Initiated by the World Green Organisation (WGO), with PricewaterhouseCoopers Hong Kong (PwC) and Arup as technical advisors, the Asian Corporate Coalition for Climate Change Resilience (A4CR) was launched today to support businesses in tackling climate change and build a first-of-its-kind climate-resilient business community in Asia. Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and Director and Head of Policy Research, Financial Services Development Council, Dr Rocky Tung, officiated the online launching ceremony.
Ms Amy Cai, ESG Managing Partner, PwC China
(from left) Dr Bruce Chong, Director of Climate and Sustainability at Arup, Dr William Yu, Founder and Chief Executive Officer of World Green Organisation, Dr Rocky Tung, Director and Head of Policy Research, Financial Services Development Council, Dr Vincent Cheng, Arup Fellow and Director of Climate and Sustainability Services in East Asia, and Mr Cyrus Cheung, Partner, ESG Services – ESG Reporting, PwC Hong Kong.
Mr Cyrus Cheung, Partner, ESG Services – ESG Reporting, PwC Hong Kong.
Climate change is having a growing impact on people, businesses and governments worldwide. To achieve the nationally determined contributions and decarbonisation targets, businesses are increasingly engaged with the scale of change required. The A4CR aims to help corporates understand and address climate change risks while enhancing their readiness for climate-related disclosures in a systematic approach.
The A4CR brings together a line-up of global and regional experts, industry thought leaders and advisors from WGO, Arup, PwC as well as academia and professional institutions. By offering unparalleled scientific understanding and knowledge, ample connecting opportunities and a comprehensive benchmarking scheme, it will form a strategic coalition among major businesses in Asia to mainstream climate actions into corporate governance, strategies, operations and financing.
As the ESG reporting technical advisor of A4CR, PwC will assist corporates to integrate ESG into their business and capture sustainable finance opportunities that deliver long-term financial benefits and value for investors. Arup, serving as the coalition’s climate technical advisor, will draw on its in-depth understanding of the built environment to help businesses identify, assess, mitigate and adapt to current and future climate change risks.
The increasing trend of climate-related disclosures calls for corporates to prepare for investor-grade reporting and review their overarching strategic approach to ESG. With PwC’s technical prowess in formulating and implementing ESG strategies and setting carbon targets, we help corporates turn climate-related disclosures into opportunities to create sustainable advantage and value.
Arup’s technical expertise, combined with a strong track record of delivering sustainable projects, enables us to advise businesses on the most effective strategies to address the impacts of climate change. By guiding companies to take the right action towards improving their resilience, we help make their business more sustainable in the long run.
Members of the A4CR will have the opportunity to demonstrate business leadership in accelerating the regional climate resilience agenda while enjoying a wide range of benefits. Events, trainings and social events will be held in which members can keep tabs on best practices and emerging trends in climate change preparation and connect with like-minded organisations. Members can also take part in a benchmarking exercise to evaluate their ESG and climate-related performance against their industry peers.
The A4CR has garnered widespread support from major businesses in Hong Kong, with steering members including Henderson Land Development Company Limited, Kerry Properties Limited, MTR Corporation Limited, Swire Properties Limited and The Hongkong Electric Co., Ltd. Ordinary members include Chinachem Group, Nan Fung Development Ltd., The Hong Kong and China Gas Company Limited and New World Development Limited. The coalition will continue to expand its presence in the Greater Bay Area and across Asia.
As a leading financial centre in Asia, Hong Kong is actively driving climate-related disclosures and sustainability reporting. Our experience in global risk management and familiarity with both Mainland and international standards will enable us to set a good example for other Asian cities in climate-related disclosures. Hong Kong can also serve as the bridge between the world and the mainland – raising funds through issuing bonds, funds, initial public offerings and other channels – to help companies adopt different measures and technologies to mitigate climate risks and enhance resilience.
For more information, please visit the website of A4CR: https://thewgo.org/site-wgo/a4cr/