ENVIRONMENTAL & SOCIAL ACTION PLAN (updated)

Assessment and Management of Environmental and Social Impacts and Issues
Submit an environmental and social report to the EBRD on the environmental and social performance of the Project and the status of the implementation of this ESAP. Extend (and maintain for existing operations), and where necessary update and revise, the existing environmental and health and safety management system and associated procedures and provisions to the Project, including its construction, commissioning, operation and decommissioning.  Appropriate management of environmental and social issues through implementation of a formal management system. Develop the existing framework environmental and social management and monitoring plans in the Project ESIA into fully detailed plans and integrate them into the EHS management system. Management and monitoring of environmental and social issues through implementation of appropriate management and monitoring plans.

NEW REGULATION IS COMING: EXCHANGE SEEKS VIEWS ON STRENGTHENING ESG RULES AND PUBLISHES GUIDANCE MATERIALS ON ESG AND GENDER DIVERSITY

NEW REGULATION IS COMING: EXCHANGE SEEKS VIEWS ON STRENGTHENING ESG RULES AND PUBLISHES GUIDANCE MATERIALS ON ESG AND GENDER DIVERSITY

The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) announces the publication of:

• Consultation Paper “Review of the Environmental, Social and Governance Reporting Guide and related Listing Rules” (ESG Consultation)
     
• ESG guidance materials (including e-training and Frequently Asked Questions Series 17 and 18); and
  
• Updated Guidance Letter HKEX-GL86-16 (i) setting out our expected disclosure on ESG matters and (ii) requiring disclosures on gender diversity in the listing documents of new applicants.

ESG Consultation

The key focus of the Exchange’s latest ESG Consultation is to support and improve issuers’ governance and disclosure of ESG activities and metrics.

“Our proposals emphasise the board’s leadership role and accountability in ESG and the governance structure for ESG matters. The consultation also seeks to highlight that materiality in respect of ESG is key to meaningful and concise reporting. Our proposal to require disclosure on climate-related issues echoes the increasing international focus on climate change and its impact on businesses,” said David Graham, HKEX’s Head of Listing.  

This consultation reflects the Exchange’s commitment to enhance ESG reporting and disclosure by listed companies, and builds upon its ongoing ESG-related efforts since the launch of the ESG Reporting Guide in 2013.

Key proposals:

• Introducing mandatory disclosure requirements in the ESG Reporting Guide to include:
  • a board statement setting out the board’s consideration of ESG issues; and
  • applications of relevant reporting principles and boundaries in the ESG report;
       
• Requiring disclosure of significant climate-related issues which have impacted and may impact the issuer;
  
• Amending the “Environmental” key performance indicators (KPIs) to require disclosure of relevant targets;
    
• Upgrading the disclosure obligation of “Social” KPIs to “comply or explain”; and
   
• Shortening the deadline for publication of ESG reports to align with the publication timeframe of the annual report (ie within four months (Main Board issuers) or three months (GEM issuers) after the year-end date).

The deadline for responding to the ESG Consultation is 19 July 2019.

Interested parties are encouraged to respond to the ESG Consultation by completing and submitting the questionnaire.

ESG Guidance Materials

E-training: To reinforce the focus of the ESG Consultation, the Exchange has launched an e-training course, “ESG Governance and Reporting”, which explains the board’s leadership role in ESG matters and covers the following six topics:

• What is ESG, and why is it important
    
• Board’s role in ESG governance
    
• Why report on ESG
    
• Essential elements in an ESG report 
• Details on ESG reporting 
• ESG disclosure by IPO applicants

The e-training takes approximately 45 minutes to complete.

More Information from HKEX

Reading: Why The Circular Economy Will Not Fix Fashion's Sustainability Problem

Why The Circular Economy Will Not Fix Fashion's Sustainability Problem

Source: https://www.forbes.com/sites/gulnazkhusainova/2019/06/12/why-the-circular-economy-will-not-fix-fashions-sustainability-problem/#5f4bff4d4d05

Fashion has a sustainability problem. In 2015 the industry was responsible for the emission of 1,715 million tons of CO2. It’s about 5.4% of the 32.1 billion tons of global carbon emissions and just second after the oil and gas industry. Global apparel and footwear consumption are expected to nearly double in the next 15 years–and so its negative impact on the environment.

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