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Text Content

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None can dispute the physical and socioeconomic impacts of climate change across
the world. Scientists continue to warn countries against the irreplaceable
consequences of greenhouse gases or GHG gases crossing the threshold.



 1. Home
 2. Blogs
 3. APAC and ESG Regulations: Ushering sustainability one country at a time




APAC AND ESG REGULATIONSUSHERING SUSTAINABILITY ONE COUNTRY AT A TIME




None can dispute the physical and socioeconomic impacts of climate change across
the world. Scientists continue to warn countries against the irreplaceable
consequences of greenhouse gases or GHG gases crossing the threshold.

Nations and businesses today, continue to deploy climate change technologies to
accelerate net-zero initiatives. However, the process of decarbonization is
moving forward at a snail’s pace as different countries have differing views
about when and how they can reduce their fossil fuel consumption.

While sustainability is not in favor across the USA, the Asia-Pacific or APAC
regions are showcasing promising growth. From a business standpoint as well, the
McKinsey report suggests that more than 15 countries and 670 enterprises have
set or committed to set emission-reduction targets.

These claims will generate opportunities in the green technology sector.
According to another McKinsey report, green technology is expected to reach
between $4 trillion and $5 trillion by 2030.

These numbers promise brighter and more sustainable opportunities across the
APAC region and several countries too, are taking strides to reach their
net-zero goals. In the next section, we shall see the major APAC players and
their sustainable initiatives.


APAC REGIONS AND ESG REGULATIONS: WHAT’S NEW


 * China
   Bloomberg news has reported that China’s biggest companies and
   government-backed think tanks have set a standard with over 100 variables for
   Chinese enterprises to report on ESG metrics. This standard aligns with the
   global benchmark of draft rules issued by the International Sustainability
   Standards Board (ISSB). The Chinese government expects that such initiatives
   would help them progress in their net-zero journey and meet a net-zero target
   by 2060.
 * Hong Kong
   In November 2021, Hong Kong Exchanges and Clearing Limited (HKEX) published
   guidance to listed issuers on climate disclosures. Following the guidelines
   of the Taskforce on Climate-related Financial Disclosures (TCFD), the
   guidance on Climate Disclosures will enable enterprises to assess and
   disclose their response to ESG risks arising from climate change. All
   businesses listed under HKEX shall be subject to this regulation, whether
   through mandatory disclosures or “comply or explain” provisions.
 * Singapore
   In Singapore, the SGX Sustainability Reporting Guide, which is based on the
   Global Reporting Initiative (GRI) Standards, is often used as a framework for
   companies to report on their ESG performance. Singapore Exchange (SGX)
   provides guidance on sustainability reporting for the companies listed in
   SGX. SGX also launched the SGX Sustainability Leaders index in 2020, which is
   based on a comprehensive set of ESG criteria, to recognize and encourage
   companies to improve their ESG performance.
 * India
   The top 1000 listed companies in India have been notified by the Securities
   and Exchange Board of India in 2021 to prepare Business Responsibility and
   Sustainability Reports (BRSR). This format helps give due importance to
   financial reporting and sustainability reporting.
 * Japan
   Japan’s Corporate Governance Code highly encourages enterprises listed on the
   Tokyo Stock Exchange to produce sustainability reports to disclose
   opportunities and risks related to climate change. To further strengthen ESG
   parameters, Japan’s Financial Services Agency is also working on a proposal
   for mandatory climate risk disclosure and updated disclosure guidelines. This
   new rule is expected to be more enforceable and extensive than the current
   approach.
 * Thailand
   The Stock Exchange of Thailand (SET) has implemented an ESG disclosure and
   reporting framework for listed companies that include reporting guidelines on
   a multitude of ESG parameters. Furthermore, the SET has actively been
   involved and introduced an ESG index and an ESG disclosure rating system to
   encourage companies to improve their ESG performance. They have also
   introduced Sustainability Disclosure Guidelines – which helps them promote
   the ESG-related disclosure of the listed companies. For enterprises choosing
   to report their ESG performance, the SET allows using the Global Reporting
   Initiative (GRI) or the Sustainability Accounting Standards Board (SASB)
   frameworks.
 * Indonesia
   While a legal or government-led framework is absent, some organizations such
   as Indonesian Sustainable Finance Forum (ISFF), and initiatives have been
   created to promote ESG practices and reporting in the country. Speaking of
   ISFF, they plan to promote sustainable finance and responsible investment in
   the country. To do so, they devised guidelines for businesses and established
   the Indonesian Sustainable Finance Index (ISFI) to recognize companies that
   have demonstrated strong ESG performance. The Indonesia Stock Exchange (IDX)
   also launched the IDX Sustainability Index (IDXSI) in 2020, which is designed
   to recognize publicly listed companies that demonstrate strong ESG
   performance and to encourage companies to improve their ESG performance.

Based on these trends, we notice that most of the APAC nations are taking strong
strides toward achieving their net-zero commitments. However, it is crucial to
note that these regulations and requirements also bring forth challenges. In the
next section, let us look at some of the emerging challenges in the APAC region.


ADDRESSING CHALLENGES IN THE APAC REGION



While the APAC region has seen significant increase in implementing ESG
strategies, one of the key challenges is the prevalence of a multitude of ESG
regulations. This means that different countries will be focusing on different
regulations, which poses a serious challenge for enterprises with a global
presence. It means that they must remake their sustainability report as per
different regulations, costing time and effort.

Additionally, several countries continue to choose fossil fuels and push back
their net-zero goal. This seem to indicate that sustainability has been a façade
used for greenwashing. Only with time can a concrete plan be formulated that is
congruent across the APAC region giving shape to a net-zero world.




OTHER RESOURCES



SUSTAINABILITY AND ESG REPORTING IN INDIA



Corporate sustainability practices in India have evolved significantly over the
last decade. Businesses are re-thinking long held sustainability practices
keeping in view changing consumer expectations and to get ahead of competition.

Read more

SUSTAINABILITY FRAMEWORKS 101



As nations, organizations, and individuals experience the effects of
unsustainable operations first-hand; every global economic, social, governance
and environmental entity are expected to act responsibly.

Read more

SUSTAINABILITY AND ESG REPORTING IN INDIA



Corporate sustainability practices in India have evolved significantly over the
last decade. Businesses are re-thinking long held sustainability practices
keeping in view changing consumer expectations and to get ahead of competition.

Read more

SUSTAINABILITY FRAMEWORKS 101



As nations, organizations, and individuals experience the effects of
unsustainable operations first-hand; every global economic, social, governance
and environmental entity are expected to act responsibly.

Read more
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--------------------------------------------------------------------------------

SOLUTIONS



Procurement
E-sourcing

Trading and risk
CTRM / ETRM

Supply chain
Stockyard management
Warehouse management

Sustainability
Sustainability reporting

Treasury
Treasury management
Risk and compliance
Reconciliation

--------------------------------------------------------------------------------

Industries
Agriculture
Energy
Manufacturing
Metals and mining

PLATFORM



Platform
Analytics
Integration
Security

--------------------------------------------------------------------------------

App store

COMPANY



About Eka
Why Eka
Awards
Board of directors
Careers
Partners

CUSTOMER SUCCESS



Customers
Implementation success
Support
Training

RESOURCES



All resources
App sheets
Blogs
Brochures
Case studies
E-books
Events
News
Webinars
Whitepapers

CONSIDERING EKA?



Get started, contact us on: info@eka1.com

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