2022 Wind ESG Best Practice Award(H Shares）Climate-related information systematic disclosure of the process of managing climate-related risksIn response to the 14th Five-Year Plan of China and the national goals to peak carb

144、on dioxide emissions and achieve carbon neutrality,the Company has developed the Climate Change Policy of Guangdong Investment Limited to specify the management approach of the Group and various business segments on climate change issues.This policy sets out our strategy and commitments to addressin

145、g climate change,which provides guidelines for subsidiaries and suppliers to incorporate climate change,energy conservation and emissions reduction and other considerations into each phase of their business operating cycle,including but not limited to project investment,design,development and operat

146、ion.Based on this,we can strengthen climate change management and mitigate the impact of climate change on business,environment and society.We conduct our business in full compliance with policies and regulatory requirements.Each business segment has formulated respective business development and pe

147、rformance improvement plans in response to the market demand for green and low-carbon products and services and continues to improve performance through innovation and technological upgrading so as to achieve sustainable and low-carbon operations.The Company continuously identifies,assesses and mana

148、ges climate-related physical and transition risks to integrate the risks to its operation.We have established a system designed for risk assessment and management and specified procedures to identify,assess,respond to,monitor and update climate risks,so as to ensure effective closed-loop management.

149、Environmental,Social and Governance Report 2022 of Guangdong Investment LimitedSource:Environmental,Social and Governance Report 2022 of Guangdong Investment Limited,the Official Website of Guangdong Investment LimitedClimate-related disclosure:Guangdong Investment Limited implemented a systematic a

150、pproach to climate-related risk management,including identifying climate-related risks and opportunities and developing countermeasures at its sub-business segmentsExamples of ESG disclosure for Hong Kong listed companies2023 ESG Reporting Study for Hong Kong Listed Companies|24Case Study 1:Disclosu

151、re MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCThe Hong Kong and China Gas Company LimitedAbout the companyTowngas,also known as The Hong Kong and China Gas Company Limited,is Hong Kongs first public utilities company founded in 1862.With a strong foundation built on trust,Tow

152、ngas supplies town gas and offers a comprehensive range of gas applications.We are also proactively expanding low-carbon businesses such as smart energy,urban waste utilisation and energy efficiency,to provide customers with sustainable energy solutions.As part of our commitment,we aim to be a leadi

153、ng clean and smart energy supplier and actively supporting the goal of achieving carbon neutrality through technology and innovation in Hong Kong,on the Chinese mainland,and beyond.ESG awards/ratings Dow Jones Sustainability Asia Pacific Index 2022MSCI ESG Ratings:AHKICPA Best Corporate Governance a

154、nd ESG Awards 2022-ESG Awards(Hang Seng Index Category)Metrics and Targets:Metrics and Targets-emission indicators and climate-related financial indicator of amount of assets or business activities vulnerable to climate-related risks“In alignment with the TCFD recommendations,we conducted a comprehe

155、nsive climate scenario analysis and evaluated the potential financial impacts of climate change.This analysis helps us to factor in climate-related impacts when making business decisions.”Environmental,Social and Governance Report 2022 of The Hong Kong and China Gas Company Limited Source:Environmen

156、tal,Social and Governance Report 2022 of The Hong Kong and China Gas Company Limited,the Official Website of The Hong Kong and China Gas Company LimitedMetrics and Targets:The Hong Kong and China Gas Company Limited conducted a climate-related scenario analysis and assessed climate-related financial

157、 impactsExamples of ESG disclosure for Hong Kong listed companies2023 ESG Reporting Study for Hong Kong Listed Companies|25Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCCase Study 3:Integrating ESG management into supply chain to stay aheadAccording to Pw

158、Cs 26th Annual Global CEO Survey China Report,52%of CEOs from the Chinese Mainland and Hong Kong anticipate a significant impact on their supply chain due to climate risk in the next 12 months.As ESG risks in the supply chain are surging,supply chain sustainability has been placed in the spotlight.H

159、KEXs ESG Reporting Guide offers a guidance for supply chain ESG management by requiring listed companies to disclose their practices in this regard,with emphasis placed on green procurement and supply chain ESG risks identification.In face of stricter regulations and intensified climate risks,the en

160、hancement of the supply chain ESG risk identification mechanism and the management of the ESG impacts of supply chain will not only contribute to listed companies ESG compliance,but also to their long-term sustainability and organisational resilience.PwC2023 ESG Reporting Study for Hong Kong Listed

161、Companies|26Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCCurrent status of supply chain ESG management and disclosureSupply chain is an important part of enterprises sustainable operation and successful transition to low-carbon economy.In the ESG Reporti

162、ng Guide,HKEX requires companies to describe in their ESG reports how they identify environmental and social risks in supply chain and their practices to promote green procurement,urging companies to practice supply chain ESG management for sustainability.According to the study:79%of the sampled com

163、panies have disclosed the description of practices used to identify environmental and social risks along the supply chain,and how they are implemented and monitored.76%of the sampled companies have disclosed the description of practices used to promote environmentally preferable products and service

164、s when selecting suppliers,and how they are implemented and monitored.HKEX requires listed companies to disclose their practices used to identify environmental and social risks in their supply chains,some sampled companies disclosed general practices for implementation and monitoring.HKEX requires l

165、isted companies to disclose practices for promoting green procurement.While some sampled companies disclosed their considerations for procurement,there is room for further improvement to provide detailed information about their green procurement practices.Data analysis and interpretationGuidance int

166、erpretation2023 ESG Reporting Study for Hong Kong Listed Companies|27Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwCManagement of supply chain carbon emission dataHKEX has added metrics of Scope 3 GHG emissions in its Consultation Paper on climate-related

167、disclosures,and required that the disclosure categories of Scope 3 emissions be consistent with the GHG Protocol.According to the GHG Protocol Corporate Value Chain(Scope 3)Accounting and Reporting Standard,Scope 3 emissions fall within 15 categories that cover the carbon footprint in the whole life

168、 cycle of products.This requires companies to not only improve their own carbon data management but also attach more attention to and take early action on the management of supply chain carbon emission data.Potential sources of Scope 3 emissions(with reference to the categories listed in the GHG Pro

169、tocol Corporate Value Chain(Scope 3)Accounting and Reporting Standard):Sources of Scope 3 emissions Purchased goods&servicesCapital goodsFuel-and energy-related activities not covered by Scope 1 and Scope 2Upstream transportation&distributionUpstream leased assetsWaste generated in operationsBusines

170、s travelEmployee commutingUpstream transportation&distributionProcessing,use and end-of-life treatment of sold productsDownstream leased assetsFranchises InvestmentDownstreamMidstreamUpstreamGHG Protocol Corporate Accounting and Reporting StandardGHG Protocol Corporate Value Chain(Scope 3)Accounting

171、 and Reporting StandardCompanies disclosure of their Scope 3 data relies on extensive involvement of suppliers and partners.In response to HKEXs requirements in the Consultation Paper on climate-related disclosures,listed companies should carry out management of carbon emission data in their supply

172、chains as early as possible,which includes but is not limited to:Improving the companys management system for supply chain carbon emissions,identifying its key emissions based on the characteristics of its sector and business,and prioritising supply chain emission data collection.Encouraging supplie

173、rs to carry out GHG emission data statistics,providing supporting documents related to GHG emission data,and explaining calculation methods and data sources.Encouraging suppliers to disclose GHG emissions data in public reportsEncouraging suppliers to obtain third-party assurance of GHG emission dat

174、a to ensure data integrity and accuracy.Offering specific training on carbon emission management to suppliers,and providing guidance and relevant support.2023 ESG Reporting Study for Hong Kong Listed Companies|28Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESG

175、PwCStrengthening supply chain ESG managementWe recommend that companies manage the environmental,social and governance(ESG)impacts of their supply chains through the supplier network,so as to promote the sustainability of value chains for long-term value creation.Tier-2 suppliersLogisticsProcurement

176、Manufacturing LogisticsProcurementProcurementLogisticsProduct developmentSuppliersValue chainDistributors/Retail outletsConsumersManufacturingProcurementProduct developmentReturn/RecycleLogisticsMulti-purpose designs and recyclable designsConsideration of populations in underdeveloped regionsSupport

177、ing capacity-building,job creation and economic developmentSustainable procurement of raw materialsSimple or recyclable packaging materials Higher fuel efficiencyEfficient recycle or return channelsInvestment in infrastructure facilities to improve procurement efficiencyLocal procurement to enhance

178、supply chain resilience and reduce costsClean production processes and technologiesTraining for management personnel and staff of suppliers to reduce non-compliance and costsReuse products for populations in underdeveloped regionsWorking with product disassemblers and recyclersExpanding and sharing

179、the local marketBuilding manufacturing clusters to increase supply chain efficiencyWorking with small businesses and selling in niche marketsProtecting intellectual propertyPrioritising ethically sound suppliers and distributorsEthical handling of wastePrioritising ethically sound transport service

180、providersMitigating the risk of counterfeitingEnvironmentSocietyEconomyEthicsKey measures for building a sustainable value chain:2023 ESG Reporting Study for Hong Kong Listed Companies|29ProcurementManufacturingLogisticsCase Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply C

181、hain ESGPwCPwCHengan International Group Company LimitedAbout the companyHengan,established in 1985,is a well-known domestic manufacturer of packaged tissue paper and women and children hygiene products.Hengan was successfully listed on the Stock Exchange of Hong Kong on 8 December 1998.Hengan adher

182、es to the spirit of“Integrity,Diligence,Innovation and Dedication,and takes Growing with you for a better life as mission,and endeavors to become international top-tier supplier of daily products through ongoing innovations and provision of premium products and services.ESG awards/ratingsMSCI ESG Ra

183、ting:BBBConstituent of FTSE4Good Index SeriesHang Seng Indexes Sustainability Rating:A-“2022 Forbes China Top 50 Sustainable Development Industrial Enterprises”B5.3 Description of practices used to identify environmental and social risks along the supply chain,and how they are implemented and monito

184、red.“Hengan International Group requires suppliers to provide the following information,documents and records,including factory status,quality policy and objectives,organisational structure and personnel allocation,production process,hardware facilities,customer composition,enterprise qualification,

185、quality management system,production process management,traceability process and recall management,fire control management and pest control and prevention,chemicals and waste management.The Group will carry out assessment upon quality management,environmental and social risk(involving anti-discrimin

186、ation,occupational health and safety,business ethics,compliance employment,etc.),technology R&D and service management,etc.Hengan International Group promotes a stable and sustainable supply chain,conducts regular ESG risk assessment and on-site audit of raw and auxiliary material suppliers,and cont

187、inuously follows up on suppliers assessed with high ESG risk.In addition,the Group also makes comprehensive and multi-aspect assessment of suppliers with reference to the results of third-party environmental and social responsibility audits.During the supplier on-site evaluation jointly carried out

188、by the Quality Management Department and the Procurement Platform,the Group incorporates environmental and social factors into the evaluation indicators.”Hengan International Group Company Limited 2022 Environmental,Social and Governance ReportSource:2022 Environmental,Social and Governance Report o

189、f Hengan International Group Company Limited,the Official Website of Hengan International Group Company LimitedSupply chain ESG management:Hengan International Group proactively identifies and manages supply chain ESG risksExamples of ESG disclosure for Hong Kong listed companies2023 ESG Reporting S

190、tudy for Hong Kong Listed Companies|30Case Study 1:Disclosure MaturityCase Study 2:Climate ChangeCase Study 3:Supply Chain ESGPwC3Details of the study3.1 Overview3.2 Mandatory disclosure requirements3.3 Management and disclosure of environmental information3.4 Management and disclosure of social inf

191、ormationPwC56%22%22%Analysis on reports of over 20 pages61 pages and above41-60 pages21-40 pagesReport disclosure formatsOverview:Format for disclosureWith the increasing understanding and growing importance attached to ESG information disclosure among Hong Kong listed companies,the level of ESG rep

192、orts disclosure has reached new heights,with steadily rising comprehensiveness and coverage reached over the years.Most listed companies prepare independent reports on industry-specific and company-specific key issues,based on their respective operations and in compliance with the HKEX ESG Reporting

193、 Guide.Companies disclose qualitative and quantitative information in a differentiated manner,effectively addressing the ESG concerns of stakeholders with high-quality information.Data analysis and interpretationAccording to the study:72%of the samples disclosed stand-alone ESG reports.95%of the rep

194、orts were over 20 pages,of which 56%were over 60 pages,22%were between 41 pages and 60 pages,22%were between 21 pages and 40 pages.Nearly 4/5 of the samples prepared reports by materiality of the ESG issues.72%95%79%72%93%71%68%84%65%53%74%63%39%58%59%32%43%48%40%27%62%Stand-alone reportsReports of

195、over 20 pagesPrepared the report bymateriality of issues2022202120202019201820172016*Level of disclosure=number of companies disclosing a particular ESG indicator in certain industry/total number of companies in the research sample in the same industryIndustry disclosureUtilitiesProperties and Const

196、ruction For the 3 disclosure form-related indicators,the top 3 industries with the highest level of disclosure*are:Financial Services3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|32PwCOverview:Reporting st

197、andardsHong Kong listed companies have a more diversified selection of ESG reporting standards.In addition to complying with the requirements of the ESG Reporting Guide,an increasing number of companies have incorporated other relevant reporting standards when preparing ESG reports.Companies conside

198、r business characteristics,industry priorities and local jurisdictions to meet the demands of various stakeholders regarding corporate non-financial information.Data analysis and interpretation45%of sampled companies referred to other reporting standards,among which*GRI Standards87%TCFD Framework37%

199、SSE guidelines22%Chinese Corporate Social Responsibility Report Preparation Guide(CASS-CSR4.0/CASS-ESG5.0)17%SASB Standards13%ISO 26000:2010-Guidance on Social Responsibility8%Methodologies of ESG rating agencies such as MSCI7%Guidelines of Shenzhen Stock Exchange for the Regulated Operation of List

200、edCompanies by Shenzhen Stock Exchange(SZSE)4%Guidance on Social Responsibility(GB/T 36000-2015)3%12%16%24%30%34%44%45%Adoption rate of other reporting standards2022202120202019201820172016IndustryIndustry specific guidelinesReleased byEnergySustainability Reporting Guidance for the Oil and Gas Indu

201、stryInternational Petroleum Industry Environmental Conservation Association(IPIECA)UtilitiesGuidelines for Central Enterprises to Fulfil Social ResponsibilitiesState-owned Assets Supervision and Administration Commission of the State CouncilFinancialServicesGuidelines on Corporate Social Responsibil

202、ity of Chinese Banking and Financial InstitutionsChina Banking AssociationOpinions on Strengthening the Social Responsibility of Banking Financial Institutions andGuiding Opinions on the Insurance Sectors Implementation of Social ResponsibilityChina Banking and Insurance Regulatory CommissionPropert

203、ies and ConstructionGuidelines on Social Responsibility of Real Estate Enterprises in Guangdong ProvinceGuangdong Real Estate Association Information TechnologyThe Electronic Industry Citizenship Coalition(EICC)Code of ConductElectronic Industry Citizenship CoalitionIndustriesGuidelines on the Socia

204、l Responsibility for Industries of China 2.0(GSRI-CHINA 2.0)China Federation of Industrial EconomicsConsumer DiscretionaryGuidelines on the Corporate Social Responsibility Management for China Stores&E-Commerce PlatformsChina Chain Store&Franchise Association3.1 Overview3.2 Mandatory Disclosure3.3 E

205、nvironmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|33The proportion of Hong Kong listed companies following reporting standards in addition to the ESG Reporting Guide has been increasing over the years.45%of the samples referred to other reporting sta

206、ndards,among whichThe adoption rate of the Global Reporting Initiative(“GRI”)standards reached 87%.37%of the samples declared use of TCFD framework.Among the top 9 reporting standards by adoption rates,4 are Chinas ESG standards.The selection of reporting standards by sampled companies reflects indu

207、stry characteristics,indicating the increasing sophistication of Chinas ESG disclosure system with industry-specific features.It is worth noting that some companies stated in their reports that they have used the methodologies of ESG rating agencies such as MSCI,proactively addressing investors conc

208、erns through ESG reporting.*GRI:Global Reporting Initiative*The sampled listed companies refer to several standards,therefore the adoption rate aggregates to over 100%PwCOverview:Organisation structureAn increasing number of Hong Kong listed companies have elevated the oversight of ESG matters to th

209、e Board-level,and have established ESG committees and ESG working groups according to their specific ESG risks.This progressive enhancement of ESG governance structures reflects the growing emphasis placed by Hong Kong listed companies on ESG matters when implementing ESG strategies and driving sust

210、ainable values.Data analysis and interpretationAccording to the study,51%of the samples have established ESG committees.89%of the samples have established ESG working groups.The board of directors of a listed company can establish an ESG governance structure suitable to its own business.The typical

211、ESG governance structure is as follows:ESGCommitteeESG WorkingGroupRisk CommitteeBoard of DirectorsGroup Management BoardSource:Making Inroads into Good Corporate Governance and ESG ManagementOrganisation structure79%30%85%45%89%51%Establish ESG working groupEstablish ESG committees2022202120203.1 O

212、verview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|34PwCOverview:Reporting assuranceThe information quality and credibility of ESG data and reports have received unprecedented attention.The Corporate Sustainability

213、Reporting Directive(CSRD)issued by EU requires in-scope companies to provide limited assurance on sustainability reports,HKEX encourages listed companies to obtain independent assurance on ESG reports,Global ESG reporting standards such as Sustainability Reporting Standards issued by GRI encourages

214、companies to obtain independent assurance and disclose the results in their ESG reports,and IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information issued by the ISSB requires companies to state the third-party assurance of ESG disclosure indicators.Listed compani

215、es should consider obtaining independent third-party assurance on ESG reports to enhance the credibility of ESG information disclosure.Data analysis and interpretationAccording to the study,21%of the sample reports were assured or verified by third party organisations,with the top five industries be

216、ing telecommunications,financial services,properties and construction,conglomerates,and energy,which61%of sampled reports selected the KPIs in the reports as the scope of assurance or verification,while others chose to assure or verify the entire report.53%of sampled reports appointed the Big 4 acco

217、unting firms as assurance institutions.Proportion of reports assured or verified21%20%16%16%11%5%4%2022202120202019201820172016Assurance and verification institutionsScope of assurance and verificationEntire reportKPIs61%53%47%OthersBig 43.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosu

218、re3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|35PwCOverview:Response to UN SDGsData analysis and interpretationMore and more ESG reports have referred to UN SDGs over the past years.Accordingto the study,41%of listed companies have responded to SDGs in their ESG repo

219、rts,among whicharound 39%have identified key SDGs and have set their targets and KPIs.An increasing number of Hong Kong listed companies are addressing the 17 UN SDGs in their ESG reports.They have identified key SDGs and set relevant targets and KPIs based on their business characteristics,and have

220、 integrated UN SDGs with their actual ESG practice to formulate,guide,communicate and report on their ESG strategies,targets and ESG activities.Proportion of ESG reports responding to UN SDGSSource:The United Nations41%36%29%22%14%202220212020201920183.1 Overview3.2 Mandatory Disclosure3.3 Environme

221、ntal Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|36PwCMandatory disclosure requirementsMandatory disclosure requirementsDisclosure ratio:The ratio of listed companies which disclosed certain topic to the total number of listed companies being surveyedYear-o

222、n-year growth:Year-on-year growth in number of listed companies which disclosed certain topic compared with last yearNo.ContentGovernance structure.1Disclosure of the boards oversight of ESG mattersGovernance structure.2The boards ESG management approach and strategy,including the processes used to

223、evaluate,prioritise and manage material ESG related matters(including risks to the issuers businesses)Governance structure.3How the board reviews the progress against ESG-related targets,with an explanation of how they relate to the issuers businessReporting principle.1Description or explanation of

224、the application of the reporting principles(materiality,quantitative,consistency)in preparation of ESG reportsReporting principle.2The process to identify and the criteria for the selection of material ESG factorsReporting principle.3Description of significant stakeholders identified and the process

225、 of the issuers stakeholder engagementReporting principle.4The results of the issuers stakeholder engagementReporting boundary.1Explanation of the reporting boundary of the ESG reportReporting boundary.2Description of the process used to identify which entities or businesses are incorporated in the

226、report3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|37Governance structure.1Governance structure.2Governance structure.3Reporting principle.1Reporting principle.2Reporting principle.3Reporting principle.4R

227、eporting boundary.1Reporting boundary.240%50%60%70%80%90%100%0%10%20%30%40%I:Well-disclosed55.6%of all mandatory disclosure issuesII:Moderately-disclosed44.4%of all mandatory disclosure issuesIII:Under-disclosed(None)PwCData analysis and interpretationThere is still room for improvement in the discl

228、osure of indicators related to governance structure.According to the study,97%of the samples have disclosed the boards oversight of ESG matters.80%of the samples have disclosed the boards ESG management approach and strategy.69%of the samples have disclosed the boards concern about ESG-related targe

229、ts.Classification of this issue in the maturity modelGovernance structure.1I:Well-disclosedIII:Under-disclosedII:Moderately-disclosedMandatory disclosure requirements:Governance structureThe board of a listed company has overall responsibility for the companys ESG management,strategy and reporting.T

230、he board needs to supervise the assessment of the companys environmental and social impacts,understand the potential impacts of ESG-related matters on the business model and associated risks,evaluate significant ESG-related matters,develop an ESG strategy that is conducive to the companys long-term

231、development,set ESG management targets with guiding significance,supervise the implementation of various ESG policies,and regularly review the progress towards the targets.Additionally,in accordance with the requirements of the consultation paper issued by HKEX,listed companies shall timely disclose

232、 how climate-related considerations are factored into remuneration policy,and further improve the internal management mechanisms to achieve sustainability objectives.Governance structure.2Governance structure.3Governance structure10%21%46%15%37%59%15%37%71%34%49%83%69%80%97%20222021202020192018Indus

233、try disclosureAs for the 3 governance structure related indicators,Top 3 industries with the highest level of disclosure:financial servicesenergy conglomeratesGovernance structure.3 How the board reviews the progress against ESG-related targets,with an explanation of how they relate to the issuers b

234、usinessGovernance structure.2 The boards ESG management approach and strategy,including the processes used to evaluate,prioritise and manage material ESG related issues(including risks to the issuers businesses)Governance structure.1 Disclosure of the boards oversight of ESG matters3.1 Overview3.2 M

235、andatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|38PwCMandatory disclosure requirements:Reporting boundaryListed companies should base their ESG reporting and decision-making on the principles of materiality,quantitative,bala

236、nce and consistency to ensure the relevance,reliability and timeliness of disclosure.Listed companies should conduct a materiality assessment to identify material issues,or adopt the CSRDs double materiality principle which considers both financial materiality and impact materiality in managing and

237、disclosing ESG matters.For the routine practice of ESG information collection and management,listed companies should adhere to the quantitative principle to make accurate statistics and records of ESG data,while complying with the consistency principle to maintain data continuity and comparability.6

238、2%76%36%25%74%83%41%43%84%90%60%52%88%95%75%76%91%95%76%78%Reporting principle.4 The result ofthe issuers stakeholderengagementReporting principle.3 Descriptionof significant stakeholdersidentified and the process of theissuers stakeholder engagementReporting principle.2 The processto identify and t

239、he criteria for theselection of material ESG factorsReporting principle.1 Descriptionor explanation of the applicationof the reporting principles(materiality,quantitative,consistency)in preparation ofESG reports20222021202020192018Data analysis and interpretationAccording to the study,78%of the samp

240、led companies have explained how the reporting principles are applied in ESG reports.76%of the sampled companies have disclosed the process to identify and the criteria for the selection of material ESG factors.95%of the sampled companies have disclosed the description of significant stakeholders id

241、entified and the process of the issuers stakeholder engagement.91%of the sampled companies have disclosed the results of the issuers stakeholder engagement.Classification of this issue in the maturity modelReporting principle.3 Reporting principle.4I:Well-disclosedIII:Under-disclosedII:Moderately-di

242、sclosedReporting principle.1Reporting principle.2Industry disclosureAs for the 4 reporting principles related indicators,Top 3 industries with the highest level of disclosure:consumer staplesutilitieshealthcare3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023

243、ESG Reporting Study for Hong Kong Listed Companies|39PwCMandatory disclosure requirements:Reporting boundaryListed companies should establish criteria for determining the scope of ESG reporting and clarify the reporting boundary.They should also decide which entities or operations are to be incorpor

244、ated in the ESG report and explain the rationale for reporting boundary based on their business characteristics,financial impact,risk level and the stakeholders concerns.The disclosure scope of the ESG report should include corporate organisations with material impacts and clear explanations should

245、be made therein in case there are different disclosure scopes and statistical standards for different ESG aspects.202120202019201899%91%99%87%94%64%94%38%87%20%Reporting boundary.2 Description of the process used to identify which entities or businesses are incorporated in the reportReporting bounda

246、ry.1 Explanation of the reporting boundary of the ESG report2022Data analysis and interpretationIn view of the reporting boundary with good disclosure,the study conducted in 2022 shows that,99%of the sampled companies have disclosed the reporting boundary of the ESG report.91%of the sampled companie

247、s have disclosed the process to identify which entities or businesses are incorporated in the report.Classification of this issue in the maturity modelReporting boundary.1Reporting boundary.2I:Well-disclosedIII:Under-disclosedII:Moderately-disclosed3.1 Overview3.2 Mandatory Disclosure3.3 Environment

248、al Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|40PwCMandatory disclosure requirements:Reflection on this sectionListed companies made relatively satisfactory disclosures with respect to the description of significant stakeholders identified,the process and

249、results of the issuers stakeholder engagement and the reporting boundary,with the disclosure ratio of each issue exceeding 90%.The disclosure ratios of issues,including the boards oversight of ESG matters,management approaches and strategies and how the board reviews the progress against ESG-related

250、 targets,have significantly increased compared to previous years,and there is still room for improvement.A small number of companies have disclosed the role of management in managing climate-related risks and opportunities.However,they have not disclosed in detail how the board oversees climate-rela

251、ted risk management,strategy,objectives and other matters.As for the moderately-disclosed issues(such as how the board reviews the progress against ESG-related targets,with an explanation of how they relate to the issuers business,description or explanation of the application of the reporting princi

252、ples in preparation of ESG reports,the process to identify and the criteria for the selection of material ESG factors),-Listed companies should refine the process and methods for reviewing ESG-related targets.This should cover aspects including the evaluation mechanism for the targets progress,the p

253、rocess for collecting and verifying indicator data,the retrospective checking mechanism of historical data,and the identification methodology of baseline for targets.-Management of listed companies should regularly prepare the latest updates and analysis on ESG progress for the board to discuss,incl

254、uding the assessment of progress against the targets,and industry benchmarking of the targets.-Listed companies should provide the review results of their ESG-related targets,especially those set on different time frames.For well-progressed targets,further information should be provided to assess th

255、e continuity of the positive trend in the future.For targets that have not been progressing as expected,listed companies should disclose the reasons,as well as the boards assessment and discussion of measures taken or any adjustment made to achieve the targets.-Listed companies should emphasize the

256、importance of boards focus on climate matters and encourage management and relevant personnel to incorporate climate-related factors into risk management and business strategic planning.Additionally,listed companies should disclose the boards oversight of climate-related risk management,strategies,t

257、argets,etc.This should include how climate-related considerations are factored into remuneration policy,so as to further strengthen the data foundation and management framework for climate information disclosure.The analysis of the sampled ESG reports for 2022 indicates that:As for the issues classi

258、fied as II moderately-disclosed,we put forward the following recommendations:3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|41PwCManagement and disclosure of environmental informationNo.ContentA1Emission po

259、licies and regulationsA1.1The types of emissions and respective emissions dataA1.2Greenhouse gas emissions and intensityA1.3Total hazardous waste produced and intensityA1.4Total non-hazardous waste produced and intensityA1.5Emission targetsA1.6Waste reduction targetsA2Policies on the efficient use o

260、f resourcesA2.1Energy consumption in total and intensityA2.2Water consumption in total and intensityA2.3Energy use efficiency targetsA2.4Water efficiency targetsA2.5Total packaging material used for finished products and intensityA3Policies on environment and natural resourcesA3.1Description of the

261、significant impacts of activities on the environment and natural resources and the actions taken to manage themA4Climate change policyA4.1Description of the significant climate-related issues which have impacted,and those which may impact,the issuer,and the actions taken to manage themIssues of envi

262、ronmental informationDisclosure ratio:The ratio of listed companies which disclosed certain topic to the total number of listed companies being surveyedYear-on-year growth:Year-on-year growth in number of listed companies which disclosed certain topic compared with last year3.1 Overview3.2 Mandatory

263、 Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|42I:Well-disclosed70.6%of all environmental issuesII:Moderately-disclosed29.4%of all environmental issuesIII:Under-disclosed(None)PwCA1:EmissionsManagement and disclosure of environmen

264、tal informationData analysis and interpretationAccording to the study,90%of the sampled companies have disclosed A1.1 the types of emissions and respective emissions data.99%*of the sampled companies have disclosed A1.2 greenhouse gas data,of which 25%of the sampled issuers have disclosed the data o

265、f Scope 3 on the basis of Scope 1 and Scope 2,involving outsourced goods and services,business travel,and waste generated from operations,with most of the disclosed items concentrated in the upstream of the value chain.93%and 60%of the sampled companies have disclosed A1.3 hazardous waste data and t

266、he data of hazardous waste intensity,respectively.95%and 71%of the sampled companies have disclosed A1.4 non-hazardous waste data and the data of non-hazardous waste intensity,respectively.93%of the sampled companies have disclosed A1 the policies relating to air and greenhouse gas emissions,dischar

267、ges into water and land,and generation of hazardous and non-hazardous waste,as well as relevant laws and regulations that have significant impacts on the issuer.A193%disclosedAs for indicators related to A1 emissions,Top 3 industries with the highest level of disclosure:Disclosure of KPIs86%87%90%90

268、%2019202020212022A1.1 The types of emissions and respective emissions dataA1.3 Total hazardous waste produced(in tonnes)and,where appropriate,intensity(e.g.per unit of production volume,per facility)A1.2 Direct(Scope 1)and energy indirect(Scope 2)greenhouse gas emissions(in tonnes)and,where appropri

269、ate,intensity(e.g.per unit of production volume,per facility)*A1.4 Total non-hazardous waste produced(in tonnes)and,where appropriate,intensity(e.g.per unit of production volume,per facility)88%88%92%93%201920202021202296%98%99%99%201920202021202290%89%94%95%2019202020212022Industry disclosure*For K

270、PI A1.2,the data includes sampled companies that only disclose total greenhouse gas emissions and do not distinguish between direct and indirect emissionsautomotiveIT equipmentindustrial transportationClassification of this issue in the maturity modelA1 A1.1A1.2 A1.3 A1.4I:Well-disclosedIII:Under-di

271、sclosedII:Moderately-disclosed3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|43PwCA2:Use of resourcesManagement and disclosure of environmental informationData analysis and interpretationAccording to the st

272、udy,99%and 86%of the sampled companies have disclosed A2.1 energy consumption data and energy consumption intensity,respectively.98%and 88%of the sampled companies have disclosed A2.2 water consumption data and water consumption intensity,respectively.96%*of the sampled companies have disclosed A2.5

273、 packaging material data.88%of the sampled companies have disclosed policies relating to A2 the efficient use of resources,including energy,water and other raw materials.A288%disclosedDisclosure of KPIs97%95%99%99%2019202020212022A2.1 Direct and/or indirect energy consumption by type(e.g.electricity

274、,gas or oil)in total(kWh in 000s)and intensity(e.g.per unit of production volume,per facility)A2.2 Water consumption in total and intensity(e.g.per unit of production volume,per facility)A2.5 Total packaging material used for finished products(in tonnes)and,if applicable,with reference to per unit p

275、roduced*96%97%97%98%201920202021202277%84%94%96%2019202020212022As for indicators related to A2 use of resources,Top 3 industries with the highest level of disclosure:Industry disclosureconstructionindustrial transportationproperties*For KPI A2.5,the data in FY2022 excludes samples from industries w

276、here these KPIs do not apply and the data of previous years is not altered retrospectivelyClassification of this issue in the maturity modelA2 A2.1A2.2 A2.5I:Well-disclosedIII:Under-disclosedII:Moderately-disclosed3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2

277、023 ESG Reporting Study for Hong Kong Listed Companies|44PwCA3:The environment and natural resourcesManagement and disclosure of environmental informationData analysis and interpretationAccording to the study,93%of the sampled companies have disclosed A3.1 the significant impacts of business activit

278、ies on the environment and natural resources and the actions taken to manage them.86%of the sampled companies have disclosed policies relating to A3 minimising the significant impacts the issuer has on the environment and natural resources.A386%disclosedDisclosure of KPIs83%85%93%93%2019202020212022

279、A3.1 Description of the significant impacts of business activities on the environment and natural resources and the actions taken to manage themAs for indicators related to A3 the environment and natural resources,Top 3 industries with the highest level of disclosure:Industry disclosurehousehold app

280、liances and suppliesutilitiespropertiesClassification of this issue in the maturity modelA3A3.1I:Well-disclosedIII:Under-disclosedII:Moderately-disclosed3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|45PwCA

281、4:Climate changeManagement and disclosure of environmental information79%of the sampled companies have disclosed policies relating to A4 identification and mitigation of significant climate-related issues which have impacted or may impact the issuer.A479%disclosedDisclosure of KPIsZAs for indicators

282、 related to A4 climate change,Top 3 industries with the highest level of disclosure:Industry disclosure26%54%86%86%2019202020212022A4.1 Description of the significant climate-related issues which have impacted ormay impact the issuer,and the actions taken to manage themtextiles and apparelData analy

283、sis and interpretationAccording to the study,86%of the sampled companies have disclosed A4.1 significant climate-related issues and the actions taken to manage them,and the level of disclosure has been significantly improved.Some companies have begun to disclose climate change-related information in

284、 accordance with the Task Force on Climate-Related Financial Disclosure(TCFD)framework.-The average disclosure ratios of governance,strategy,risk management and metrics and targets are 51%,28%,52%and 61%,respectively.properties telecommunicationsClassification of this issue in the maturity modelA4.1

285、I:Well-disclosedIII:Under-disclosedII:Moderately-disclosedA43.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|46PwCEnvironmental targetsManagement and disclosure of environmental informationIn 2019,the New Rul

286、es revised the disclosure provisions of four KPIs,i.e.,A1.5,A1.6,A2.3 and A2.4,requiring listed companies to formulate and disclose targets for emissions,waste reduction,energy consumption and water efficiency.Environmental targetsDisclosure of KPIsAs for quantitative environmental targets,Top 3 ind

287、ustries with the highest level of disclosure:Industry disclosureautomotivehousehold appliances and suppliestextiles and apparelData analysis and interpretationAccording to the study,79%,35%and 44%of the sampled companies have disclosed A1.5 emission targets,qualitative targets and quantitative targe

288、ts,respectively.62%,30%and 32%of the sampled companies have disclosed A1.6 waste reduction targets,qualitative targets and quantitative targets,respectively.71%,30%and 41%of the sampled companies have disclosed A2.3 energy use targets,qualitative targets and quantitative targets,respectively.61%,26%

289、and 35%of the sampled companies have disclosed A2.4 water-saving targets,qualitative targets and quantitative targets,respectively.16%6%28%26%6%12%32%35%201920202021202223%12%33%30%8%15%37%41%201920202021202223%16%32%35%8%14%44%44%2019202020212022A2.3 Energy use targets21%12%33%30%5%8%28%32%20192020

290、20212022Quantitative targetsQualitative targetsA1.5 Emission targetsA1.6 Waste reduction targetsA2.4 Water-saving targetsClassification of this issue in the maturity modelI:Well-disclosedIII:Under-disclosedII:Moderately-disclosedA1.5 A1.6A2.3 A2.43.1 Overview3.2 Mandatory Disclosure3.3 Environmental

291、 Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|47PwCReflection on this sectionListed companies made relatively satisfactory disclosures with respect to A1 emissions,A2 use of resources and A3 the environment and natural resources,with the disclosure ratio of

292、each issue reaching 85%.Over 2/3 of listed companies have disclosed environmental targets,with a slight increase in the disclosure ratio of quantitative environmental targets,and there is still room for improvement.25%of listed companies have disclosed greenhouse gas Scope 3 emissions data in their

293、ESG reports,with disclosures mainly focusing on the upstream value chain.Some listed companies have disclosed climate change information in their ESG reports,the disclosure extent of governance,strategy,risk management,metrics and targets varies.As for the environmental targets such as A1.5,A1.6,A2.

294、3,A2.4 emissions and energy consumption,-Listed companies should continue to enhance the accuracy,completeness and consistency of the disclosure of environmental performance indicators,increase the disclosure ratio of quantitative targets in a planned and orderly manner,and regularly review the prog

295、ress against environmental targets.As for A4 policies for addressing climate change,-Listed companies should start preparing for the relevant requirements of HKEX for climate information disclosure*,develop the capacity for disclosing climate-related information as soon as possible.-Listed companies

296、 should accelerate the establishment of greenhouse gas emissions data(Scope 1,Scope 2 and Scope 3)management systems,organise and enhance the disclosure of Scope 3 downstream value chain emission data,and effectively address climate-related quantitative indicators and target disclosure requirements.

297、-Listed companies should further enhance their abilities to analyse climate resilience,including climate scenario analysis,effectively identify factors that influence climate-related risks,and improve the level of climate-related risk management.The analysis of the sampled ESG reports for 2022 indic

298、ates that:We put forward the following suggestions in regard to II moderately-disclosed issues of environmental information:*Enhancement of Climate-related Disclosure Under Environmental,Social and Governance Framework,HKEX3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Di

299、sclosure2023 ESG Reporting Study for Hong Kong Listed Companies|48PwCManagement and disclosure of social informationNo.ContentNo.ContentB1Employment policies and laws and regulationsB5.3Description of practices used to identify environmental and social risks along the supply chain,and how they are i

300、mplemented and monitoredB1.1Total workforceB5.4Practices used to promote environmentally preferable products and services when selecting suppliers,and how they are implemented and monitoredB1.2Employee turnover rateB6Product responsibility policies and regulationsB2Health and safety policies and reg

301、ulationsB6.1Percentage of recall for safety and health reasonsB2.1Work-related fatalitiesB6.2Number of products and services related complaints and how they were handledB2.2Lost days due to work injuryB6.3Practices to protect intellectual property rightsB2.3Occupational health and safety measures,im

302、plementation and monitoringB6.4Quality assurance and recall proceduresB3Development and training policyB6.5Consumer data protection and privacy policies,and their implementation and monitoringB3.1Percentage of employees trainedB7Anti-corruption policies and regulationsB3.2Average training hours comp

303、leted per employeeB7.1Number and outcome of legal cases for corrupt practicesB4Labour standards policies and regulationsB7.2Preventive measures and whistle blowing procedures,and their implementation and monitoringB4.1Measures to avoid child and forced labourB7.3Anti-corruption trainingB4.2Steps tak

304、en to eliminate violations of labour standardsB8Community investment policyB5Supply chain management policyB8.1Focus contribution areasB5.1Number of suppliers by geographical regionB8.2Resources contributed to the focus areaB5.2Supplier engagement practices,number of suppliers for which the practice

305、s are implemented,and their implementation a monitoring methodsIssues of social informationDisclosure ratio:The ratio of listed companies which disclosed certain topic to the total number of listed companies being surveyedYear-on-year growth:Year-on-year growth in number of listed companies which di

306、sclosed certain topic compared with last year3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|49I:Well-disclosed90.3%of all social issuesII:Moderately-disclosed9.7%of all social issuesIII:Under-disclosed(None

307、)PwCB1:EmploymentManagement and disclosure of social informationData analysis and interpretationAccording to the study,99%of the sampled companies have disclosed B1.1 total workforce by gender,employment type,age group and geographical region.90%of the sampled companies have disclosed B1.2 employee

308、turnover rate by gender,age group and geographical region.97%of the sampled companies have disclosed the information on their policies regarding providing a safe working environment and protecting employees from occupational hazards,and their compliance with relevant laws and regulations that have a

309、 significant impact on the issuer.B197%disclosedIndustry disclosureAs for KPI B1 employment,Top 3 industries with the highest level of disclosure:Disclosure of KPIs83%94%99%2019202020212022B2.1 Number and rate of work-related fatalities occurred in each of the past three years including the reportin

310、g year44%64%89%90%2019202020212022B1.2 Employee turnover rate by gender,age group and geographical region99%industrial transportationhousehold appliances and suppliessoftware servicesClassification of this issue in the maturity modelI:Well-disclosedIII:Under-disclosedII:Moderately-disclosedB1 B1.1 B

311、1.23.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|50PwCB2:Health and safetyManagement and disclosure of social informationData analysis and interpretationAccording to the study,94%of the sampled companies h

312、ave disclosed B2.1 number and rate of work-related fatalities occurred in each of the past three years.93%of the sampled companies have disclosed B2.2 lost days due to work Injury.99%of the sampled companies have disclosed B2.3 description of occupational health and safety measures adopted,and how t

313、hey are implemented and monitored.97%of the sampled companies have disclosed the information on their policies regarding providing a safe working environment and protecting employees from occupational hazards,and their compliance with relevant laws and regulations that have a significant impact on t

314、he issuer.B197%disclosedDisclosure of KPIs59%75%86%94%2019202020212022B2.1 Number and rate of work-related fatalities occurred in each of the past three years including the reporting year47%66%91%93%2019202020212022B2.2 Lost days due to work injury96%99%99%99%2019202020212022B2.3 Description of occu

315、pational health and safety measures adopted,and how they are implemented and monitoredClassification of this issue in the maturity modelI:Well-disclosedIII:Under-disclosedII:Moderately-disclosedB2 B2.1B2.2 B2.33.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023

316、ESG Reporting Study for Hong Kong Listed Companies|51Industry disclosureAs for KPI B2 health and safety,Top 3 industries with the highest level of disclosure:industrial transportationindustrial supportautomotivePwCB3:Development and trainingManagement and disclosure of social informationData analysi

317、s and interpretationAccording to the study,the disclosure ratio of the KPI related to development and training has witnessed a significant increase,94%of the sample companies have disclosed B3.1 the percentage of employees trained by gender and employment category.93%of the sample companies have dis

318、closed B3.2 the average training hours completed per employee by gender and employee category.96%of sampled companies have disclosed their policies on improving employees knowledge and skills for discharging duties at work.B396%disclosedIndustry disclosureAs for KPI B3 development and training,Top 3

319、 industries with the highest level of disclosure:Disclosure of KPIsindustrial support43%69%92%94%2019202020212022B3.1 The percentage of employees trained by gender and employee category54%69%91%93%2019202020212022B3.2 The average training hours completed per employee by gender and employee categoryt

320、extiles and apparelproperties3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|52Classification of this issue in the maturity modelI:Well-disclosedIII:Under-disclosedII:Moderately-disclosedB3 B3.1 B3.2PwC73%82

321、%84%90%2019202020212022B4.1 Description of measures to review employment practices to avoid child and forced labour32%31%53%60%2019202020212022B4.2 Description of steps taken to eliminate such practices when discoveredB4:Labour standardsManagement and disclosure of social informationData analysis an

322、d interpretationAccording to the study,90%of the sampled companies have disclosed B4.1 description of measures to review employment practices to avoid child and forced labour.60%of the sampled companies have disclosed B4.2 description of steps taken to eliminate such practices when discovered.94%of

323、the sample companies have disclosed the information on their policies regarding preventing child and forced labour,and their compliance with relevant laws and regulations that have a significant impact on the issuer.B494%disclosedIndustry disclosureAs for KPI B4 Labour standards,Top 3 industries wit

324、h the highest level of disclosure:Disclosure of KPIsautomotiveIT equipmentindustrial engineering3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|53Classification of this issue in the maturity modelI:Well-disc

325、losedIII:Under-disclosedII:Moderately-disclosedB4 B4.1B4.2PwCB5:Supply chain managementManagement and disclosure of social informationData analysis and interpretationAccording to the study,91%of the sampled companies have disclosed B5.1 number of suppliers by geographical region.96%of the sampled co

326、mpanies have disclosed B5.2 description of practices relating to engaging suppliers,number of suppliers where the practices are being implemented,and how they are implemented and monitored.79%of the sampled companies have disclosed B5.3 description of practices used to identify environmental and soc

327、ial risks along the supply chain,and how they are implemented and monitored.76%of the sampled companies have disclosed B5.4 description of practices used to promote environmentally preferable products and services when selecting suppliers,and how they are implemented and monitored.92%of the sampled

328、companies have disclosed their policies on managing environmental and social risks of the supply chain.B592%disclosedIndustry disclosureAs for KPI B5 supply chain management,Top 3 industries with the highest level of disclosure:Disclosure of KPIsIT equipment90%93%95%96%2019202020212022B5.2 Descripti

329、on of practices relating to engaging suppliers,number of suppliers where the practices are being implemented,how they are implemented and monitored34%55%73%76%2019202020212022B5.4 Description of practices used to promote environmentally preferable products and services when selecting suppliers,and h

330、ow they are implemented and monitored40%66%88%91%2019202020212022B5.1 Number of suppliers by geographical region49%62%72%79%2019202020212022B5.3 Description of practices used to identify environmental and social risks along the supply chain,and how they are implemented and monitoredtextiles and appa

331、relpharmaceuticals and biotechnology3.1 Overview3.2 Mandatory Disclosure3.3 Environmental Disclosure3.4 Social Disclosure2023 ESG Reporting Study for Hong Kong Listed Companies|54Classification of this issue in the maturity modelI:Well-disclosedIII:Under-disclosedII:Moderately-disclosedB5 B5.1 B5.2B

332、5.3 B5.4PwCB6:Product responsibilityManagement and disclosure of social informationData analysis and interpretationAccording to the study,88%*of the sample companies have disclosed B6.1 percentage of total products sold or shipped subject to recalls for safety and health reasons.This KPI is not appl

333、icable to certain listed companies with different business characteristics.90%of the sample companies have disclosed B6.2 number of products and service related complaints received and how they are dealt with.92%of the sample companies have disclosed B6.3 description of practices relating to observing and protecting Intellectual property rights.98%*of the sample companies have disclosed B6.4 descr