Source: Media Outreach
HONG KONG SAR – Media OutReach Newswire – 28 May 2024 – On May 23, TÜV Rheinland Hong Kong, an international independent third-party testing, inspection, and certification organization, successfully held the business forum “Eco-Innovate 2024: From ESG Regulations to Circular Economy Solutions.” Supported by the Hong Kong People Management Association, the forum brought together nearly 80 business leaders and sustainability professionals to explore the challenges and opportunities in environment, social, and governance (ESG) principles and sustainable economic practices.
Impact of International Voluntary Certification for Recycled Materials on Supply Chain Management
In today’s global market, companies are increasingly prioritizing sustainability, with the use of recycled materials becoming a crucial element in supply chain management. Jimi Wang, Global Scheme Manager for Customized Services at TÜV Rheinland Greater China, provided an in-depth overview of the Global Recycle Standard (GRS). “The scope of products applicable to GRS is continually expanding, making now the best time for companies to focus on these environmental standards,” said Jimi Wang. GRS is an international certification standard aimed at promoting recycling and circular use in the consumer products and manufacturing industry. It provides a framework to ensure that products and production processes meet specific environmental and social standards. Jimi Wang emphasized the importance of GRS in several areas: encouraging the use of recycled materials, reducing dependence on new resources, promoting the development of the circular economy, decreasing overall environmental impact through reduced pollution and energy consumption, ensuring fairness and sustainability in production processes, and helping consumers identify products that meet recycling standards, thereby enhancing product credibility.
Addressing the Challenges of HKEX Climate Disclosure and EU Corporate Sustainability Reporting Directive
To align with global best practices and meet the increasing demand for transparency on sustainability and climate-related issues, the Hong Kong Exchanges and Clearing Limited (HKEX) will implement new climate disclosure requirements in 2025. These requirements aim to provide investors and other stakeholders with better insights into companies’ climate risks, strategies, and performance through detailed climate disclosures. Ryan Foo, Senior Technical Manager for Customized Services at TÜV Rheinland Greater China explained HKEX’s latest climate disclosure requirements and response strategies. These requirements are based on the ISSB IFRS S2, and also incorporates the core principles and other provisions of the ISSB S1 General Requirements for Disclosure of Sustainability-related Financial Information, focusing on governance, strategy, risk management, and climate-related metrics and targets. Key requirements include disclosing how the board oversees and manages climate-related risks and opportunities, describing the actual and potential impacts of climate-related risks and opportunities on business, strategy, and financial planning, outlining processes for identifying, assessing, and managing climate-related risks, and providing detailed information on climate-related metrics and targets, including Scope 1, 2, and relevant Scope 3 greenhouse gas emissions.
The Corporate Sustainability Reporting Directive (CSRD) is an EU directive aimed at enhancing and standardizing sustainability reporting across the EU. Ryan Foo highlighted that this directive significantly expands the scope and requirements of corporate sustainability information disclosure based on the existing Non-Financial Reporting Directive (NFRD). It is expected to cover over 50,000 companies, including many that will be required to report their full carbon emissions for the first time. CSRD requires companies to disclose extensive data related to environment, social, and governance (ESG) practices and conduct double materiality assessments to ensure that key issues are reported from both financial and impact perspectives. Ryan Foo suggested practical steps for companies to meet these disclosure requirements, including evaluation of existing ESG management, which can improve ESG management and provide clear direction through gap analysis and peer benchmarking, enhancing ESG governance frameworks, collaborating with internal stakeholders to create actionable ESG roadmaps, strengthening board and management oversight of ESG matters, identifying overall ESG risks and opportunities, establishing internal control processes for non-financial information, planning for the inclusion of Scope 3 greenhouse gas emissions, and developing disclosure plans, schedules, and timelines, implementing or upgrading systems to accurately and efficiently collect and manage ESG data, promote ESG information management, standardize data collection and assurance processes, and prepare for ESG assurance that meets CSRD requirements.
Collaborating with the Industry to Build Ethical and Sustainable Supply Chains
Sustainability impacts every company and individual. TÜV Rheinland Hong Kong invited several business partners and clients to share their sustainability journeys at the forum. Anita Lo, General Manager of Ethical Supply Chain Program (ESCP), shared practical strategies and real-life cases for building ethical and sustainable supply chains, emphasizing the significant impact of ethical practices on corporate reputation and operational efficiency. Steven Ma, Sustainability Project Specialist at Kingfa Sci. & Tech. Co., Ltd., discussed how high-quality recycled materials are leading a new era in the toy industry, sharing advances in material technology and the growing market demand for sustainable products. Roger Chan, Chief Operating Officer and Chief Technology Officer of Cobalt Fashion (Hong Kong) Limited, showcased the impact of digital technology and innovative sustainable materials in reducing carbon emissions and resource consumption. His presentation highlighted cutting-edge solutions driving more sustainable development in the fashion industry.
The “Eco-Innovate 2024” forum underscored the importance of integrating ESG principles with circular economy solutions. The event successfully facilitated knowledge sharing and exchanges among industry leaders, paving the way for future cooperation and innovation. As a global leader in sustainable services, TÜV Rheinland is committed to supporting companies on their journey towards sustainability and environmental management.
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