HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) government on Tuesday launched a roadmap on sustainability disclosure in Hong Kong, a move to increase the financial hub's competitiveness in green finance.

The roadmap set out Hong Kong's approach to require publicly accountable entities (PAEs), including listed companies and non-listed financial institutions carrying a significant weight, to adopt the International Financial Reporting Standards-Sustainability Disclosure Standards (ISSB Standards).

The roadmap provided a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028.

"As a premier international financial center as well as a green and sustainable finance hub, Hong Kong is taking consistent steps to consolidate its competitiveness through observing international standards and best practices," said Christopher Hui, secretary for financial services and the treasury of the HKSAR government.

The launch of this roadmap on the full adoption of the ISSB Standards clearly highlighted Hong Kong's commitment to continuing to play a leading role in facilitating green and sustainable financing and investment for the global agenda of green transition, Hui said.